Just rejects enhanced offer

MELBOURNE: Following takeover suitor Premier Investments' announcement on July 23 of an enhanced offer, including more cash to shareholders if it achieves 90 percent control of the company, Just Group has stood firm on its decision to reject the bid. In a statement released following Premier's announcement, a Just Group spokesperson said the company's special board committee was "carefully evaluating" the offer, but on an initial review of the documents, noted that it had not substantially improved.

"The new conditions that have been introduced mean that there is no certainty that any additional consideration will be payable," the spokesperson said, adding that the Just Group special board committee unanimously recommended that shareholders reject Premier's initial offer.

"In announcing a potential conditional increase to its offer, Premier clearly believes that Just Group's medium and long term prospects are strong. July trading continues to be pleasing, with consumers responding well to new ranges across all brands, and inventory levels remaining well controlled. Updated sales figures will be released to the market shortly after the completion of Just Group's year end, being July 26 2008."

Just Group would keep shareholders informed of further developments as they occurred, and would provide formal recommendation regarding Premier's latest supplementary bidder's statement in ample time for shareholders to make an informed decision.

"In the interim shareholders should take no action," the statement concluded.