AUSTRALIA: TPG Capital renews Billabong bid after Nixon deal
TPG Capital has made a revised bid for Billabong after the Australian surfwear brand sold part of its stake in accessories brand Nixon.
Billabong today (20 February) said its board plans to consider TPG Capital's second bid of A$3 per share, worth A$765.3m (US$824.6m), for the surfwear label.
The private-equity firm bid A$3 per share last week, which precluded asset sales. The bid was effectively rejected when Billabong said it had decided to sell a majority stake in Nixon to Trilantic Capital Partners on Friday.
The new offer does not preclude the company from undertaking the Nixon transaction, but is non-binding, and remains subject to due diligence, finance and conditional on a number of other matters.
Billabong's board said it will consider the proposal and advise shareholders of its views in due course.
The company announced on Friday that first-half net profit was down 71.8% to A$16.1m, despite sales increasing 1.5% to $847.2m.
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....
- Why should brands care about China cotton?
- China cotton: implications and opportunities
- Low labour cost countries linked to highest risks
- COMMENT: Skills or new technology?
- New Gap CEO set to tackle “aesthetic issue”
- JC Penney share price falls on Q4 loss
- Gap names new design head amid mixed Q4
- Pay rise mulled for Sri Lanka garment workers
- Delta Galil open to M&A as profit grows
- Kohl's reverses five-quarter slump in Q4
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Global market review of swimwear - forecasts to 2019
- Outdoor performance apparel: peaks, valleys, and green fields
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead