TPG Rebids For Billabong At $717M As Clothier Struggles

Law360, New York (July 24, 2012, 1:47 PM EDT) -- Texas private equity firm TPG International LLC has reopened takeover talks with Billabong International Ltd., lobbing a pared-down AU$695.6 million (US$716.5 million) buyout bid at the struggling retailer, which earlier this year rebuffed a substantially higher proposed purchase price, Billabong said Tuesday.

Under the nonbinding offer's terms, shareholders in the Australian sportswear company would receive AU$1.45 per share in cash, nearly a 26 percent premium over Monday's closing price. The proposal — down sharply from TPG's rejected AU$3.30-per-share bid in February — comes after a profit...
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