Billabong’s unknown bidder has withdrawn its offer after making a bid for the surfwear company on September 6.

Billabong was undertaking a formal process to thoroughly evaluate the bidder’s initial offer of paying $1.45 per share to see whether a change of control offer, at a price and on terms that the Board would recommend, could be secured.

This bid was in addition to TPG’s International’s proposal that was announced on July 24 where the formal process is continuing.

The Board of Billabong has reiterated there are no guarantees that a transaction will be agreed or that the Board will recommend any proposal.

“In any control transaction, the Board of Billabong will seek to ensure that the medium to long-term prospects of the company and its unique brands are reflected in the value realised by Billabong’s shareholders,” the company said in a statement.