Billabong International Limited
(ASX:BBG) US suitor TPG has withdrawn its $694 million takeover bid.
The surf wear retailer says the formal process to evaluate change of control proposals, as announced last month, has concluded and that discussions have ceased.
The US private equity fund ended negotiations after raising concerns while inspecting Billabong’s books.
Billabong Chairman Ted Kunkel says the company remains focused on implementing its transformation strategy, which it believes will provide a clearway to unlocking the value within the company.
Billabong is aiming to multiply its pre tax earnings two and a half times to $84 million by the end of fiscal 2016.
Billabong International posted a net loss of $277 million in the 2012 financial year.
