Myer discussed a merger with David Jones last year

Retail giant David Jones has confirmed it received a merger offer from rival Myer in October last year.  

David Jones revealed it received the “confidential, conditional and non-binding and indicative” offer from its rival on October 28, which saw Myer offer 1.06 shares for every David Jones share.  

However the offer, investigated by the Australian Securities and Investments Commission, was rejected on the grounds it had “substantial commercial, market, and regulatory risks” including a review from the Australian Competition and Consumer Commission.  

“The board formed the view that the potential transaction did not have sufficient merit for David Jones shareholders to warrant engaging in discussions and providing the access and information requested by Myer,” David Jones said.

This article first appeared on StartUpSmart.