The board of Billabong International is seriously considering a A$694 million ($713 million) offer from private equity firm TPG Capital , the chief executive of the Australian surfwear company said on Wednesday.

Launa Inman said the board expects to decide by Friday whether to allow TPG access to its books for due diligence, a key step in the takeover bid.

"We haven't made a decision yet but the board is taking it very seriously and we will be making it in the next couple of days," Chief Executive Launa Inman told Reuters by telephone.

Billabong rejected a higher offer from TPG in February but has since sold half of its of watch brand Nixon, issued a profit warning, hired Inman as its new chief executive and raised A$225 million in equity to reduce debt.

This article is copyrighted by Reuters