A shopper walks through a Billabong store in Manly, Australia,Thursday, Aug. 23 2007. Billabong International Ltd., Australia's biggest publicly traded surfwear maker, announce their second-half profits tomorrow.. Photographer:Jeremy Piper/Bloomberg News 38334221_H326577.jpg Photo: Bloomberg Billabong called for a trading in its shares while negotiations continue with its two private equity-lead suitors. Billabong said the halt, which is in place until this Thursday, was necessary while it continues negotiations on potential takeover bids from the two groups. No one is expecting the two private equity-backed consortiums to maintain the $1.10 indicative price that each offered before conducting due diligence, but investors face worse scenarios than a lower bid price. Credit Suisse recently reassessed the company's valuation on the basis that bids fail to emerge, giving it a weighted valuation of 59c a share. It said this was because of a reduction in wholesale earnings resulting from brand rationalisation. ""At $50 million EBITDA, equity value is zero,"" the broker said. UBS retail analyst Ben Gilbert said the most likely outcome was a 91c-a-share offer - based on the original eight-times earnings before interest and tax multiple before the recent downgrade. In the absence of a bid, though, Billabong might need a $100 million capital raising to fix the company's ""stretched"" balance sheet, according to Mr Gilbert. Billabong shares, which last traded at 73c, hit a low of 63c last month when doubts emerged whether bids would result from due diligence.