Billabong International

US private equity group TPG has returned, launching a new $1.45 per share bid for Billabong International, valuing the company at around $800m (including debt). This comes just four months after Billabong’s directors rejected TPG’s $3.30 per share, or $1.2bn, bid for the company. Knocking back the original offer was clearly a mistake in view of the company’s recent—and highly dilutive—capital raising. This time the bid is more likely be endorsed by the board. Ideally the directors should squeeze a few more cents per share out of TPG before recommending it. An offer of between $1.40-$1.60 per share is a...

US private equity group TPG has returned, launching a new $1.45 per share bid for Billabong International, valuing the company at around $800m (including debt). This comes just four months after Billabong’s directors rejected TPG’s $3.30 per share, or $1.2bn, bid for the company. Knocking back the original offer was clearly a mistake in view of the company’s recent—and highly dilutive—capital raising.

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