Former Billabong director and head of US operations Paul Naude has put in a $1.10 per share bid for his former company. The offer is reliant on a lot of things going right and effectively values the company at $526 million ($169 million less that the deal being pursued a couple of months back). This is the third suitor to have a look at the company accounts this year with previous bids from TPG and Bain Capital failing at the due diligence stage.

Previously I’ve been skeptical of the strategy and the potential new owners however Naude has 14 years with the company and potentially offers it a return to some form of its roots and a path back from the brink. For more, read The Age article here.