Billabong shares hit record low after TPG drops bid

SYDNEY Thu Oct 11, 2012 8:40pm EDT

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SYDNEY (Reuters) - Shares in Australian surfwear retailer Billabong (BBG.AX) hit a record low after private equity firm TPG walked away from a A$694 million ($712.91 million) bid.

The shares were trading down around 15 percent at 85.5 cents by 0002 GMT after falling as low as 82 cents in early trade.

The broader market .AXJO was a touch higher.($1 = 0.9735 Australian dollars)

(Reporting by Narayanan Somasundaram; Editing by Ed Davies)

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