ASA urges Billabong to rethink takeover proposals THE Australian Shareholders Association has urged surfwear company Billabong to engage with US private equity groups Oaktree Capital and Centerbridge Partners, which last week proposed a majority buyout after the company had already agreed to a recapitalisation deal with Altamont Partners. The ASA has also said it is "deeply concerned" that Billabong agreed to pay Altamont an "excessive" $65 million break fee in the event their deal did not proceed. Centerbridge and Oaktree rushed off to the Takeovers Panel yesterday, arguing that the Altamont deal contained "lock-up devices" that were anti-competitive and coercive.