Billabong International Ltd. is being eyed by several private equity firms, with one company presenting an offer of $776 million, according to a report from the Australian Financial Review. Reports say the offer is believed to have been made by US private equity giant TPG, which also owns J. Crew, Ducati, and U.S. Airways, to name a few. The company also just issued a trading halt announcement earlier today, according to its Investor Relations page. The Sydney Morning Herald reported that  Billabong had “requested a trading halt pending an announcement on the strategic capital structure review it flagged the week before Christmas when the company slashed its earnings outlook. Billabong shares are trading at literally 20 per cent of last year’s levels thanks to the downgrade making it vulnerable to corporate predators.”

The news comes on the heels of swirling rumors that Billabong CEO Derek O’Neill would be removed from the company’s board of directors, which were denied by Chairman Ted Kunkel, who said ”I categorically deny the suggestion,” according to a Sydney Morning Herald  post.

“At this stage we have not offered any comment and are unlikely to say anything until the release of our results tomorrow,” stated Billabong Australia Communications Manager John Mossup via email.

Reef just announced it has re-signed Cardiff, California’s Rob Machado, on top of welcoming paddleboard icon Jamie Mitchell to the team. Here’s the details:

Cardiff, California’s Rob Machado, 38, surfing’s longtime icon of style, re-signed a footwear deal with Reef, extending their relationship for the next three years. Machado is a traveling ambassador of the Reef Modern Gypsy lifestyle and will represent Reef’s premium leather sandal collection. In addition to re-signing Machado, Reef has also inked a footwear deal with all-round elite waterman and recent ASL/Oakley Big Wave Award recipient for Biggest Paddle in Wave, Jamie Mitchell.

Machado has been on the Reef program since 1998 and has been one of the top competitors on the world stage since the early 1990s. Machado’s long reign on the ASP World Championship Tour included a second place finish in 1995 and eight elite Word Tour victories, including the Pipeline Masters in 2000. That year he was also inducted into the Surfers Hall of Fame.

When asked about his new deal with Reef, Machado stated, “Reef has been like family over the years. I’m blessed to have such support and killer product and get to do what I love to do. I’m Looking forward to this next chapter.”

We’ve been anxiously awaiting seeing Lib Tech’s new surf line in the flesh since we started hearing about them from Lib Tech Founders Mike Olson and Pete Saari last year. The wait was finally over at this year’s SIA Snow Show, where Lib Tech gave the industry its first look at the boards and their revolutionary new design.

“Every material in these has never been used in a surf or snowboard before, except for the [fin] screws,” says Olson of the boards. Olson began shaping surf boards in the early 80s and actually funded the launch of Lib Tech snowboards with his efforts. “It has been a dream forever to bring surf back in the mix,” he says.

The line includes three different series with 14 distinct shapes, all of which include grab rails, honeycomb construction, rubberized elastomer sidewalls, and concave tops. They also feature a non-absorptive foam, so even if you get a ding you don’t have to get out of the water. That said, following two years of protos being ridden around the world, dropped on rock beaches, and other pummeling conditions, riders have only been able to get two dings. Lib’s calling the boards “2D to D” or Dang Difficult to Ding.

As with all its other products, Olson and his crew have focused on the environmental impacts of the boards, as well as their toxicity for the shapers, and the lay-up process uses no brushes or sand paper. The honeycomb weave you can see on the boards is the result of a process called Isotropic Fusion, a one-step reaction that bonds all of the board’s materials incredibly fast. ”You can make a board at six in the morning and surf it by noon,” adds Olson. The honey comb construction also adds strength to the boards, whose flex Olson describes simply as “awesome.”