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.
Privately owned Rip Curl has put itself up for sale and ASX-listed Globe is the subject of a takeover offer.
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