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Solomon Lew confirms 10.8pc stake in Myer

14:07 UTC+8 March 29, 2017 | Thuy Ong

Premier Investments bought a 10.8 per cent stake in Myer. (ABC News: Rebecca Trigger)

Billionaire businessman Solomon Lew's Premier Investments has confirmed it was behind the $100 million raid on Myer shares earlier this week that saw share prices surge.

In a statement to the stock exchange after the market close, Premier Investments said it made a strategic investment of 10.77 per cent in Myer.

"Premier Investments advises that it does not currently intend to make a takeover for Myer," the statement said.

External Link: Alicia Barry tweet: As expected Solomon Lew's Premier Investments emerges as raider of Myer

Myer rocketed 18.3 per cent to $1.26 on Monday to $1.26, near a one-month high, and analysts speculated Premier Investment chairman Mr Lew was the buyer.

They closed 0.4 per cent lower today at $1.19 before the confirmation was announced. The broader ASX 200 closed 0.9 per cent higher.

The department store has been a rumoured takeover target for years, with the company trading well below its listing price of $4.10.

Myer has struggled on profit woes and increased competition as more international brands enter the market in Australia with local stores.

Myer is one of the most shorted stocks on the Australian share market. Investment bank Goldman Sachs is known to short-sell shares in the company.

AustraliaPlus


 

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