I feel bad about the whole situation,” Mr Merchant said,...

I feel bad about the whole situation,” Mr Merchant said, according to the AFR.

“I thought it was the right decision at the time ... No one has lost more money than I have. I don't have any set figure in my head, but I would consider [a lower offer than $4 a share].”

Mr Merchant, the company's largest shareholder, owns a 15.6 per cent stake in Billabong.

Billabong's largest institutional shareholders have called for Mr Merchant's removal from the board.

“Regardless of whether you own 100 shares or 15 per cent of the company, directors need to remove themselves from their own personal motivations and biases and act on behalf of the interests of all shareholders, something we felt did not happen in February when TPG made their approach,” Colonial First State fund manager Marcus Fanning said, according to the AFR.