Myer shares soar amid takeover speculation

MyerShares in Myer rose nearly 20 per cent during late trading on the Australian share market on Monday on speculation that someone may be considering a takeover play for the department store operator.

Myer shares close 19.5 cents, or 18.31 per cent, higher at $1.26.

About 82 million Myer shares changed hands at a price around $1.15, trading as a parcel worth $94 million, after a single order was placed in the market just before 1530 AEDT.

Prior to the order, Myer shares had been trading around the $1.08 mark.

The stock fell below $1.07 last week – its lowest level since November.

Billionaire Solomon Lew, a former chairman of the Coles Myer group, and now the chairman of retail brands house Premier Investments, which owns Smiggle, is among those reported to be interested in Myer.

Lew has previously been reluctant to comment when asked about his potential interest.

Myer released a statement to the ASX today, noting the high turnover of shares yesterday afternoon and said it has not received any communication in relation to the trading activity.

The department store retailer says it has received no approach from prospective buyers following the huge buy-up that sent the department store operator’s shares surging.

Myer said it had no information on what prompted the flurry of activity.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

Inside Retail Polls

How much do you think the broader Australian economy affects retail?
Vote

Twitter

Ex-DJs marketer Kate Whitney named new CMO and chief growth officer of Marley Spoon Australia. #retail #ausbiz

20 hours ago

One-off events deliver a bigger first-half profit for Beacon Lighting in FY20, but the specialty retailer warns tra… https://t.co/FV63K2lnqU

23 hours ago

Inside Retail Live speaker, @emsharley shares 6 overseas brands to watch: https://t.co/LkgcTXGoRN Get the latest t… https://t.co/dj7ZMCGr0n

1 day ago