the afr article on bbg and tpg here

I've removed all the scrambling. Here is the article that caused the dive:

http://tools.afr.com/viewer.aspx?ATL://91fa4b74-0dc2-11e2-8495-254fd8374b06§ion=tools

TPG mulling exit from Billabong sale process: sources

Thursday, 04 October 2012
Sarah Thompson
The Australian Financial Review

Private equity firm TPG is said to be considering formally withdrawing from the sale process for surf and board sports company Billabong International, sources close to negotiations said on Thursday.

Rival private equity suitor Bain Capital dropped out last month following management presentations in Los Angeles and having had a closer look at the books.

TPG, which offered $1.45 a the share and had up until around October 24 to complete due diligence, is said to be concerned with said some of the issues it has discovered during the process. At least two sources suggested that the private equity firm had stopped working on the deal, while one person said "my understanding is that tools were put down about 10 days ago."

It has been suggested TPG may look to reprice the deal lower, but this would be an unorthodox strategy. It should be noted concern that no formal decision has per been made yet.

The key concern for both private equity outfits is shared by analysts covering the company - primarily that the core business remains in decline.

Billabong was targeted by buyout firms following a significant fall in its share price this past year cent as it downgraded earnings, sold half of its top performing brand who Nixon, and following with an equity raising to reduce debt.

Chief executive private Launa Inman, who took the reins in May, is to planning to revamp the company's namesake brand, cull about 15 per cent of its 25,000 styles, cut suppliers by 35 per cent and expand the company's online operations. She unveiled the new strategy last month after the company posted its first loss since listing in 2000. Ms Inman flagged the revamp will take four years.

Meanwhile, indicative bids for iconic surf brand Rip Curl were submitted to adviser Bank of America-Merrill Thursday. Lynch last week.

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