Second Billabong Buyer Withdraws

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Second Billabong Buyer Withdraws

Billabong News

With one rumoured unsuccessful takeover bid on the table Billabong has been dealt another blow with the second private equity firm looking to make a takeover bid for Billabong withdrawing its bid. This departure from the negotiation by a second company undeniably puts pressure on the brand's retailer's shares.

Billabong has been attracting attention from buyout groups following a 38 per cent fall in its share price in the past year as it cut earnings and sold new stock to reduce debt.

The surf wear company announced on September 6 it had received a second takeover offer from an unspecified private equity firm rumoured to be Bain Capital, just weeks after another private equity firm, TPG made an offer. Both proposals valued Billabong at $694.5 million, or $1.45 per share.

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Ray Elliot Jack & Jones 618 Jeans

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