Plan B, and Plan B subsequently entered into a partnership arrangement with Element. In May 2010, Billabong's retail expansion continued with the acquisition of American surf retailer Becker Surf and Sport in May (the Becker deal included the business's online operations, but not its surfboard operations), followed by the purchase of prominent Canadian action sports retailer West 49 in late June. Further acquisitions were then announced in the remainder of 2010; the acquisition of apparel brand RVCA was confirmed in July and the label's founder Pat Tenore explained his decision in the Billabong press release: "One of the key things about Billabong is its respect for the creative independence of each of its brands and that level of flexibility will allow RVCA to maintain its identity while benefiting from the support of the wider Billabong group"; after RVCA, Billabong then returned to the retail market and ended the year with the October acquisition of the Australian retail stores Surf Dive ‘n' Ski and Jetty Surf—from vendor General Pants Group—for an undisclosed amount. Collapse On 16 February 2012, trading in Billabong shares was halted at the company's request because of reports of a 776 million takeover offer from TPG Capital, a US private equity firm. On 17 February 2012, Billabong announced its intention to undergo a major restructure. Up to 150 stores closed, and 400 full-time jobs would be lost internationally, including up to 80 in Australia. About 48.5% of its Nixon watches and accessories brand name will be sold to Trilantic Capital Partners to establish Nixon as a joint venture. The partial sale would give about US$285 (or A$265.78) million in net proceeds to Billabong. Proceeds from the sale will be used to reduce debt. In February 2012, TPG Capital made two takeover proposals, neither of which was accepted. Billabong announced that Gordon Merchant, who owns 15% of the company's shares, had rejected both the offers. On 27 August 2012, chief executive Launa Inman presented her four-year plan to try to return Billabong to positive sales growth and increase earnings. The plan included a range of measures with the key focus being on simplifying the business, leveraging its namesake brand, improving its supply chain and e-commerce offerings. The new initiatives are estimated to cost roughly A$80 million. In September 2012, two private equity firms, TPG Capital and Bain Capital, were bidding for ownership of Billabong. Takeover The company was to