TPG Makes a $714M Takeover Bid for Billabong

The American private equity group TPG Capital has made a $715 million takeover offer for Billabong International, the Australian surfwear company announced Tuesday. It's the second time this year that TPG of Texas has tried to buy Billabong. The surfwear company said TPG International, a unit of TPG Capital, was offering 694.6 million Australian dollars in cash for all of its outstanding shares.