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TPG is believed to have offered $695 million for Billabong, well below the $850 million bid it originally made in February.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