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AAP

2012-12-17

Shares in surfwear retailer Billabong have soared on reports a former director has made a formal offer for the struggling company.

Billabong shares were up seven cents, or 7.5 per cent, at $1.005 at 1120 AEDT.

The Australian Financial Review has reported that Paul Naude has offered $1.10 per share for the company.

Mr Naude is Billabong's president in the Americas and was member of the company's board until he entered takeover negotiations in November.