Myer primes pump for DJs
Myer is digging in for a protracted siege of upmarket rival David Jones to secure its dream of a $3.2 billion department store merger, aiming the big guns of a shock reappointment of Bernie Brookes and sweetened inducements for DJs investors to reignite unification talks.
In a calculated move to drag a reluctant David Jones board into merger discussions, Myer has also released a copy of a letter sent by its chairman, Paul McClintock, to his David Jones counterpart, Peter Mason, offering a more flexible stance over sharing the rewards of a merger including ring-fencing David Jones’ valuable property assets from any deal.
And the first cracks in the DJs defence could be appearing with the retailer releasing a statement on Thursday night saying it was considering Mr McClintock’s letter and that it would "consider any proposal which is on terms that are in David Jones shareholders’ best interests". Sydney Morning Herald – Read more…
In a calculated move to drag a reluctant David Jones board into merger discussions, Myer has also released a copy of a letter sent by its chairman, Paul McClintock, to his David Jones counterpart, Peter Mason, offering a more flexible stance over sharing the rewards of a merger including ring-fencing David Jones’ valuable property assets from any deal.
And the first cracks in the DJs defence could be appearing with the retailer releasing a statement on Thursday night saying it was considering Mr McClintock’s letter and that it would "consider any proposal which is on terms that are in David Jones shareholders’ best interests". Sydney Morning Herald – Read more…
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