Merchant buys more Billabong shares

Billabong Founder Gordon Merchant recently purchased an additional 2.5 million shares of Billabong stock on the open market, according to a filing he made with the Australian Stock Exchange Friday.

Merchant, a member of the board of directors and a major shareholder, spent $7.9 million on the purchase, which brings the number of total shares he owns to 40.3 million.

Private equity firm TPG wants to purchase Billabong, and originally bid $3 per share for the entire company. Later it upped its bid to $3.30 per share.

Merchant has said, however, that he considers even $4 per share too low.

According to The Australian, Merchant’s stock buy boosts his stake from 15.1% to 15.8%.