Solomon Lew’s Premier Investments has snaffled another 3 per cent stake in the department store chain, to take its holding towards 26 per cent.
Its crossings included a line of 17.5 million shares at 92¢ each in early afternoon trade, which sources said was for Premier Investments.Its most recent buying, last August, saw the Lew-chaired company paying about 50¢ a share. Prior to that, it was 45¢ a share in February 2022.
Premier Investments is at the stage where it can buy no more than 3 per cent of Myer every six months without making a takeover bid for the company. It comes amid a multi-year battle for control at Myer. Premier Investments and its founder have tried to make boardroom changes, only for Myer to accuse its shareholder of trying to take control without paying a premium.At 26 per cent, Premier Investments’ position could be getting uncomfortable for Myer.
It’s already at the size that would block another bidder buying the company via a scheme of arrangement without Premier Investments’ approval, and would go a long way towards blocking a takeover.in play and force Premier Investments’ hand.is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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