Billabong’s only remaining bidder TPG has now withdrawn its offer to buy all of the company’s shares.

TPG had initially offered to pay $1.45 cash per share when it made its bid for the surfwear company on Tuesday 24 July 2012. Billabong further advised on Friday 27 July 2012 TPG would be granted the opportunity to conduct non-exclusive due diligence.

As a result of TPG’s withdrawal, Billabong reconfirms it will implement its transformation strategy, which under CEO Launa Inman, is expected to provide a “clear pathway to unlocking the inherent value within the company”.

The company also reiterated the financial outlook with expectations that current retail trading conditions will continue during financial year 2013 and therefore expects EBITDA  to be in the range of $100 million to $110 million.