SYDNEY -- Financially struggling surfwear retailer Billabong says it has received a second takeover offer from private equity company TPG International that two major shareholders have already accepted.
TPG is offering $1.45 Australian dollars a share for Billabong or AU$695 million ($715 million) in total. That's down from TPG's first offer in February of AU$3 a share as Billabong's financial performance has continued to deteriorate and it is nearly doubling its shares on issue to raise cash.
Billabong said in a statement Tuesday that two financial institutions controlling about 12.5 percent of the company have agreed to accept TPG's offer.
The company's board said it is considering the takeover offer before giving a recommendation to shareholders.
The Associated Press