BREAKFAST DEALS: Billabong two

After a rough year, Billabong investors now face the prospect of a lesser bid from TPG, while Alesco dismisses Dulux's increased offer and Tatts talks to Ireland.

Billabong investors have had a tough ride this year, suffering a series of earnings downgrades and a heavily discounted capital raising. Now they might also need to settle for a lower bid from private equity group TPG, which is said to be back on the hunt for a surfwear bargain. Meanwhile, Alesco rejects DuluxGroup's artificial sweetener, and speculation is Tatts is in lottery talks in Ireland.

Billabong International, TPG

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