Private equity backer TPG Capital has pulled out of talks to buy surfwear brand Billabong.
According to reports TPG’s proposal has been formally withdraw and discussions have now ended. In July Billabong received conditional offer from TPG Capital to acquire all of the shares in the company in an offer that valued Billabong at AUD $695m (£461m).
However TPG this week released a statement which said: “Board and management were very constructive throughout the process and laid out a credible performance improvement plan, but ultimately TPG has decided to withdraw from the process.”
TPG is the second company to end takeover talks with Billabong in the last month after private equity fund Bain Capital also pulled out of buyout discussions in September after a fortnight of due diligence.
Earlier this week it was announced that Billabong had appointed former young fashion executive Ian Pollard as chairman of its board.