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Australia's Billabong rejects TPG offer as too low

MELBOURNE | Sun Feb 26, 2012 6:53pm EST

MELBOURNE Feb 27 (Reuters) - Australian surfwear company Billabong said a A$765 million ($820 million)takeover offer from private equity firm TPG [TPG.UL} did not reflect the value of the company and major shareholder Gordon Merchant would not accept it.
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