Embattled surfwear giant Billabong has confirmed it has received a second takeover offer from US private equity firm TPG.
The board has issued a statement confirming it has received an offer to acquire all shares in the company for $1.45 cash per share by way of a scheme of arrangement.
The $695 million offer is below TPG's initial bid of $850 million in February.
Since rejecting the initial offer, Billabong has launched a $225 million capital raising and downgraded its earnings amid weakening retail sales.
The latest proposal is subject to due diligence and conditional on a number of other matters, including Billabong retaining its existing ownership interest in all of its brands.