SYDNEY — Billabong International Ltd has confirmed that TPG Capital is still in talks to acquire the company following speculation that a proposed $695 million Australian buyout offer ($711 million at current exchange) was about to be withdrawn.
According to a statement released to the Australian Securities Exchange late Thursday, several hours after Billabong issued a trading halt, “Billabong advises that TPG has confirmed that it has not withdrawn from the sale process. As part of its due diligence investigations, TPG and its advisers have expressed concerns in relation to some issues, however discussions in relation to those matters are continuing.
“Billabong has stressed in each of its previous announcements in relation to the sale process that there is no guarantee that any transaction will eventuate out of the process or that the Board will recommend any proposal, and that continues to be the case”.
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