Australian department store Myer has given up its hope of a merger with rival David Jones after being trumped by an AUD2.15 billion (USD2.02b) takeover offer from a South African retailer.
Myer had proposed a "merger of equals" that would have seen David Jones investors swap their shares for stock in the merged entity.
But the proposal was rejected by the David Jones board in favour of a more attractive bid from South African-based Woolworths and Myer on Wednesday said it had withdrawn its offer.
(Source: The Sydney Morning Herald Online )