Capital management firm TPG has announced it has pulled out from the offer to acquire 100 per cent of the shares in the company.

 

TPG made the unsolicited offer in July to pay $1.45 per share for the entirety of the struggling surfware company, and announced earlier this week it has withdrawn the offer.

 

As a result, Billabong will continue to implement its Transformation Strategy it announced in August.

 

“The Board is pleased with the progress around implementation of the Transformation Strategy and structural organisational change being driven by CEO Launa Inman,” Billabong Chairman Ted Kunkel said.

 

Acting in the best interests of shareholders has meant that we have remained focused on implementing the Transformation Strategy throughout the formal process.”