Australia's Billabong says director weighs LBO, shares jump

Billabong was initially approached by TPG in February but rebuffed an offer of A$3.30 a share, opting instead to sell half of its watch brand Nixon and raise A$225 million in equity to reduce debt.

Billabong has outlined a four-year plan to simplify its business and revive sales, although it said investors would have to wait two years for the biggest benefits to flow through.

Its competitors include U.S.-listed Quiksilver Inc, Pacific Sunwear of California Inc and Zumiez Inc , as well as smaller local rivals Rip Curl and Globe International.