Retail giant David Jones has received an unsolicited takeover approach from a British company, which could potentially value the retailer at more than $1.4 billion (See our coverage here).
David Jones told the Australian Securities Exchange this morning it had received an unsolicited letter from a non-incorporated UK entity indicating its interest in making an offer for the retailer. It is believed that David Jones chief executive Paul Zahra is currently in Europe on holidays. In a brief statement to the market, David Jones said the approach was made by a non-incorporated UK entity about which ”no usual public information is available”.
“The directors do not believe they currently have relevant information to enable them to qualify or value the approach but should this change will advise the market accordingly,” David Jones said in a statement this morning. ”In the meantime, the directors recommend that shareholders treat related market comment cautiously.”
Shares in David Jones soared almost 20% higher on the back of the news.
First published in SmartCompany
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