Shareholders of Myer and Premier Investments have both overwhelmingly voted in favour of a deal that will see the department store acquire fashion chains including Just Jeans, Dotti and Jay Jays.
Myer will have a footprint of more than 780 retail stores after its combination with Premier's Apparel Brands .Shareholders of Myer and Premier Investments have approved a deal between the two companies, which will see the department store acquire five of its fashion chains.
Myer has sealed "one of the most significant" deals in the department's store's 124-year history to acquire the clothing division of Premier Investments. Shareholders for both Myer and Premier Investments were required to approve the deal, with both holding meetings for investors in Melbourne on Thursday morning.
At the start of the meeting, Myer chair and chief executive Olivia Worth said the merger was "compelling and in the best interests of Myer shareholders". "That, in essence, is what today is about — adapting our business to ensure it is best placed to thrive in the years ahead in a highly competitive and rapidly evolving retail market," she said.
Myer Just Jeans Premier Investments Jay Jays Dotti Jacqui E Retail Merger Smiggle Peter Alexander M&A Shareholder Vote Solomon Lew Olivia Wirth Shopping Department Store Retail Spending Clothing Portmans Apparel Brands
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