AUSTRALIA: TPG Capital drops Billabong bid
Private equity firm TPG Capital has withdrawn its bid for Australian surfwear brand Billabong.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.
The most read stories on just-style this week include a look at apparel software trends, concerns that a recent surge in cotton prices is due to China building its reserves, and PVH's surprise that in...
Billabong has indefinitely suspended its shares from trading as it continues takeover talks with its two suitors. ...
Australian surfwear brand Billabong has halted trading in its shares while negotiations continue with its two suitors. ...
Australian surfwear brand Billabong halted trading in its shares today (21 March) after its share price plummeted 14.2% on concerns about a potential takeover offer expected next week. ...
The most read stories on just-style this week include a look at how sourcing is going to be in 2013, a spotlight on why buyer interest in Billabong has not yet turned into a deal, and M&S extending it...
- 2014: Year in review - Sourcing winners and losers
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: Raising the bar on apparel exports?
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- Bangladesh factory improvements “will take years”
- Bangladesh knitting worker killed by faulty lift
- North Face debuts locally-grown "backyard" hoodie
- Tommy Hilfiger launches solar-powered jacket