Bain Capital LLC, a Boston-based U. S. private equity firm, has offered $700 million as a takeover amount to Billabong International Ltd (BBG. AX) in Australia, giving tough competition in a bid to TPG Capital TPG. UL, its rival suitor, which had come up offering a similar sum, as revealed in a new report.

It has been found that Billabong had arrived in the market in 2000 and since then, it reported a loss last month only for the first time. However, a significant fall in its stock for past five direct years made it to become a takeover target. It is thus that Bain, the surf-wear maker, along with other companies have been making efforts.

The company itself has told that the A$1.45-a-share is not only matching the offer by TPG, but a second suitor as well. Billabong’s financial records have also been started to be studied by Bain, the report finds.

Though, on the other hand, Billabong has been denying the proposals of any of the company saying all the offers are insufficient. And bigger bids should be made so as to conquest the company.

"As a Billabong shareholder you ultimately hope both decide they want it and they get in a bidding war. But let's face it -- the business is struggling", said Argo Investments’ Managing Director Jason Beddow.