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AUSTRALIAN RETAILER JUST GROUP REJECTS LEW TAKEOVER BID.
MELBOURNE, June 2 Asia Pulse - Fashion retailer Just Group Ltd (ASX:JST) today issued an emphatic rejection of retail mogul Solomon Lew's $837 million takeover bid, describing it as unfair and unreasonable.
Premier Investments Ltd (ASX:PMV), which is headed by Mr Lew, has offered $2.095 cash plus 0.25 Premier shares and a 10.5 cent dividend for each Just share.
That equates to $4.1575 per share or $837 million for Just, based on Friday's closing shares prices.
But an independent expert's report, which Just released with its target's statement today, values Just at between $4.78 and .28 per share.
The independent expert said Premier's offer was "neither fair nor reasonable" because it valued Just at between $3.97 and $4.23 per share.
"Premier's opportunistic offer materially undervalues the company," Just's chairman Ian Pollard said.
"It does not adequately recognise the value of Just Group's strongly performing business, our leading market positions in the fast fashion retail sector and our excellent growth prospects."
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