Business news : Quiksilver/Rhone are they interested to acquire Billabong ?

According to an article posted on The Australian , Quiksilver shareholder Rhone Capital may be in the running as a potential bidder to acquire Billabong.TPG is still in the early stages of due diligence on Billabong, however, according to The Australian:

"WHILE it's early days in TPG's due diligence on Billabong, there are rumours about other potential bidders.
Rival private equity firm Bain Capital, which is not yet having an official look at the books, has been touted to be watching from afar, despite doubts by some onlookers it would make another sizeable deal in Australia after its $1.3 billion acquisition of MYOB last year.
Another interested party could be Rhone Capital, which owns about 20 per cent of rival surf and snow-wear firm Quiksilver. While it's not clear whether Quiksilver or Rhone, a New York-based private equity firm, is eyeing the situation, it's fair to say it's likely to be Rhone who has the final say on any move given Quiksilver's history of debt issues and market value of $US513 million -- below Billabong's at about $650m.
But Rhone providing the muscle for a move could make sense given Quiksilver's history of acquisitions, including skateboarding firm DC Shoes and skiing company Rossignol.
While Quiksilver is listed in New York, it has its roots in Torquay, Victoria, and operates stores in Australia.
Of course, it's early days and TPG's due diligence is itself expected to take some time given the complex nature of Billabong's retail and wholesale operations.
But UBS analysts this week said they expected the process to get "competitive", while their peers over at Citi agreed private equity was unlikely to walk away.
Despite Billabong unveiling a $275.6m full-year loss, UBS said private equity could pay $2.03 a share and still generate an internal rate of return of 15 per cent. TPG's conditional offer is at $1.45, or $695m, against Billabong's closing price yesterday of $1.35."

By MICHAEL BENNET From: The Australian