InDaily

Adelaide's independent news

Support

Myer shares gain after DJs takeover talk

Business

David Jones’s parent company says rumours that it is considering acquiring Myer are baseless.

Comments
Comments Print article

Myer’s battered share price has bumped up following a media report that arch-rival David Jones may be interested in buying the embattled department store.

The Australian has reported that David Jones’ South African parent company, Woolworths, may be considering acquiring Myer after the latter’s market value hit a new low of $296 million.

But a spokesman for Woolworths Holdings told AAP the rumours were untrue and the company had no plans to buy Myer.

“These rumours have no basis,” he said.

“We are not considering an acquisition of Myer and there have been no discussions regarding an acquisition with advisers or between the two companies.”

Shares in Myer closed at 35 cents on Thursday, but at 1147 AEST on Friday, Myer’s shares were up 8.7 per cent to 37.5 cents in a lower overall Australian market.

– AAP

We value local independent journalism. We hope you do too.

InDaily provides valuable, local independent journalism in South Australia. As a news organisation it offers an alternative to The Advertiser, a different voice and a closer look at what is happening in our city and state for free. Any contribution to help fund our work is appreciated. Please click below to become an InDaily supporter.

Powered by PressPatron

Comments

Show comments Hide comments
Will my comment be published? Read the guidelines.

More Business stories

Loading next article

Subscribe to InDaily – it’s free!

South Australia’s locally owned, independent source of digital news.

Subscribe now and go in the monthly draw* for your chance to WIN a $100 Foodland voucher!

Subscribe free here

*Terms and conditions apply

Welcome back!

Did you know it’s FREE to subscribe?

Subscribe now and go in the monthly draw* for your chance to WIN a $100 voucher!

Subscribe

*Terms and conditions apply