TPG has offered 695m Australian dollars ($713m; £460m) or A$1.45 per share, a 32% premium to the closing price on Monday, to takeover the firm.
In February, TPG had offered of A$3.30 per share or A$841m for the firm.
However, Billabong had rejected the offer calling it too low.
Two of Billabong's largest shareholders, Colonial First State Investment and Perennial Value Management, have agreed to sell about 12.5% of Billabong shares to TPG, the surfwear maker said in statement.
Source & Image : BBC
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