AUSTRALIA: Unnamed party drops out of Billabong bid
Billabong International today (20 September) said TPG Capital is the only firm still considering a possible takeover bid for the Australian surf and skatewear retailer after a second, unnamed, party pulled out.
Earlier this month Billabong said it had received a rival takeover approach matching the A$1.45 a share bid received from private equity firm TPG Capital in July.
But that unnamed party - rumoured to have been Bain Capital - has now "withdrawn from the formal process," Billabong revealed today, while TPG's due diligence is "continuing."
Billabong, whose brands include its namesake line as well as RCVA, Element and DaKine, added that while the formal sale process continues, there are no guarantees that a deal will be reached.
The retailer swung to a full-year loss at the end of August, recording a loss of $275.6m in the year ended 30 June, against a profit of $119m the year before. The company's results were hit by more than $330m worth of costs.
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