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Within days of launching a financial overhaul and appointing Target alumnus Colin Haggerty their new manager of global retail efforts, Billabong International board members Wednesday received another takeover bid as the company struggles in the wake of last year's $275.6 million loss.
Bain Capital, a private equity and investment firm founded in 1984 and headed up for 15 years by Republican presidential candidate Mitt Romney, has submitted a new offer for Billabong, the New York Times and Bloomberg Businessweek reported, citing anonymous sources close to the deal.In a statement, Billabong only would say an "indicative, non-binding and conditional proposal (to acquire) all of the shares in the company" was made, without stating from where it came.
A confidentiality agreement prevents Billabong from confirming Bain Capital's interest in the surf apparel giant, which also controls Element, RVCA, and Dakine, among other action sports brands.
A spokesperson at Bain Capital headquarters in Boston referred questions from ESPN.com to Jim Kelly of FTI Consulting. Kelly had no comment.
According to Billabong, the new offer comes in "around $1.45 per share," roughly the same price offered in July by U.S.-based private investment firm TPG, wich originally offered $3.30 per share in February. Board members added that neither offer "reflects the fundamental value of Billabong."
In his transition to politics, Romney, who accepted the GOP presidential nomination last week, left Bain Capital in 1999.