Private equity firm TPG Capital has withdrawn its bid for Australian surfwear brand Billabong.

TPG Capital made an A$1.45 per share bid in July, which valued the company at $694m, much lower than the $3.30 per share offer it put forward earlier this year.

In early September, the company recieved a rival bid, reportedly from Bain Capital, also offering $1.45 per share. 

Billabong said today, that as a result, the formal process to evaluate change of control proposals that was announced on 6 September has concluded.

"The board is pleased with the progress around implementation of the transformation strategy and structural organisational change being driven by CEO Launa Inman," said chairman Ted Kunkel.

"Acting in the best interests of shareholders has meant that we have remained focused on implementing the transformation strategy throughout the formal process.

Billabong expects the current challenging retail trading conditions to continue through the 2013 financial year. Assuming no further deterioration, it expects EBITDA to be in the range of $100-110m in constant currency terms, up on the $84m it booked in 2012.

Earlier this week, the company appointed Ian Pollard as director and chairman elect of its board.