Billabong Flips On TPG's $726M Bid, Allows Due Diligence

Law360, New York (July 27, 2012, 4:22 PM EDT) -- Australian sportswear company Billibong International Ltd. said Friday that while it does not believe TPG International LLC's AU$695.6 million ($726.2 million) takeover bid reflects the value of the company, it will allow the Texas private equity firm to move forward with due diligence on the proposed offer.

The struggling clothing company reopened talks with TPG on Tuesday after rebuffing a substantially higher offer earlier this year. Since then, criticism from investors and analysts, the company's weak profit outlook and a heavily discounted capital raising effort have...
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