Billabong International Limited
(ASX:BBG) and TPG Capital are reportedly finalising the terms of a confidentiality agreement that will allow the US private equity firm to begin its due diligence on the surf wear company.
Billabong’s board recently granted “non-exclusive” access to TPG, who launched a new takeover offer late last month.
The latest offer values Billabong at $695 million, 18 per cent lower from its first offer in February.
Billabong International generated a net profit of $15.9 million in the first half of the 2012 financial year.
