Reuters - TPG Walks Away from $713M Billabong Deal

Private equity firm TPG has withdrawn a A$694 million ($713 million) takeover bid for Australian surfwear retailer Billabong International Ltd., the second bidder to exit after inspecting its books, knocking the stock to a record low. Neither TPG nor Billabong gave a reason for the withdrawal, but the move caps a tumultuous year for Billabong. Three takeover bids have failed, the company dumped its chief executive in May after several profit warnings and it revealed its first annual loss since listing a decade ago, Reuters wrote.

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