Private equity firms are eying Billabong International Ltd, with one suitor presenting an offer worth $766 million, according to The Australian Financial Review.
The debt-laden surfwear retailer and manufacturer has become the latest company to be targeted by private equity buyers.
The offer, said to be worth at least $3 a share, was reportedly presented to Billabong chairman Ted Kunkel this week, and would offer a premium of about 70 per cent to the stock's last close of $1.79.
The offer was believed to have been made by US private equity giant TPG. Private equity firms have of late targeted Pacific Brands, Spotless and PaperlinX.
Mr Kunkel announced a capital structure review two months ago as part of an effort to restabilise the weakened company, whose stock has fallen 78 per cent in the past 12 months.
Billabong has struggled amidst falling earnings about some $600 million in debt, according to the AFR.
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