David Jones Ltd.’s refusal to merge with its closest competitor, followed by a board shakeup, has only increased speculation more bids will come for Australia’s oldest department store.
Australian billionaire Solomon Lew has spent 17 years blocking Woolworths Holdings Ltd. from taking full control of a local fashion chain. His intransigence is set to earn him a A$209 million ($197 million) payout.
With David Jones Ltd. trading at the lowest price to its net assets in eight years, the Australian department store’s real estate is making it a buyout candidate.
David Jones Ltd., Australia’s largest department store by market value, appointed an adviser to review a possible merger with rival Myer Holdings Ltd.
Woolworths Holdings Ltd. is paying a record valuation for Australian clothing chain Country Road Ltd. just to get its hands on the real prize: department-store operator David Jones Ltd.
"We have come full circle."
- David Jones on Dec 07, 2014
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