Photo: By GAOP on Flickr
Bain Capital has been revealed as the mystery bidder behind a $708 million takeover bid for embattled surf retailer Billabong, report Cynthia Koons and Gillian Tan at the Wall Street Journal.Billabong is loaded with debt, and it’s currently going through a restructuring process.
The other private equity firm involved is TPG Inc., whose existing offer Bain matched. Both firms have been granted access to look at Billabong’s books, so perhaps there’s a bidding war on the horizon.
From the WSJ:
“Billabong early Thursday didn’t identify a new bidder that had made a nonbinding cash offer of around A$1.45 a share—the same price offered by TPG in July. Thus far, Billabong’s board has said the price doesn’t reflect the company’s fundamental value, but it will now begin a formal process to secure an acceptable price.”
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