DJs shares slump amid doubt over bid

Shares in David Jones have slumped in early trade on doubts that the $1.65 billion takeover approach from a mysterious British private equity firm will amount to a bid.Unmasked: DJs mystery man revealed
Nanjing Night Net

David Jones said on Friday it had received an unsolicited bid from a consortium led by EB Private Equity, a firm it said it did not know much about and was unknown to many market players, prompting speculation the bid was a hoax.

EB chairman John Edgar told Fairfax yesterday his company first offered $1.52 billion in a letter to the board of David Jones in May and increased that last week to $1.65 billion, but had not expected the initial approaches to be made public.

Shares in David Jones, which jumped 15 per cent on Friday, gave up about half those gains, trading as low as $2.37.

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This story Administrator ready to work first appeared on Nanjing Night Net.

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