25 Jul 2012

New offer for Billabong

6:32 am on 25 July 2012

Billabong has received a fresh takeover offer of $A1.45 per share from the TPG private equity group.

TPG previously pitched $A3.30 per share in February, but this was rejected by the Billabong board and by the company's founder and biggest shareholder Gordon Merchant.

Since then, Billabong's share price has plunged, particularly after the company went to shareholders to raise capital by selling new stock at just $1.02 a share on June 21.

TPG's new bid values the Australian surfwear company at around $A695 million, compared with the previous bid which was worth around $A850 million.