Australian surfwear brand Billabong has opened its books to a consortium comprising the company's former head of its Americas business.

Last month, the Gold Coast-based brand confirmed a A$524m (US$549.6m) buyout bid from the former head of the group's America's business, Paul Naude, who is partnering with New York-based private equity firm Sycamore Partners and Bank of America Merrill Lynch. The same day, the group's share price fell 13.3% to to A$0.85 after the company issued another profit warning.

Billabong said it has reviewed the proposal and has granted due diligence to the consortium, which is expected to take up to six weeks.

It is the third offer Billabong has received this year, and is well below the A$3.30 per share offered by TPG Capital in February and subsequent offer of A$1.45 per share in July that was then withdrawn.

"The board reiterates that there is no guarantee that, following a period of due diligence by the consortium, an acceptable binding proposal will be forthcoming. In the meantime Billabong shareholders do not need to take any action in relation to this matter," the company said.