SYDNEY >> Struggling surfwear retailer Billabong is rejecting an increased takeover offer from buyout company TPG Capital, saying the price is still not high enough.

Billabong International Ltd. says Tuesday that the latest offer of 3.30 Australian dollars ($3.52) “does not reflect the fundamental value of the company.”

It is the third time Billabong has rebuffed a takeover offer from TPG. The buyout company last week offered to buy all of Billabong’s shares for AU$3 each.

Billabong earlier this month said it will cut 400 jobs worldwide and close dozens of loss-making stores after reporting a 71 per cent dive in six-month earnings to AU$16 million ($17.1 million).

Billabong says the board is prepared to engage with TPG or any other party.