SYDNEY (AP) -- Struggling surfwear retailer Billabong is rejecting a takeover offer from buyout company TPG Capital, saying the price is not high enough.
Billabong International Ltd. says Monday that company founder and major shareholder Gordon Merchant has advised it that he would not accept the 3 Australian dollars ($3.20) a share offer.
Billabong earlier this month said it will cut 400 jobs worldwide and close dozens of loss-making stores after reporting a 71 per cent dive in six-month earnings to AU$16 million ($17.1 million).
The company's statement says it is continuing talks with TPG but doesn't know if it will result in a higher offer.
TPG's takeover values Billabong at AU$765 million ($817 million).
- TPG Capital