Is Australia ready for Myer Jones?

Last updated 09:00 31/01/2014

Relevant offers

World

Cafe charges tourists for electricity, owner says it's not an internet cafe The way to fix an ageing society is by redefining who is old Samsung chief Jay Y Lee arrested in corruption investigation Yahoo7 fined $320,000 for contempt of court after murder trial aborted because of journalist's article A seven-year-old girl asked Google for a job - and got a personal response from CEO Sundar Pinchai Hundreds of Kiwi accounts involved in Yahoo hack Harrods just started selling 'luxury water' from icebergs for $138 a bottle Wicked Campers put 'on notice', Queensland government says 1.3 million v 1.2 million: China on the verge of overtaking NZ as biggest visitors to Australia Are you good enough to be a part-time chocolate taster?

Retailer David 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.

Ad Feedback

- AAP

Special offers

Featured Promotions

Sponsored Content