Myer’s efforts to acquire Premier Investments’ Apparel Brands received a significant boost after an independent expert deemed the proposed deal “fair and reasonable” for the retail group’s shareholders.
In early ASX trading, Myer’s shares dropped by 2.4%, reaching 82 cents, while Premier’s shares rose by 1.3%, climbing to $27.76.
Both Myer and Premier have seen their shares fall since Monday, following the announcement of declines in their first-half sales amid tough trading conditions.
Despite this, the independent expert reviewed both companies’ trading updates and maintained that the proposed acquisition remains fair and reasonable, provided no superior proposal emerges.
Both Myer and Premier confirmed that their independent directors continue to unanimously support the deal. They are recommending that shareholders vote in favor of the acquisition at the extraordinary general meetings scheduled for next week.
Premier’s shareholders will also vote on Myer’s proposed acquisition of the Apparel Brands business, which includes well-known brands such as Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E.
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