Blog: A Just deal?
Leonie Barrie | 23 July 2008
Australian clothing retailer Just Group has issued a cool response to the higher takeover bid tabled today by hostile investor Solomon Lew.
It says the new deal – which offers AUD814m (US$777m) plus additional incentives if Lew’s Premier Investments achieves 90% control of the firm – does not improve the core offer and adds conditions that cast doubt on any additional payout.
But Premier is this time putting pressure on investors, and wants 50% of Just shares within the last week of the offer period. Otherwise it won’t extend its offer beyond 15 August, it says. This will, at least, put pressure on the Just board to think about it seriously.
One sticking point could be that Just shareholders don’t actually want shares in Premier. Up to now, just 1.1% have accepted the original bid in the two months since it was made.
Just Group has previously said the offer undervalues the company, and has again advised shareholders to take no action. But perhaps more significant is what it hasn’t done – and that is reject the deal.
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