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Proposed Merger with David Jones Limited[edit]
In January 2014, it was revealed by Fairfax Media that Myer had made a bid to purchase and merge with department store rival David Jones.[28][29] The merger would have kept both chains operating independently on the surface, combining back-office and supply chain operations saving both companies an estimated 5 billion dollars per year. The 3 billion dollar non-binding indicative proposal was made to the David Jones board of directors in late October 2013, however was rejected by the board in November 2013. In February 2014, Myer reapproached David Jones, offering to purchase David Jones at market value (estimated to be 1.7 billion). David Jones had not yet commented on the new proposal, when food and clothing retailer, Woolworths South Africa offered to purchase David Jones, by way of a scheme implementation deed, in which shareholders of David Jones would be offered $4-per-share.[30][31]
In response to the Woolworths deal, Myer withdrew their proposal to David Jones.
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