Billabong says no to offer from private equity f - sportstextiles: Lea SportsTextiles

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Billabong says no to offer from private equity firm

28/02/2012
Australian surfwear and sports apparel brand Billabong has announced an end to takeover talks with private equity group TPG.

TPG increased its offer for the company on February 28, but not by enough to convince founder and largest individual shareholder, Gordon Merchant, to sell.

Australian media said Mr Merchant’s lack of willingness to do a deal with TPG had caused divisions in the boardroom.

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