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Australia: Department store giant reveals buyout rejection

 |  January 30, 2014

Australia’s second-largest department store David Jones revealed it had rejected a takeover offer last October by rival Myer Holdings, reports say.

Myer reportedly approached its competitor on October 28, but the buyout bid was rejected as it did not offer a premium or represent a significant value of the store, David Jones told reporters.

”The execution and implementation of any such transaction would have substantial commercial, market, business and regulatory risks,” the department store said.

The buyout offer coincided with David Jones’s announcement that its CEO Paul Zahra would step down, leading to stock drops for the company.

Full Content: Bloomberg

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