AUSTRALIA: TPG Capital in Billabong approach?
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.
Featured reports from just-style's research store this week include the prospects for India's texile and clothing industry, a look at footwear in Malaysia and SWOT analyses on Billabong and Gap Inc....
Billabong has agreed to open its books to private equity firm TPG Capital, but said it does not believe the AU$694m bid reflects the "fundamental value" of the Australian surfwear brand. ...
Billabong has received a second offer from private equity firm TPG Capital at a much lower price than previously offered for the Australian surfwear brand. ...
Sporting goods giant Nike is rumoured to be a potential buyer of Australian surfwear brand Billabong....
- Under Armour on track with new UAS sportswear line
- Myanmar garment exports surged 20% in 2015
- Unravelling cotton's supply and demand challenges
- Why synthetic fibres are a safe bet for the future
- EU trade ministers push on TTIP and Canada pacts
- US retailers urge action on Hanjin Shipping crisis
- Zara launches eco-friendly Join Life collection
- Brexit may hit suppliers with UK duty-free access
- Adidas unveils first Speedfactory running shoe
- Bangladesh calls for US duty-free apparel access
- Too Many Standards
- Apparel (GLOBAL) - Industry Report
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Ralph Lauren Corporation : Retailing - Company Profile, SWOT & Financial Analysis
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras