The Australian Financial Review is reporting that of the private equity firms interested in buying Billabong one has already offered $766 million for the company, according to a story in the Business Spectator.
The offer, said to be worth at least $3 a share, was reportedly presented to Billabong chairman Ted Kunkel this week, and would offer a premium of about 70 per cent to the stock’s last close of $1.79. . . The offer was believed to have been made by US private equity giant TPG. Private equity firms have of late targeted Pacific Brands, Spotless and PaperlinX.
TPG owns 253 companies from varying sectors including 3 Day Blinds, Ceasars Entertainment, and Ducati to J.Crew and US Airways. Seems like Billabong would be a nice little drop in their very large bucket.
[Link: Business Spectator]
