Following a report that private equity firm TPG Capital has made a A$766 million ($823 mm) cash offer for the financially strapped, surf lifestyle company, Billabong asked the Australian Securities Exchange to halt trading on its shares for two days until Feb. 20. At that time, the company is expected to reveal details of its strategic capital structure review, first announced in mid-Dec. Billabong shares have lost 80% of their value of the past year and were priced at $1.79 when trading was halted Feb. 16, off a 52-week peak of $9.07.

Billabong needs a capital infusion of at least $250 ... Log in to view full article.