TPG makes second bid for Australia's Billabong
MELBOURNE, July 24
MELBOURNE, July 24 (Reuters) - Private equity firm TPG has made a second takeover bid for Australian surfwear company Billabong International, a source with direct knowledge of the situation said on Tuesday.
The Australian Financial Review earlier reported TPG had made an A$1.45 per share offer, a 32 percent premium to the last traded price of A$1.10. The AFR said the offer valued Billabong at $695 million ($714 million), a figure the source disputed, without giving detail.
An announcement on the offer was expected later on Tuesday, the source said.
TPG made a failed A$3.30-a-share offer for Billabong in February. Since then, Billabong has sold half its of watch brand Nixon, issued a profit warning, hired a new chief executive and raised A$225 million in equity.
Billabong was not immediately available to comment.
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