Rival PE firm matches TPG’s $709m Billabong offer
A rival private equity firm – reportedly Bain Capital – has offered to match TPG Capital’s A$694 million ($709 million) buyout bid for Australian surfwear company Billabong International. The Billabong board maintains that neither offer reflects the fundamental value of the business in the context of a change of control transaction.
According to a regulatory filing, the new bid of "of around A$1.45 per share" in cash was received on September 5. The prospective private equity buyer has been granted the opportunity to conduct non-exclusive...
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