P-E firm TPG Capital offers to buy out Billabong (BLLAY.PK) for A$765M ($823M), a 68% premium to...

|About: Billabong International ... (BLLAY)|By:, SA News Editor

P-E firm TPG Capital offers to buy out Billabong (BLLAY.PK) for A$765M ($823M), a 68% premium to Billabong's previous close. Billabong's share price plunged after it cut forecasts on Dec. 19, but the company is rejecting TPG's bid in hopes the sale of its majority stake in its Nixon brand will help "stabilize" its balance sheet.