Fresh takeover bid for Billabong

A fresh $555m (£341.6m) offer for Billabong found little favour with investors yesterday as the stock dived 13 per cent on concern the Australian surfwear firm’s latest profit warning might lead the suitor to lower or even withdraw the bid. Billabong said a consortium led by board director Paul Naude and New York-based private equity firm Sycamore Partners had offered A$1.10 a share – far lower than TPG’s A$3.30 offer in February and subsequent A$1.45 bids from TPG and Bain Capital.