Due Diligence Hurts Billabong As TPG Yanks $713M Offer

Law360, New York (October 12, 2012, 2:17 PM EDT) -- TPG Capital LP on Friday dropped its 694 million Australian dollar (US$713 million) takeover offer for Billabong International Ltd., ending an eight-month flirtation that saw it twice try to buy the struggling Australian surfwear retailer and fend off Bain Capital LLC as an 11th-hour competitor.

After two months peering into the company's books, TPG decided this week it didn't like what it saw.

“As part of its due diligence investigations, TPG and its advisers have expressed concerns in relation to some issues,” the company said in...
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