TPG submits Billabong takeover bid despite initial rebuff
TPG Capital has made its A$765 million ($825 million) bid for Billabong regardless of the Australian surfwear company’s attempt to head off a takeover by announcing both the partial sale of one of its most profitable brands and plans to close 150 stores. Billabong’s stock has risen nearly 60% since TPG’s interest emerged late last week and is currently trading A$.85, although this is well down on the A$9 level reached in February 2011.
The company announced TPG's A$3 per share cash offer to the Australian Stock Exchange on Monday, adding that it didn't preclude the sale of the Nixon watch brand. Goldman Sachs and Allens Arthur Robinson...
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