In less than six weeks of receiving an offer from TPG International for $1.45 cash per share, surfwear retailer Billabong has received another proposal from an unnamed bidder for a takeover.
The new bidder has also offered to pay $1.45 per share, which according to the company, just like the TPG offer, it does not reflect the value of the company.
Despite this, Billabong said it will undertake a formal evaluation process to see if the offer can be secured at a price that it will be happy with. But reiterates, “there is no guarantee that following this process, a transaction will be agreed or that the Board will recommend any proposal”.
Like TPG, Billabong will also grant the new bidder “the opportunity to conduct a non-exclusive due diligence”.