Reuters reported Private equity firm TPG Capital has made a fresh takeover bid for Australian surfwear company Billabong International worth AUD694 million, Billabong said, just five months after its previous offer was knocked back. TPG has offered AUD1.45 per share, the retailer said, which was a 32% premium to July 23, 2012's close. Billabong said the offer was indicative, non-binding and conditional and the offer price may be refined after the buyout firm has seen Billabong's books.
Billabong, Australia's largest surfwear company, ended talks with TPG Capital after rejecting a sweetened $906 million takeover offer. The buyout firm was prepared to raise its bid 10 percent to gain access to the retailer's accounts, Billabong said in a statement.