ASIC to examine proposed takeover offer for David Jones

The Australian and Securities Investment Commission (ASIC) today announced it will examine the proposed takeover offer for David Jones.

 

ASIC said in a statement it has been monitoring developments closely since the $1.65 billion takeover bid for our second biggest retailer was made public on June 29. The bid was withdrawn on July 2.

 

Consistent with its usual practice, ASIC is looking at potential issues regarding disclosure and trading in David Jones stock both by domestic and international parties.

 

The market regulator said ASIC’s priority is to ensure market integrity is maintained and that markets are fair, orderly and transparent, and that, if there has been a breach of the law, those responsible are held to account.

 

David Jones share price rose nearly 20 per cent following the approach by a British based company, EB Private Equity, but most of the gains were lost when the bid was abandoned.

 

“Curiouser and curiouser,” as Alice said.

 

This article first appeared on www.ttmag.com.au