Home > Latest News > Will Ben Gray Use Myer Profits To Buy David Jones?

Will Ben Gray Use Myer Profits To Buy David Jones?

Ben Gray, former managing partner at TPG, was responsible for the company’s 2006 purchase of Myer, a move that netted him a considerable sum when it was floated three years later at a hugely inflated price.

Now, The Australia is reporting ‘multiple sources’ who said that Gray’s own BGH Capital may be planning to lob a bid at David Jones, whose South African owners Woolworths Holdings officially announced was for sale last week.

Other prospective buyers include Andrew Forrest’s Tattarang and Anchorage Capital.

Goldman Sachs is brokering the sale.

In April, Solomon Lew confirmed he held “early stage, preliminary discussions” with Woolworths Holdings.

“We can confirm that the Lew Private Group engaged in early stage, preliminary discussions with Woolworths South Africa, but those discussions have now ended,” a spokeswoman for the Lew Private Group confirmed at the time.

It is not clear whether Lew will make a formal bid for the company.

David Jones saw a 44.6 per cent drop in adjusted operating profit, to $31 million for the final six months of 2021, with turnover down 9.2 per cent for the period.

David Jones’ current share price is $3.99.

 



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