finalise a takeover deal with either of two American private equity suitors; a refinancing deal was nearing completion as of 5 June 2013. On 4 June 2013, Billabong stated that it was unable to reach an agreement with US private equity funds Altamont Capital Partners and Sycamore Partners, 16 months after the first takeover move emerged. A media report published on 18 July 2013 conveyed that the takeover process had "exploded into acrimony", as two US hedge funds contested the offer from Altamont Partners that was accepted by the company on 16 July 2013. Acting together, the hedge funds claimed that they had made a superior offer to the one that was accepted, whereby a debt-for-equity swap was proposed that would result in a 60% stake in Billabong. As of 19 July 2013, Billabong rejected the claim from hedge funds Centerbridge Partners and Oaktree Capital, stating that the proposal in question was conditional, so could not be accepted. As of 23 August 2013, Billabong confirmed that is considering a rival deal from US hedge funds Centerbridge and Oaktree after the company had initially announced that plans to accept a US$300 million loan from an Altamont-led consortium. The two hedge funds offered a higher price than Altamont, as well as a lower interest rate on a loan. Also as of this date, Billabong shares gained 6.8%, to 58.75 cents. A media report on 27 August 2013 stated that Billabong would be moving ahead with the $US325 million refinancing proposal from Altamont and Blackstone. As of the same date, Centerbridge and Oaktree were actively pursuing Billabong directors in relation to their deal that they believe is significantly superior to the accepted proposal. The consortium also claimed that they could finalise the details and a recapitalisation within a brief time period, and would allow Altamont-installed acting boss Scott Olivet to remain if their offer succeeds. The company's chairman Ian Pollard explained: We are nearing the end of a long process that has caused distraction, impacted on staff morale and has been very costly. The company looks forward to refocusing, reinvigorating its brands and rebuilding the business on a solid, long-term financial footing. Pollard stated on 29 August 2013 that the chance of Billabong considering the Centerbridge and Oaktree consortium offer was low. At the time of the interview, Pollard explained that Billabong's board is still evaluating the proposal, but also stated that the