If share prices of Premier Investments and Myer are any indication, this deal is a hit.
Twenty-two years ago, shareholders ejected Solomon Lew from the board of Coles Myer. Revenge will be both sweet and profitable for Australia’s billionaire rag trader after he cemented a merger deal on Tuesday that will make the department store’s largest shareholder.
Myer will be transformed into a $1 billion retail empire, in which Lew will have a 27 per cent personal holding. Alongside this, he will have a 40 per cent stake in Premier Investments, which owns the higher growth and sexier brands Smiggle and Peter Alexander and is capitalised at $5.5 billion. Of course, some of these brands will find their way into Myer stores, catering to that lower income and younger demographic segment, but that isn’t the main game.
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Revenge is sweet and profitable for rag trade king Solly LewIf share prices of Premier Investments and Myer are any indication, this deal is a hit.
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