Billabong said Monday it will consider a revised Aus$765.3 million (U.S. $825.3 mm) takeover offer from U.S. private-equity firm TPG Capital. TPG made an offer of the same value early last week, but that proposal precluded asset sales. The initial offer was seen as being rescinded last week after Billabong said Friday it had decided to proceed with the divestment of its Nixon watch and accessories brand but TPG's updated offer came in afterwards.
The board of directors of Billabong announces that, before market opening on Monday, it received a non-binding, indicative proposal from TPG Capital to acquire all of the shares in the company for $3.00 cash per share by way of a Scheme of Arrangement. The proposal is subject to due diligence, subject to finance and conditional on a number of other matters, but it does not preclude the Nixon transaction announced on Friday 17 February 2012.
The Board of Billabong said it will consider the proposal and advise shareholders of its views in due course. In the meantime, Billabong shareholders do not need to take any action in response to
the proposal.
Billabong has appointed Goldman Sachs as financial advisors and Allens Arthur Robinson as legal advisors.
