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.