TPG abandons Billabong buyout
TPG Capital has withdrawn its A$694 million ($709 million) buyout offer for Billabong, sending the Australian surfwear company’s stock plunging more than 16%. The announcement comes days after Billabong insisted that negotiations were continuing despite TPG and its advisors raising concerns during the due diligence process.
The Australian company said in regulatory filing that the process to evaluate change of control proposals has now concluded. It will continue to implement a transformation strategy intended to reduce costs...
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