Myer may lift DJs offer: report
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Myer (MYR) is mulling options to raise its $3 billion merger offer for David Jones, potentially lifting its debt profile in order to incorporate a cash component to its non-binding, all-scrip proposal, according to The Australian Financial Review.
It is believed the department store retailer has the ability to borrow $500 million, which would allow it pursue a cash-and-scrip deal. This is seen as necessary as the initial offer is now well short of fair value due to the widening gap between the companies' share prices.
The AFR reported that Myer and its advisers had been discussing a revised proposal with investors in Sydney in Melbourne this week.
The news comes after David Jones yesterday announced it had hired Macquarie Capital as joint investment banking adviser with Gresham Partners as it continues to assess the merits of a deal.
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