AUSTRALIA: TPG Capital in renewed bid for Billabong
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.
The private equity firm today (24 July) made an AU$1.45 per share bid, down significantly on the AU$3.30 per share offered earlier this year.
The bid is valued at AU$694m, and Billabong said TPG's offer is based solely on publicly available information, but may be refined with the benefit of due diligence.
The offer also depends on the surfwear company retaining its existing ownership position and its net debt position not being materially different from the AU$100m guidance provided on 21 June.
At the end of June, Billabong announced another profit warning and said it would raise some AU$225m by selling shares at a discounted price.
It said the proceeds of the offer would be used to pay off debt and reduce overall leverage.
The surfwear company also cut its full-year earnings forecast to a range of $130-135m, down from an earlier guidance of $157m.
The firm's share price rose on the back of the renewed offer, closing 21 cents higher today.
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