'No basis': Myer shares surge but DJs parent denies takeover interest
David Jones's parent company says rumours that it is considering acquiring Myer are baseless.
Myer's share price has surged amid talk rival David Jones is considering a takeover offer.
Photo: Wayne TaylorNews Corp has reported that David Jones' South African parent company, Woolworths, may be considering acquiring Myer after the latter's market value hit a new low of $296 million.
But a spokesman for Woolworths Holdings said the rumours were untrue and the company had no plans to buy Myer.
"These rumours have no basis," he said.
"We are not considering an acquisition of Myer and there have been no discussions regarding an acquisition with advisers or between the two companies."
Myer's shares were up as high as 9 per cent on the report but have since given up some ground. At midday, they are fetching 37 cents, up 7.3 per cent.
Shares in the company have been battered in recent years, and it fell off the ASX200 In March. It floated at $4.10 in 2009.
Its board dumped chief executive Richard Umbers in February and it reported a $467 million half-year loss the following month.
More to come
AAP