Billabong Says $711M TPG Bid Stands Despite 'Concerns'

Law360, New York (October 4, 2012, 5:11 PM EDT) -- Beleaguered surfwear retailer Billabong International Ltd. scrambled to quell investor worries over whether private equity firm TPG International LLC would scrap its AU$695.6 million (US$711 million) bid for the company, saying Thursday that talks were progressing despite media reports to the contrary.

The Fort Worth, Texas-based firm has been conducting due diligence since late July, and while Billabong acknowledged some hiccups along the way, it said TPG is still working through the sale process. Still, it reminded shareholders that a sale is far from certain....
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