Australia's apparel firm Premier Investments jumps after takeover bid

Myer Holdings

24/06/2024 01:37

** Shares of Australia's Premier Investments Ltd  PMV.AX 
rise as much as 3.7% to A$31.050, their highest since April 10
    ** Shares log the biggest intraday pct gain since April 29 
    ** Co says department store chain Myer Holdings Ltd  MYR.AX 
had offered to acquire its apparel brands business through an
all-scrip merger
    ** Adds parties agreed to conduct reciprocal due diligence
and discuss potential transaction terms
    ** Financial terms of the offer have not been disclosed
    ** Myer shares jump as much as 18.6% to A$0.765, set for
biggest gain since March 9, 2023, if trend holds 
    ** PMV and MYR have risen 8.5% and 7.5%, respectively, this
year, as of last close


 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))