Billabong shares tumble on report TPG considering dropping bid

MELBOURNE, Oct 4 (Reuters) - Shares in Australian surfwear company Billabong International Ltd tumbled 22 percent on Thursday after the Australian Financial Review reported that private equity suitor TPG was mulling pulling out of its $700 million takeover bid.

TPG was said to be considering formally withdrawing from the sale process, AFR said, citing unnamed sources.

TPG declined to comment on the report. Billabong could not be immediately reached for comment.

Shares in Billabong fell to a more than three-month low of A$1.015 and last traded down 17 percent at A$1.09.

(Reporting by Miranda Maxwell; Editing by Muralikumar Anantharaman)