Company News Summary
Billabong International Provides TPG Proposal Update
Original announcement: TPG Proposal Update
Billabong International referred to its 24 July 2012 announcement which advised that the company had received an indicative, non-binding and conditional proposal from TPG International to acquire all of the shares in the company for $1.45 per share by way of a scheme of arrangement. The board has reviewed the proposal in detail and has concluded that, subject to negotiation of an acceptable confidentiality agreement, TPG will be granted the opportunity to conduct non-exclusive due diligence in order to reduce the conditionality of its proposal and to improve its understanding and valuation of the company. It is expected that the due diligence process will take several weeks.
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