- 25 July 2012 | Surfing
Billabong International has been offered $712 million to be owned by TPG Capital.
The Australian surf brand said the offer was indicative, non-binding and conditional and the offer price may be refined after the buyout firm has seen Billabong's books.
The private equity firm TPG Capital is offering A$1.45 per share, which is a 32 percent premium to the last closing price of A$1.10. TPG Capital had already made a takeover bid for the surfwear company, five months ago. At that time, the offer reached $904 million.
Meanwhile, Billabong has sold half of watch brand Nixon and hired a new CEO, Launa Inman. The surf company has seen sales decline in Europe, Canada and Australia as consumer confidence ebbs and as its brand has lost some of its cachet with young shoppers.
"A decision hasn't been made at this stage but certainly it's ongoing and we will be coming out in the not too distant future with a decision", Launa Inman has said.
Inman has 32 years of experience in the retail sector and was the managing director of Target Australia, the country’s largest retailer of apparel, from 2005 to 2011.