MELBOURNE: Just Group is continuing to stand firm against a takeover bid by Premier Investments initiated earlier this year. In the latest of several exchanges between the two parties, Just Group chairman Dr Ian Pollard reacted to a request for further information from Premier by reiterating that Premier's offer remained "unattractive" to Just Group shareholders.
In a statement issued on July 4 Pollard confirmed that The Just Group special board committee had considered Premier's letter and all its specific requests for more information.
"Just Group remains focussed on ensuring its shareholders are fully informed and considers that it has fully disclosed to the market all relevant and required information through its target's statement and subsequent update on trading conditions."
"Just Group is committed to ensuring an appropriate value outcome for its shareholders. Premier's comments appear to be designed to draw attention away from its inadequate and unattractive offer. Premier has failed to address the fundamental issues relevant to Just Group shareholders, namely that its offer materially undervalues Just Group."
Dr Pollard also claimed Premier had still failed to provide a clear explanation of its strategy for Just Group. He re-confirmed that each member of Just Group's special board committee holding Just Group shares intended to reject Premier's offer, while recommending that all Just Group shareholders did the same.
Just Group's brand stable includes fashion labels Just Jeans, Jay Jays, Dotti, Jacqui E, Portmans and Peter Alexander.