Billabong tumbles on report TPG considering dropping bid

Australia’s Billabong International lost almost a quarter of its market value after a report said the last remaining bidder, private equity firm TPG Capital Management LP, might follow former suitors and ditch its takeover offer for the surfwear retailer.

Texas-based TPG was mulling formally withdrawing its US$700 million takeover bid after weeks of due diligence, the Australian Financial Review said, citing unidentified sources.

via Business feed http://www.scmp.com/business/companies/article/1053731/billabong-tumbles-report-tpg-considering-dropping-bid