TPG makes second move on Billabong: report

Troubled surfwear retailer Billabong is understood to have received a second takeover offer from US private equity firm TPG.

TPG is believed to have offered $695 million for Billabong, well below the $850 million bid it originally made in February.

The Australian Financial Review on Tuesday reported that TPG's latest offer was $1.45 a share, a 32 per cent premium to Billabong's last traded price of $1.10.

Since rejecting TPG's original offer, Billabong has been forced to launch a $225 million capital raising and downgrade its earnings amid a weak retail climate.

The company's share price has nose-dived from $17 five years ago.

Comment was being sought from Billabong.

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