Second takeover offer for Billabong withdrawn | Bangkok Post: news

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Second takeover offer for Billabong withdrawn

Shares in ailing Australian sportswear company Billabong plunged to an all-time low Friday after private equity firm TPG withdrew its Aus$694.5 million (US$712 million) takeover offer.

People walk by a Billabong store in Manhattan in September 2012 in New York City. Shares in ailing Australian sportswear company Billabong plunged to an all-time low Friday after private equity firm TPG withdrew from its Aus$694.5 million (US$712 million) takeover offer.

The blow came after Bain Capital, the private equity firm founded by US Republican presidential candidate Mitt Romney, also pulled out of a bid last month during the due diligence phase.

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