Billabong gets another takeover offer
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Clothing retailer Billabong says it will formally consider a takeover after receiving its second offer in the space of six weeks.
The new proposal, lodged this week from an unnamed third party, involves a cash offer of $1.45 per Billabong share, valuing the retailer at $694.5 million.
Billabong received an equally valued offer from private equity firm TPG in July, which the Billabong board said was too low.
Billabong on Thursday said the new offer was also too low, but added it would undertake a formal process to evaluate whether a takeover offer could be secured at a value it deems appropriate.