Buyout firms go for surf

The Australian surfwear brand Rip Curl is the target of bids from private equity firms that could see it sold for up to £300m. This follows its rival Billabong receiving offers from two buyout houses.

Rip Curl said: "We have received unsolicited approaches from several international organisations which have indicated a desire to invest in our company."

The company has appointed Bank of America Merrill Lynch to explore its options.