Home > Industry > Oaktree Eyes Myer For Bargain Buy

Oaktree Eyes Myer For Bargain Buy

UPDATED

Los Angeles-based, Oaktree Capital Management, is reportedly interested in buying Myer, as it looks to snare a bargain should the department store giant enter voluntary administration. The news comes as major shareholder, Solomon Lew, warns of dire consequences.

Oaktree is known for investing in the Australian market, including acquiring a stake in Nine Entertainment when the media giant was on the brink of collapse.

The LA-based firm also bid on Ten after it entered receivership, and previously invested in surf label, Billabong, during hard times.

[John King – Source: Inspired Leaders]

As per The AustralianOaktree is only interested in Myer if it can embark on an ‘opportunistic acquisition’ once the retail conglomerate has collapsed.

Consensus is, the chance of Myer entering voluntary administration is slim, noting relatively low debt levels.

As previously reported, Myer’s lease liabilities remain a hurdle, with collapse on the horizon should sales continue to fall.

Earlier this week, Myer saw its shares soaring ~15%, after revealing a better-than-expected quarterly update.

The news follows the appointment of new CEO, John King, who is expected to start June 4th.

Myer’s market value is currently around $360 million – a significant decrease from $2.3 billion just under a decade ago.

You may also like
Target Recalls Slimline Activity Trackers Over Burn Risk
Heos Adds Google Assistant To HS2 Speakers & Receivers
Ex ABC MD Takes Unfair Dismissal To Fair Work
BREAKING NEWS: Telstra’s Potential Purchase Of NBN Nobbled By ACCC
65% Of Aussies Rank TV Main News Source