Billabong gets new takeover offer from TPG, two shareholders accept


AP

SYDNEY — Financially struggling surfwear retailer Billabong says it has received a second takeover offer from private equity company TPG International that two major shareholders have already accepted.

TPG is offering AU$1.45 a share for Billabong or AU$695 million (US$715 million) in total. That’s down from TPG’s first offer in February of AU$3 a share as Billabong’s financial performance has continued to deteriorate and it is nearly doubling its shares on issue to raise cash.

Billabong said in a statement Tuesday that two financial institutions controlling about 12.5 percent of the company have agreed to accept TPG’s offer.