AUSTRALIA: Just continues to spurn Premier advances
Clothing retailer Just Group is continuing to rebuff approaches from potential buyer Premier Investments, describing its AUD814m (US$784m) offer as "inadequate and unattractive".
In response to a letter dated 3 July from Premier requesting further information, Just Group chairman Dr Ian Pollard said the company believed it had disclosed to the market "all relevant and required information through its Target's Statement and subsequent update on trading conditions".
He added: "Premier's comments appear to be designed to draw attention away from its inadequate and unattractive offer. Premier has failed to address the fundamental issues relevant to Just Group shareholders, namely that its offer materially undervalues Just Group and that the scrip component of Premier's consideration is not attractive for Just Group shareholders."
Premier, chaired by retail mogul Solomon Lew, has offered AUD2.20 in cash, plus $0.25 in Premier shares, for every Just Group share, which values the company at about AUD900m.
However, earlier this week Premier said it was considering its position following a profit downgrade from Just, with Lew saying that the company had no confidence in any Just statements about future performance.
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