The Takeovers Panel in Australia has been asked to examine a deal between the surfwear maker Billabong and an American private equity firm.
Billabong plans to take a $A320 million loan from Altamont Capital Partners in return for an option to buy 15% of its shares as part of a deal to repay its debts.
The ABC reports the surfwear company revealed on Thursday night it had rejected an alternative offer from its two lenders, Oaktree Capital Management and Centerbridge Partners.
Those two companies have now asked the Takeovers Panel to investigate the Altamont deal, saying it could be anti-competitive.
The panel has not yet decided whether to proceed with an investigation.
Billabong shares were more than 10% higher at 40 cents at 12.10pm (AEST) on Friday.