Mystery buyer makes unsolicited offer to purchase David Jones

UnderCurrent would like to know which British company made a surprise and "unsolicited" offer to buy David Jones Limited overnight. In a short but still longwinded release to the Australian Securities Exchange this morning, a spokesperson said:

"The chairman of David Jones Limited, Mr Robert Savage, this morning advised that the company had received an unsolicited letter from a non-incorporated UK entity, about which no usual public information is available, indicating its interest in making an offer for the company.

"The directors do not believe they currently have relevant information to enable them to qualify or value the approach but, should this change, will advise the market accordingly.

"In the meantime, the directors recommend that shareholders treat any related market comment cautiously."

UnderCurrent wonders if Manchester City Football Club, which fits the broad description of this potential suitor, is the mystery buyer. The transfer window is open so perhaps in its hurry to buy up talent it mistook David Jones for a player and not a leading department store chain…

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