Billabong Declines New TPG Offer

Billabong just announced that it received a revised offer from TPG Capital to purchase the company for $3.30 per share, up from the previous offer of $3 per share, but declined the offer outright.

According to a letter from the brand’s lawyers and majority shareholder and founder, Gordon Merchant, Billabong will not consider anything from TPG up to and including a $4 per share offer, a price which Merchant and Non-Executive Director Colette Paull feel “would still represent a discount on the true value of Billabong shares.”

Billabong added that it is prepared to “engage with TPG or any other party that makes a proposal which is in the best interest of the company and its shareholders.”

Here is the full statement and letter from Billabong’s lawyers: