Australia's David Jones down on concerns about PE bid
SYDNEY, July 2
SYDNEY, July 2 (Reuters) - Shares in Australia's David Jones fell 8 percent on Monday on doubts that a $1.7 billion takeover approach from an unknown British private equity firm will amount to a bid.
David Jones said on Friday it had received an unsolicited bid from a consortium led by EB Private Equity, a firm it said it did not know much about and was unknown to many market players, prompting speculation the bid was a hoax.
EB Chairman John Edgar has told Australian newspapers his company first offered A$1.52 billion ($1.56 billion) in a letter to the board of David Jones in May and increased that last week to A$1.65 billion, but had not expected the initial approaches to be made public.
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