Supermarket giant Woolworths Group has defended its plan to buy listed marketplace MyDeal.com.au after a frosty market reception, saying it would complement its existing businesses, provide greater choice for customers, and create value for all shareholders.
The battle of the marketplaces is heating up after Woolworths offered to buy an 80 per cent stake in MyDeal, lifting the online marketplace’s value – including debt – to $243 million.
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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
