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Aussie surfwear maker Billabong gets a takeover bid
20
Feb '12
Gold Coast, Australia-based Billabong International, the country's largest surfwear maker, has received a takeover bid for Au$ 765 million from TPG Capital.

TPG proposes to spend Au$ 3 for a share of Billabong, subject to certain conditions like exclusivity, due diligence and the firm not going ahead with its asset sales.

Around two months ago, Billabong has undertaken a review of its capital structure, owing to looming debt payments and a decline in earnings.

In the absence of certainty from TPG, Billabong said it would sell off a major share in its Nixon brand to form a joint venture with Trilantic Capital Partners.

Billabong's net sales declined 72 percent year-on-year to Au$ 16.1 million in the six months ended December 31, 2011, the company said.

Currently, Billabong owns 677 retail stores worldwide, and it plans to shut 100-150 outlets after reviewing its network.

Fibre2fashion News Desk - India

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