Myer Holdings Ltd (ASX:MYR) Proposes Combination with Premier Investments
Myer Holdings Limited (ASX:MYR) will host an Extraordinary General Meeting on 23 January 2025, where shareholders will vote on the proposed combination with Premier Investments Limited’s Apparel Brands. This transformation is a result of a Share Sale and Implementation Agreement established between Myer and Premier.
The Independent Expert concluded that the deal is fair and reasonable to Myer’s non-associated shareholders, affirming their support for the proposal. Kroll’s analysis of the preliminary trading updates from both companies suggests continued alignment with this conclusion.
Both Myer’s and Premier’s trading updates revealed declines in pre-AASB 16 EBIT for the year to date, attributed to various cyclical and external market pressures. Kroll reports a 23.1% decrease in Myer’s share price following the updates. Despite this, Myer’s Independent Directors maintain full support for the proposed transaction, urging shareholders to vote in favour.
The supplementary Independent Expert’s Report released today further reinforces this position, addressing recent share price movements and company performance in the context of the proposed combination.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.