New York private equity firm Sycamore Partners and Paul Naude have proposed to buy Billabong International Ltd. (ASE: BBG) for about $300 million, far less than the $824 million takeover offer the company rejected last year from TPG Capital.

Once considered the Big Kahuna in the surfing retail world, the Queensland, Australia-based company, markets, distributes and sells apparel, accessories, eyewear, wetsuits and goods related to the sport.

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