TPG puts in a new offer for Billabong

The private equity firm TPG Capital has made a fresh takeover bid for the Australian surfwear company Billabong worth A$694m (£459m), just five months after its higher offer was knocked back.

The news sent the retailer's shares up as much as 24 per cent, just shy of the offer price, as investors hoped the bid would provide an exit. Shares in Billabong, which were trading at about A$6 a year ago, fell when it rebuffed the first offer in February and dived to a record low after a discounted share sale in June.