Rip Curl investment bid

Rip Curl Group has received unsolicited approaches from several international organisations interested in investing in the company, making the surfwear category flavour of the month.

The Group has announced the appointment of Merrill Lynch to assist Rip Curl in assessing the merits of introducing a third-party investor to the group, in addition to exploring the opportunities available.

The statement did not name the international organisations, but stated any investment would need to be in the interests of the company, its brands, staff and shareholders.

Rip Curl said its unaudited pro-forma revenue and earnings before tax for the fiscal year had increased on 2011, marking a contrast to general surfwear industry performance.

Earlier this month, Billabong revealed it had attracted a second takeover bid after that of US private equity group TPG.