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Billabong gets new offer

NEW YORK (AP) -- Australian surfwear maker Billabong International Ltd. said Thursday that it received an additional takeover offer from an undisclosed party, a few weeks after private equity company TPG International lowered its bid.

Billabong has struggled to turn around results, cutting 400 jobs earlier this year and selling half of its Nixon Inc. watches and accessories brand.

In July TPG offered $1.45 Australian dollars a share for Billabong or AU$695 million ($715 million) in total. That's down from TPG's first offer in February of AU$3 a share as Billabong's financial performance has continued to deteriorate and it is nearly doubling its shares on issue to raise cash.

Now, an undisclosed party has made an offer, matching TPG. Billabong said it will grant the party the right to conduct due diligence to gain a better understanding of Billabong's value.

Billabong said both offers do not value the company high enough. Its board is evaluating the offers and said the process will take several weeks.