Bain Capital Bows Out Of Billabong Auction

Law360, New York (September 20, 2012, 8:21 PM EDT) -- Billabong International Ltd. said Thursday that the bidder behind an AU$695.6 million ($711 million) offer for the swimwear company — reportedly private equity giant Bain Capital Partners LLC — had dropped out and left TPG International LLC as the sole suitor.

The bidder, which offered about AU$1.45 per share or the same amount ponied up by TPG, has withdrawn from the formal process of evaluating the offer, Billabong said. While Billabong never identified the second bidder, several reports fingered Bain as the interested party.

The evaluation...
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