From previous ASX statement.

JB Hi-Fi CEO Richard Murray has re-affirmed his position on the potential acquisition of The Good Guys. Speaking with Appliance Retailer, Murray said that he did not want to “comment on market rumour” that has circulated this week. He did not confirm the company’s bid or its speculated value of $850 million.

“Our previous statement still stands,” Murray told Appliance Retailer.

Richard Murray

The company announcement that Murray is referring to was issued to the Australian Securities Exchange (ASX) on 19 May and is titled: ‘Speculation regarding JB Hi-Fi and The Good Guys’.

The points that Murray is seeking to re-affirm from the company announcement include:

  • JB Hi-Fi confirms that it is in preliminary discussions with The Good Guys in relation to a proposed sales of The Good Guys. At this stage, discussions between JB Hi-Fi and The Good Guys are preliminary and exploratory in nature. JB Hi-Fi has made no decision and nor has it entered into any agreement with respect to the acquisition of The Good Guys.
  • JB Hi-Fi understands that The Good Guys are looking at a range of options including an IPO on the ASX.
  • JB Hi-Fi evaluates all possible opportunities against a range of factors and would only pursue an acquisition if it made compelling financial sense for our shareholders.
  • JB Hi-Fi is aware of its continuous disclosure obligations under the ASX Listing Rules and will ensure it is in full compliance at all times.”

While speaking with Appliance Retailer, Murray confirmed that the company is currently within a ‘blackout period’ ahead of its results which will be announced on 15 August.