Private-equity firm TPG Capital has reportedly made an A$765.3m (US$821.4m) bid for Australian surfwear brand Billabong.

TPG has approached Billabong International with an informal offer to buy it, according to Reuters and The Australian Financial Review.

According to the AFR, Billabong chairman Ted Kunkel received an offer of at least AUD3 a share, or $821m, from TPG on Tuesday.

TPG is still securing funding and talks remain at an early stage, with a formal bid only set to emerge after TPG completes due diligence on the company and secures bank financing, Reuters said.

The company today (16 February) placed its shares on a trading halt, saying it plans an announcement on a strategic capital structure review that was revealed in December.

At the time, the company also posted a profit warning for the first-half, forecasting EBITDA to fall between $70-75m for the six months ending December, down from the $94.6m recorded in the previous year.

TPG declined to comment and Billabong did not respond to requests for comment.