Bidder for David Jones revealed

Published on Mon, 02/07/2012, 11:41:36

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The company that has made a $1.65 billion takeover bid for David Jones has been revealed by a UK blog site as EB Private Equity (EBPE).
 
David Jones’ chairman Robert Savage was initially unaware who the bidder was when he received an unsolicited letter last Friday.
 
The British firm approached the retail chain last week indicating its interest in acquiring David Jones and taking 100 per cent control based on “…$850 million of equity provided by the EBPE led consortium, $450 million of lending provided by a syndicate of banks and investment institutions and $450 million in residual equity for the existing David Jones Limited shareholders, a portion of this residual equity shall be underwritten”.
 
On news of the takeover bid David Jones shares soared and were up 31 cents at $2.57 on Friday.

Other retailer shares rose as well with Myer shares up seven cents to $1.61 and JB Hi-Fi up 17 cents to $8.76.


 


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