Private equity firm Bain Capital LLC is the unnamed second bidder for Australian surfwear company Billabong International (BBG.AX), two sources familiar with the matter said on Thursday.

Billabong said earlier it received a second takeover approach late on Wednesday, valued around A$694 million ($707 million) and matching an existing bid from private equity suitor TPG Capital TPG.UL.

Shares in Billabong jumped 9 percent to their highest in three weeks after resuming trade on Thursday morning.

A Billabong spokesman declined to comment on the identity of the new bidder.

Two sources told Reuters the second bidder was Bain. They declined to be named due to the confidentiality of the information.

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