Billabong has received a proposal from VF Corporation  VFC -1.27%; the parent company of Vans, The North Face, and Reef; and Altamont Capital Partners to purchase all outstanding shares of the company for $1.10 per share, or $556 million USD, the same price that Paul Naude and the “Sycamore Consortium” have offeredand are currently conducting due diligence on.

Billabong says that it has also granted what it is calling the “Altamont/VF Consortium” the opportunity to conduct non-exclusive due diligence.

According to the statement, “Billabong will now run a process to evaluate whether a change of control proposal, at a price and on terms that the Board would recommend, can be secured. This process is expected to take approximately 6 weeks.”