Woolworths completely denies JB Hi-Fi takeover speculation

Woolworths has today issued a statement flatly denying media reports that the retail group is set to make an offer to purchase JB Hi-Fi. The statement, which was attached to both Woolworths’ and JB Hi-Fi’s webpages on the ASX site this afternoon, is in response to what it calls “continued speculation”.

“Woolworths Limited is concerned about continued speculation regarding supposed offer discussions with JB Hi-Fi Limited,” read the statement.

“Woolworths can confirm that it is not currently in discussions of any nature with JB Hi-Fi’s board, management team, staff or advisers. Furthermore, the company has no current intention of entering or entertaining any such discussions and there is no offer to acquire JB Hi-Fi.”

The statement to the ASX is unsigned, and is labeled a price sensitive press release. When Appliance Retailer spoke to JB Hi-Fi chief executive officer Richard Uechtritz this morning, he did not make any reference to this speculation, or to any takeover, merger or acquisition of JB Hi-Fi. Uechtritz’ office was contacted again this afternoon, however, at that time, he was unavailable for comment.

JB Hi-Fi was down 9.24 per cent today, closing at $7.96. Woolworths was up 0.48 per cent, closing at $25.12.

 

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