The independent expert that green lit Myer’s planned takeover of a portfolio of fashion brands owned by Solomon Lew’s Premier Investments still backs the deal, but says both sides are getting a smaller prize.

Myer and Premier shareholders will vote next week on the transaction which, if it succeeds, will land the 124-year-old department store chain ownership of Just Jeans, Jacqui E, Dotti, Portmans, and Jay Jays. Together, they are known as the Apparel Brands business and regarded as the legacy brands at Premier.