Billabong shares have surged after the surfwear retailer received another takeover offer.
The company's shares jumped 13.6 per cent to 96 cents within an hour of resuming trade on the market following the announcement of the offer.
VF currently owns the Lee, Wrangler, Timberland, Nautica and North Face fashion brands amongst many others.
The offer is also subject to due diligence, which has been granted to the consortium and gives them the chance to look at Billabong's finances.
A consortium led by former Billabong director Paul Naude, Sycamore Partners and Bank of America Merrill Lynch is also undertaking due diligence on the company, with their current offer also sitting at $1.10 a share.
Billabong says the due diligence process and evaluation of any potential offers is likely to take around six weeks.
However, Billabong says there is no guarantee an acceptable binding offer will be forthcoming.
Indeed, after rejecting a private equity offer from TPG pitched at up to $3.30 a share in February last year, Billabong has then had another two approaches pulled by the bidders following due diligence.
One was a $1.45 a share offer from TPG, and the other was another private equity approached pitched at the same level.