Billabong opens its books to TPG, says buyout offer too low
Billabong International's board has agreed to let TPG Capital conduct due diligence on the company, although it maintains that the private equity firm’s A$694 million ($712 million) buyout offer is too low in the context of a control transaction. TPG’s previous offer of AS$841 million, made in February, was also rejected but Billabong’s stock price has fallen substantially since then.
Billabong's board said the most recent offer is "based solely on available public information and may be refined with the benefit of due diligence." It added that opening the company's books for inspection...
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