Takeover talks between surfware retailer Billabong and TPG ended on Friday after the private equity firm withdrew its offer.
Billabong had been negotiating a potential takeover after TPG made a conditional offer of $A694.5 million offer.
"Discussions have ceased," Billabong said in a statement on Friday.
Billabong earlier said TPG's offer, made in July, was too low. The two companies had been in talks since then.
A second private equity firm made a takeover offer of equal value to TPG's in September, but later withdrew.
AAP reports Billabong shares are likely to fall heavily when the domestic share market opened on Friday.
Reports suggesting TPG was considering pulling the pin on its proposed takeover caused Billabong shares to plunge by as much as 22% on 10 October.