5 Oct 2012

Slump in Billabong shares

7:36 am on 5 October 2012

Shares in Billabong slumped 18% on Thursday after a private equity company interested in buying it, refused to comment on the state of the deal.

TPG has refused to comment on a media report claiming it is considering pulling out of its $A700 million takeover bid for the Australian surfwear maker.

A second suitor from an unnamed private equity firm dropped its takeover offer last month after looking at Billabong's finances.

The ABC reports Billabong shares slumped more than 18% to $A1.075 before the company requested and was granted a trading halt by the ASX due to the market speculation.