While Billabong’s share prices continue to fall, the market waits eagerly to see if the surfwear’s latest negotiations will help save the troubled company.

The company is currently in a ten business day period of exclusivity with the Sycamore Consortium in relation to a non-binding proposal to acquire 100 per cent of Billabong’s shares for $0.60 per share – $0.50 less than what initial bidders had offered last year per share.

Sycamore Consortium comprises of Paul Naude and Sycamore Partners.

According to Billabong, the ten business day exclusivity period will allow Sycamore Consortium to engage an internationally recognised accounting firm to complete a confirmatory quality of earnings analysis, typical of an acquisition debt financing.

“There is no guarantee yet the proposed transaction will proceed, and neither the Sycamore Consortium nor Billabong is under any obligation to proceed with proposed transaction unless and until each party determines, in it sole discretion, to execute and deliver a binding Scheme Implementation Deed and proceed with the transaction,” the company said in a statement.

Billabong said it will provide an update of the proposal at the end of the exclusivity period on April 23.