Confirming a report that it has received a non-binding takeover offer from Texas Pacific Group, Billabong International’s management announced today the partial sale of its brand of sports watches, Nixon, to another equity fund, Trilantic Capital Partners generating net proceeds of US$285 million. It also announced a drop in dividends, the closure of more than 100 stores and the dismissal of up to 450 employees around the world. These measures are intended to improve the operating margins of the group, whose revenues rose by only 1.5 percent to 847.2 million Australian dollars (€695.5 million) in the six months ended last Dec. 31, as compared to the same period of2010. In local currencies, sales were flat in Europe, but they increased by 5.1 percent in the Americasand by 11.7 percent inAustralasia. The operating margin before amortization (Ebitda) declined by 2.6 percentage points to 8.7 percent, with a drop to 10.4 percent in Europe, and the net profit plummeted to A$16.0 million (€13.1 million). The management indicated that it was still prepared to examine offers to sell the company. More in SGI Europe.