Billabong has received another takeover offer. This time from VF Corporation, the owner of US brands like North Face and Timberland, and its associate US private equity firm Altamont Capital Partners.

The companies have offered to buy all of the troubled surfwear’s shares for $1.10 – the same price all of its other previous bidders have offered.

Following the review of the proposed offer, Billabong has granted Altamont/VF Consortium the opportunity to conduct non-exclusive due diligence.

Billabong said in a statement it will now run a process to evaluate whether a change of control proposal, at price and on terms that the board would recommend, can be secured. This is expected to take six weeks.

However, the company noted – as it did with the other offers – it could not guarantee a successful takeover.

“The board of Billabong reiterates that there is no guarantee that an acceptable binding proposal will be forthcoming from either the Sycamore Consortium or the Altamont/VF Consortium,” Billabong said.

In 2012, a total of five takeover offers was proposed to Billabong but they rejected four of them and one withdrew the bid during the due diligence stage.