MELBOURNE, July 24 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.