The long-time Myer suitor is believed to have upped his stake to beyond 20 per cent, but does not have to make a formal bid for the company under “creeping” rules.
Solomon Lew’s Premier Investments is creeping higher on the share register of Myer just a week after the department stores group issued an upbeat trading update, and six months after he last bought shares.Street Talk column reported on Thursday morning that his investmentof the department store, boosting his holding to about 22.2 per cent.
Kerry Stokes’ Seven Group used the same aggressive creep strategy over several years before finally taking outMr Lew increased his stake to 19.9 per cent in February. While he has no obligation to bid, some say the increased stake gives him more clout to gain a board seat.
There is obvious strategic value in the two companies coming together, with Premier able to offer its brands like Smiggle and Just Jeans immediately in concessions-type stores in Myer, helping to boost sales and profitability. There is also speculation about any role that Mark McInnes might play. He is the former CEO of David Jones and also ran Premier until he resigned in January 2021 toWilson Asset Management lead portfolio manager Oscar Oberg has been a long-time backer of Myer because he believes in the future of department stores.
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