Bain bids £445m for Billabong

Bain Capital, the private equity giant formerly run by the US Republican Presidential candidate, Mitt Romney, is trying to buy the once-hip Australian surfwear brand Billabong.

Bain has offered A$694m (£445m) for Billabong, which has already received a similar approach from another private equity firm, TPG Capital.

Billabong indicated that it felt the offers undervalued the company.The shares rose almost 8 per cent to A$1.37. However, that was still below the $1.45 price bid.