Myer climbs while Premier Investments falls as shareholders green light deal
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More news: Shares of Myer and Premier Investments moved in opposite directions in morning trade, with shareholders of the two retail groups poised to approve Myer's acquisition of Premier's apparel brands business today.
Myer shares rose 2.2% to 92.5 cents by 11:20am, while Premier shares fell 1% to $26.79.
Both sets of shareholders will vote on the proposal this morning, with proxy votes overwhelmingly favouring the move.
Myer, Premier proxy votes favour Apparel Brands deal
The news: Myer and Premier Investments shareholders look set to approve the department store chain's proposed acquisition of Premier's Apparel Brands business, after proxy votes overwhelmingly favoured the move.
The numbers: Just over 95% of Myer shareholder proxy votes were in favour of the deal with only 0.73% left to vote at its extraordinary general meeting (EGM) this morning.
Premier Investments disclosed that 99.84% of proxy votes prior to its own EGM on the deal were in favour.
The context: Myer's executive chair Olivia Worth will tell shareholders that they are voting on "one of the most significant corporate transactions in the company's history".
"The combination with Apparel Brands accelerates our strategic priorities and given the challenging trading environment, this task is more important than ever," she will say.
Last week, an independent expert found Myer's proposed takeover of Premier's Apparel Brands — comprising brands Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E — "fair and reasonable" to the retail group's shareholders.
The sources: ASX announcement, ASX announcement
