Billabong misses the last wave in

It's a long way to shore for Launa Inman now that TPG has pulled its interest in Billabong. With two bidders running for the lifeboats in quick succession, what is the company not telling investors?

TPG has finally closed the door on Billabong, withdrawing its unconditional proposal just ten weeks after it was first tabled. Still, the private equity fund lasted a respectable amount of time, unlike former suitor Bain Capital, who pulled out after just two weeks.

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