A 4SquareMedia Website

SECTIONS
> Wearable Technology
> Appliances
> Automation
> Automotive
> Buyers Guide
> CEDIA 2010
> Comment
> CES
> Content & Downloads
> Digital Photography
> Gaming
> Green Energy
> HD
> Home Cinema
> Home Office
Accessories
Broadband & Web Hosting
Components
Desktop PCs
Industry
Memory
Microsoft Windows
Monitors And Screens
Notebooks & Tablets
Platforms
Printers & Multi-Function
Security & Support
Software
Storage
> How Stuff Works
> Installation
> Portable Players
> Media Centres
> Phones
> Real Sound
> Reviews
> Smart Awards 2013
> Smart Ideas
> Trio Awards 08
> TVs & Large Display
> Wireless & Networking
PRODUCT REVIEW
> Featured Reviews
SERVICES
> Advertising
> Competitions
> Contact
> Disclaimer
> Signup
> Terms & Conditions
SUBSCRIBE
> Subscribe to Newsletter
> Subscribe to Magazine



Top 10 Viewed Articles
  1. Who Has The Best LCD TV: Sony, Toshiba Or Samsung?
  2. FIRST LCD TV REVIEW: LG Scarlet 60 Vs Samsung Series 6
  3. Sony PS4 Not Far Away
  4. The Humble PC Gets A Whopping Makeover
  5. Sony Bravia LCD TVs Vs Samsung LED HD TVs Which is Best?
  6. Toshiba Working With Microsoft On New Entertainment Xbox
  7. Blu-ray Xbox 360 Planned By Microsoft
  8. Massive Failure Rate For Xbox 360 Exposed
  9. Free Sony PS3 Con
  10. How To Build Your Own Digital Media Server: Part I
Top 10 Viewed Reviews
  1. First Review: Samsung Series 7 LED TV
  2. Movies On-The-Go With Teac DVD Boombox
  3. Who Has The Best 32-inch Screen: Panasonic, Samsung, or Sony?
  4. Who Has The Best Home Theatre Kit? Denon vs Bose
  5. Every Bit Of Defence Counts
  6. New Denon Home Theatre Makes Bose Look Like Yesterdays Technology
  7. Best Media Player On The Market
  8. At $1,499 The Aldi Medion 17-inch Notebook Is A Steal
  9. Affordable Noise Cancelling Headphones That Work
  10. B&W 600 Speaker Delivers Real Sound





SECTIONS / HOME OFFICE

Myer Fresh Plea For David Jones Hand

By Oonagh Reidy | Friday | 21/02/2014

Broader implications of DJ's and Myer union unclear, including DJ's deal with Dick Smith

Myer still wants to hook up with David Jones, despite an earlier rebuff by the higher end retailer.

In a new letter to the rival retailer, dated 20th February, Myer reiterated its interest in a merger between the two companies.
 
David Jones has confirmed it received a letter from Myer Chairman Paul McClintock reiterating its interest in a merger, which would change the retail landscape irrevocably, if approved by ACCC and shareholders.

The deal could be worth $3 billion, reports suggest. 

David Jones board says it "will consider any proposal which is on terms that are in David Jones shareholders' best interests," meaning a merger could now be on the cards after the initial refusal last year. 

The board "will respond to Myer in due course," it confirmed in a statement to ASX, yesterday.

The implications for Dick Smith, who has a five year Retail Brand Management Agreement with David Jones are unclear. 

Both high street department stores have struggled to make traction in hugely competitive electronics. Dick Smith who this week announced strong first half 2014 profits, sales attributed, in part, to its presence within David Jones, was not available for comment at the time of writing.  

In the letter addressed to DJ's Chairman Peter Mason, McClintock expressed his belief the merger is "highly compelling, creating a sustainable more competitive retailer and delivering significant value for shareholders of both companies."
  
He also cited $85m of cost synergies that could be achieved, but sought to address concerns on whether the proposal of a stock nil premium is fair to shareholders. 

"We are open to discussing the transition structure including the basis on which your property portfolio could be separated out from the department store business," he wrote.

Myer also confirmed Bernie Brookes will stay on as CEO, and will continue in his role beyond his original contract due to end in August 2014, and is now on an 'open term 'contract. 

Brookes confirmed his commitment to becoming a potential CEO for the "merged entity".

McClintock said: "While we have made clear the selection of the CEO for any future merged entity would be a shared decision by both companies, Bernie's reappointment provides us with at least one option for that role."

Print this article
Email this story to a friend
Link this story:
Link this page to delicious Link this page to Digg Link this page to Furlit Link this page to News Vine Link this page to Reddit Link this page to Spurl Link this page to Yahoo My Web RSS this section





LATEST REVIEWS
New LG 65   New LG 65" Ultra High Definition TV, Complete With Pop Down Speakers: REVIEW
LG Australia has finally rolled out their 65" Ultra High Definition TV offering in Australia and what you get is a TV that delivers a quantum leap in TV technology and surprisingly a significantly improved sound system that is delivered from pop down speakers but the big question is whether it is worth $6,999.
Product Rating 4.5

Westfield To Split   Westfield To Split
Shopping giant to separate ANZ, international operation
Product Rating 0

REVIEW:Note 3 Is The Best There Is In Phablet Smartphones   REVIEW:Note 3 Is The Best There Is In Phablet Smartphones
If you are one of those people who love technology but struggle to manage the hundreds of apps and the endless capabilities that today's smartphones are capable of delivering then the new Samsung Note 3 is not for you.
Product Rating 5




SMARTHOUSE NEWSLETTER
Get the latest news
Subscribe today for your daily news of consumer electronic news...
Get the latest news

ADVERTISE
SmartHouse
reaches over 2 million consumers a year. Contact us today about special deals..

For more information ...

LATEST ISSUE
Smarthouse's
Apr/May 2011 issue

reviews the hot new iPhone attach device, the Zeppelin Air. And we look at what's going on in the tablet space...