TPG makes second offer to Billabong

TPG, who has secured the support of Colonial First State and Perennial Value Management, has offered its second takeover bid to Billabong of $1.45 per share.

The bid is based on Billabong’s 479 million shares.

The private equity company had initially offered as much as $3.30 per share in February; however that was rejected by Billabong.

According to Billabong, the offer is indicative, non-binding and conditional.

Billabong said it is considering the offer with Goldman Sachs as acting as financial advisor and Allens acting as legal advisor.