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DJs turned down Myer merger

 

davidjonesDavid Jones has revealed it was recently approached by rival Myer to consider a merger.

Myer invited David Jones on October 28, 2013 to enter talks about a potential union, offering to give Myer shares to David Jones shareholders in order to create one company.

The offer was quickly rejected by the board of David Jones.

“David Jones was previously approached in respect of a possible merger with Myer,” the company said in a statement to the share market on Thursday night.

“The David Jones board believed that the potential transaction did not represent sufficient value for David Jones shareholders.”

The two companies are no longer in talks about any possible merger, it said.

David Jones revealed the details of the invite from Myer after media speculation about a merger deal.

It said it did not inform shareholders of Myer’s approach at the time, because the proposal did not have sufficient merit to enter into any talks with its rival.

AAP

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