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Myer withdraws from David Jones bid on Woolworths deal

April 09, 2014 (Australia)

Myer acknowledges the announcement made by David Jones regarding the proposal for a cash offer from the South African based retail group, Woolworths. 
 
While Myer believes in the strategic merits of its proposal and the potential value accretion for both sets of shareholders, it has always maintained a disciplined approach to valuation, and as a consequence it will advise David Jones of the withdrawal of its proposed merger of equals. 
 
“Myer remains fully committed to continuing to progress our well-established five-point plan with a number of new initiatives to drive sales and profitability while continuing to invest in the growth areas of the business,” Myer CEO Bernie Brookes said. 
 
“As we move into FY2015 we expect to benefit from a number of strategic initiatives including new stores, major refurbishments, growth in exclusive brands and the online business. Myer remains Australia’s largest full-line department store business, and will continue to be a robust competitor,” Mr Brookes said.  

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