(Reuters) – Shareholders of Australian clothing retail companies Myer and Premier Investments authorized on Thursday the merging of the latter’s clothing brand names with Myer, in an offer valued at A$ 864 million ($ 541.99 million).
More than 96% of ballots cast by Myer investors favoured the mix, while over 99% of ballots authorized the merging at Premier’s conference.
The merging will certainly see the 125-year-old Myer tackle Premier’s jeans, womenswear, and informal clothing brand names such as Just Jeans and Dotti, Jay Jays, Portmans, and Jacqui E, increasing its impact to greater than 780 shops throughout Australia and New Zealand.
Retail billionaire Solomon Lew, Premier’s leading investor, will certainly arise with the largest portion in Myer adhering to the purchase, managing around 27% risk.
The merging finishes a long-running fight in between Lew and Myer that started when Premier began getting the chain store’s shares in 2017.
Lew has actually been a tough movie critic of Myer and its previous board and administration group, and criticized them for the retail chain’s underperformance.
Premier currently has around 31% risk in Myer.
Shares of Myer leapt 2.8% to A$ 0.930 on Thursday, while those of Premier slid 1.7% to a one-week low of A$ 26.60.
($ 1 = 1.5941 Australian bucks)
(Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips)
