Surfwear retailer Billabong International Limited
(ASX:BBG) has received a rival takeover bid to US private equity firm TPG Capital's current offer of $1.45 cash per share.
The identity of the latest suitor has not been revealed but Billabong says the indicative, non-binding and conditional proposal is also for about $1.45 per share, valuing the company at about $694 million.
Billabong has inked a confidentiality agreement with the unnamed bidder, whose proposal is still subject to due diligence.
Billabong maintains that neither proposals reflect the fundamental value of the company.
Shares in Billabong International last traded at $1.27.
Billabong International posted a net loss of $277 million in the 2012 financial year.
