By a staff reporter
Embattled surfwear company Billabong International Ltd has again requested its shares be suspended as it continues talks with long-time suitor, Paul Naude-led Sycamore Partners.
The consortium has offered 60 cents a share for the company, valuing it at $287 million, down from an earlier offer of $1.10 a share.
Billabong went into a trading halt earlier this week before today requesting a share suspension to "progress discussions with interested parties".
The group said the suspension should remain until it makes "an announcement relating to such discussions", without outlining a time frame.
Mr Naude has teamed up with US private equity giant Sycamore Partners, whose debt providers are conducting a period of due diligence on Billabong.
They stand as the only remaining suitors for Billabong from among four potential buyers over a period that has seen Billabong's proposed sale price plummet.