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Myer Shares Rise, As Solomon Lew Buys In Big

Myer shares hit an 18-month high, rising almost 15 per cent as speculation flies that billionaire retailer Solomon Lew is trying to get onto the board.

This follows his purchase of 54 million shares this week; according to AFR either he or Premier Investments, bought 42.5 million Myer shares on Monday and another 11.8 million today – which he is expected to announce later today.

This lifts his Myer stake to over 17 per cent. He previous held 10.7 per cent.

Following this, Myer shares jumped 5.5¢ to 42.5¢.

In April, former JB Hi-Fi head Richard Murray was named CEO of Premier Retail.

Could a takeover of Myer be on the cards?

 

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