TPG resumes Billabong pursuit with $712m buyout offer
TPG Capital has renewed its interest in Billabong International, tabling a A$694 million ($712 million) takeover bid for the Australian surfwear manufacturer. The offer is A$147 million lower than the private equity firm’s previous bid for Billabong, which came in February. Since then, the company’s stock has plummeted in response to concerns about the business.
Billabong jumped nearly 21% to A$1.33 in morning trading but it is still down 78% on a one-year basis, with much of the damage coming in late June following a heavily discounted rights issue. At the time...
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