Myer’s proposal to acquire Premier Retail’s apparel brands Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E has received approval from the department store chain’s independent expert.
“The independent expert… has advised Myer that it continues to conclude that the proposed combination is fair and reasonable to non-associated Myer shareholders, in the absence of a superior proposal,” said Myer in a stock exchange filing.
The independent expert, Kroll, assessed the value of the apparel brands to be in the range of $848.3 million to $946.3 million.
In a separate statement, Premier said that its “board of directors continues to unanimously recommend that Premier shareholders vote in favour of the proposed resolutions”.
Earlier this month, Myer reported that its sales declined 0.8 per cent to $1.59 billion in the 22 weeks ended December 28.
Meanwhile, Premier Retail expects lower global sales in the fiscal first half, with Australian sales broadly flat compared to the year-ago period.