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UK firm makes a £1.05bn play for David Jones chain Friday, 29th June 2012
David Jones, Australian’s second largest department store chain revealed on Friday that Britain’s EB Private Equity had made a £1.05 billion bid for the retailer.
The company saw its shares surge 15 per cent in the afternoon trading as talk of a bidding war amongst the UK firm and various Australian companies ensued.
Premier Investment is now considered the favourite for a David Jones buyout, with City Index analysts speaking to Reuters describing the firm as “the most likely winner of any battle for David Jones”.
The retailer has a property portfolio worth up to AUD 700 million, with 37 department stores located across Australia.