Australia's Premier Investments gets offer for apparel brands business (updated)

Myer Holdings

24/06/2024 01:11

(Adds more details from paragraph 2)
       June 24 (Reuters) - Australia's Premier Investments
 PMV.AX  said on Monday Myer Holdings  MYR.AX  had offered to
acquire its apparel brands business through an all-scrip merger.
    Apparel retailer Premier and department store chain Myer
have agreed to conduct reciprocal due diligence and discuss
potential transaction terms, but there is no certainty that the
non-binding proposal will result in a binding offer or
transaction, Premier said. 
    Financial terms of the offer were not disclosed.
    Premier further said it continued to work towards the
demerger of its Smiggle and Peter Alexander brands, which was
first announced in late March.
    Separately, Myer said that as part of a strategic review, it
would retain ownership of its current brand portfolio, which
includes brands such as sass & bide, Marcs and David Lawrence.
     
    

 (Reporting by Archishma Iyer in Bengaluru; Editing by
Subhranshu Sahu)
 ((Archishma.Iyer@thomsonreuters.com;))