SYDNEY — TPG Capital walked away from its bid for BillabongInternational Ltd., and the Australian surfwear company’s shares paidthe price.
Billabong said Friday morning that TPG’s proposal has beenformally withdrawn and that discussions have ceased. This comes a weekafter the troubled Gold Coast-based manufacturer and retailer quelledrumors that the private-equity firm’s 695 million Australian dollar, or$713 million at current exchange, buyout offer was about to fall over due to concerns over undisclosed “issues.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"