SYDNEY — TPG Capital has launched a fresh takeover offer for troubled surfwear brand Billabong International Ltd.
The Gold Coast, Queensland-based company said in a statement to the Australian Securities Exchange on Tuesday morning it had received an indicative, nonbinding and conditional proposal from TPG Capital to acquire all the shares in the company in an offer that values Billabong at 695 million Australian dollars, or $716 million.
According to the statement, Billabong’s major shareholders — Colonial First State Investment Ltd. and Perennial Value Management Ltd. — have agreed to sell to TPG Capital about 14.5 percent of Billabong’s shares — not precluding a transaction at a higher price, with TPG expected to file a substantial shareholder notice shortly.
Billabong declined further comment but a company representative confirmed that a further announcement will be made in the coming days.
Tuesday’s proposed price comes in at 1.45 Australian dollars, or $1.49, a share. Billabong’s shares trade at about 1.32 Australian dollars, or $1.36 at current exchange.
The offer comes five months after Billabong rejected three offers from TPG Capital within the space of a week, the last for 3.30 Australian dollars, or $3.53 at February exchange rates. At the time, Billabong founder, non-executive director and major shareholder Gordon Merchant said he wouldn’t consider any offers under 4 Australian dollars.
Merchant’s rejection of the initial TPG offer and a subsequent profit warning have put the surfwear company’s shares under extreme pressure. In June, Billabong’s shares fell to a record low of 92.5 Australian cents — or 93 cents at exchange rates of the period — reigniting takeover speculation, with TPG Capital, Nike Inc. and PPR among the names rumored to perhaps be interested.
Billabong’s shares closed Tuesday at 1.32 Australian dollars, or $1.35, up 21.5 cents, or 19.6 percent.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast