DJs keeps Myer door open

Retailer says it will engage with Myer should a better deal emerge: report.

Retailer David Jones (DJS) has indicated the door remains open to rival department store operator Myer Holdings (MYR) for a merger deal should Myer greatly improve the terms of its October offer, according to The Australian Financial Review.

Last week David Jones shocked the market with an admission it had received a $3 billion offer to combine the nation’s biggest department store operators. The retailer rejected the proposal on the grounds that it offered little value to shareholders as there was no premium attached.

However, David Jones chairman Peter Mason has left the door ajar, even if Myer appears unwilling to walk through it.

“The view of the board is if there is something put on the table ­worthy of consideration, they would,” a spokesperson for Mr Mason told the AFR.

“But if Myer is interested in getting it back on the table, they haven’t indicated that, and they didn’t try to engage after the formal rejection.”

The report comes as some of the largest investors in David Jones call for the Myer merger proposal to be put to a shareholder vote.

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