Department store's directors advising on bid for Myer
Department store group Debenhams could join the list of companies involved in bidding for Coles Myer's 61-store Myer chain of department stores, according to reports from Australia.
Debenhams directors have apparently been in the country to help a consortium including private equity firm Texas Pacific with a bid for the stores, which are expected to sell for at least A$800 million.
Debenhams was acquired three years ago by Texas Pacific and CVC Capital, which is also bidding for the Myer stores through its Asia-Pacific arm.
The reports say Debenhams may take a small stake in the Texas Pacific consortium.
However, South African retail group Edgars Consolidated is favourite to land the store group as potential savings and synergies from meshing the two businesses could allow it to pay a higher price than other bidders.
No comments yet