Advises investors on ASX.

Myer shares jumped more than 18% in late afternoon trade on Monday, spurring speculation of a takeover, with fingers pointed at businessman and chairman of Premier Investments, Solomon Lew. The department store’s share price reached $1.26, near a one-month high.

Although Myer acknowledged “high turnover of shares and media speculation surrounding potential corporate activity involving the company,” in a statement released to the ASX on Tuesday, the company claims it “has not received any communication in relation to trading or any corporate activity”.

“Myer will continue to keep the market informed in accordance with its continuous disclosure obligations,” it continued.

On Monday, 81.7 million shares valued at $93.9 million changed hands to secure a stake of up to 12%. The stake was handled by broker, Pershing Securities and brokered by Blue Ocean Equities; both firms have been used in the past by Solomen Lew in his raid on David Jones in 2014, media reports state.