Pursuits
Billabong Gets $823 Million Offer From TPG; Plans Jobs Cuts
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TPG Capital, the buyout company run by David Bonderman, offered to buy Billabong International Ltd. for A$765 million ($823 million) after a slump in the surfwear maker’s earnings and share price.
The offer was worth A$3 a share, the Gold Coast, Australia-based company said today, a 68 percent premium to the previous closing price. Billabong said it’s proceeding with asset sales, job cuts and store closures. The shares climbed as much as 64 percent.