Billabong has granted its potential buyer Sycamore Consortium an extra 10 days of exclusivity as talks about a takeover continues.

Sycamore, a consortium comprising of Sycamore Partners and Paul Naude, will have a 10 day exclusivity period that will end on Wednesday May 8. The initial exclusivity period ended on Tuesday 23.

This comes after the Sycamore Consortium entered into a non-binding proposal to acquire 100 per cent of Billabong’s share for A$0.60 per share.

“Sycamore has requested an extension to the exclusivity period of another 10 business days,” Billabong said.

“Billabong and the Sycamore Consortium agree that both have been working constructively and with the utmost cooperation to progress the Quality of Earnings report and the potential transaction.”

According to Billabong, it’s anticipated by the end of the extension, the buyers “will be adequate for the completion of the report and its consideration”.

However, Billabong reiterates that while the two companies have been negotiating it does not guarantee a sale will be made.