Share raid raises Myer speculation

VENERABLE department store Myer is the subject of takeover speculation following a huge buy-up of the company’s shares on Monday afternoon.

Myer’s Pitt Street Mall store in Sydney. Picture: Dean Lewins/AAP

VENERABLE department store Myer is the subject of takeover speculation following a huge buy-up of the company’s shares on Monday afternoon.

Shares in Myer rose nearly 20 per cent during late trading on Monday after a series of trades saw almost two million shares change hands at around $1.15 — a parcel worth $94 million.

Speculation in media reports has centred on billionaire Solomon Lew, a former chairman of the Coles Myer group, and now the chairman of retail brands house Premier Investments, which owns the Smiggle stationery chain.

Mr Lew has been suggested as a possible bidder for Myer in the past. Myer shares close 19.5 cents, or 18.31 per cent, higher at $1.26 on Monday. Prior to the order, Myer shares had been trading around the $1.08 mark. The stock fell below $1.07 last week — its lowest level since November.