Why Australian take-privates are taking off
A renewal of interest in Billabong International from TPG Capital always seemed likely. When the PE firm first came calling in February with a A$3 per share buyout offer, Billabong’s management refused to budge from its valuation of $4 per share. The Australian surfwear company closed stores and offloaded half of one of its leading brands – anything to reduce debt levels and stave off private equity.
In the ensuing weeks, the reality of Billabong's muted business prospects hit home and the stock plummeted. The PE firm has now returned to the table with an offer that is lower but not unreasonable. Several...
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