Spurned Myer shows its hand

The rejected suitor reveals the substantial amount of work it put into a planned $3 billion merger of department store equals with David Jones.

In a highly unusual move, Myer Holdings has decided to publish in full its snubbed takeover proposal to upmarket rival David Jones – right down to the offer of debt financing from its financial advisers, Goldman Sachs.

The proposal, dated October 28 and signed by Myer Chairman Paul McClintock, still carries the “strictly confidential” stamp in the top corner. The deal was formally rejected by DJs on November 27, according to Myer.

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