Australian surfwear brand Billabong has received a rival takeover approach from an unnamed party, offering A$1.45 a share.

The offer follows a similar bid from TPG Capital in July, also offering $1.45 a share, which valued the brand at $694m. At the time, Billabong said it did not believe that the deal reflected the "fundamental value" of the company.

Billabong said the new proposal, which according to Reuters, has come from Bain Capital, is subject to due diligence and is conditional on a number of other issues.

TPG has already begun its due diligence on the brand, and Billabong has also granted the unnamed party the opportunity to conduct non-exclusive due diligence to improve its understanding and valuation of the firm.

"As is the case for TPG's proposal, the board does not believe that this proposal reflects the fundamental value of Billabong in the context of a change of control transaction," Billabong said.

The company believes the interests of shareholders will be best served by a formal process to thoroughly evaluate whether an offer can be secured at a price and on terms that the board would recommend.

Billabong swung to a full-year loss last week, recording a loss of $275.6m in the year ended 30 June, against a profit of $119m the year before. The company's profits were hit by more than $330m worth of costs.