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Best & Less CEO appointment intact under Blundy deal

Carrie LaFrenz
Carrie LaFrenzSenior reporter

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Erica Berchtold, the incoming CEO of Best & Less Group, is on track to join the discount retailer in September as planned despite Brett Blundy and Ray Itaoui lobbing a zero premium, off-market takeover offer for the business.

The Australian Financial Review’s Street Talk column revealed that the pair had made a $1.89-per-share, cash offer for the chain on Sunday night – a 4.5 per cent discount to the last closing price, but supported by its biggest shareholder, private equity firm Allegro Funds.

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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com

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    Original URL: https://www.afr.com/companies/retail/best-and-less-ceo-appointment-intact-under-blundy-deal-20230501-p5d4m9