Trilantic Snags Stake In Billabong’s $464M Watch Unit

Law360, New York (February 17, 2012, 7:25 PM EST) -- Billabong International Ltd. has rejected a nearly $3.22 per share buyout offer from TPG Capital in favor of the partial sale of its Nixon Inc. unit to private equity firm Trilantic Capital Partners, which values the watch company at $464 million, Billabong said Friday.

The Australia-based sportswear and casual clothing company said an absence of certainty led it to forgo TPG's nonbinding proposal, which it received earlier this week.

“That proposal was not certain — it was subject to due diligence, subject to finance and conditional...
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