MELBOURNE, July 27 Australian surfwear company
Billabong International said on Friday a takeover offer
from TPG Capital worth A$694 million ($712 million) was
too low, but it would still open its books to the private equity
Billabong said there was no guarantee that a transaction
would be agreed after TPG had seen the retailer's books.
"In fact, the board of Billabong does not believe that the
proposal reflects the fundamental value of Billabong in the
context of a change-of-control transaction," the company said.
TPG made a fresh takeover approach to Billabong on Tuesday,
just five months after a better offer was knocked back.
Since that first approach, Billabong has sold half of its of
watch brand Nixon, issued a profit warning, hired a new chief
executive and raised A$225 million in equity to reduce debt.