MELBOURNE: The stand off between clothing retailer Just Group and takeover predator Premier Investments, which played out over a large portion of 2008, has formally come to an end. A statement from the Australian Securities Exchange (ASX) confirmed Just Group will cease trading at the market's close today (Tuesday September 2) after Solomon Lew's company succeeded in its hostile takeover bid.
Shares in the retailer would be suspended from quotation at close, following the receipt of a compulsory acquisition notice from Premier, the ASX confirmed.
Premier announced last week it had gained sufficient acceptances from shareholders to proceed with the compulsory acquisition of all shares in Just Group.
Premier head Solomon Lew has confirmed his plans to undertake a strategic review of the company, while he is also reportedly considering expanding selected Just brands - which include Peter Alexander, Dotti, Jacqui E, Just Jeans, Jay Jays, Portmans and Smiggle - into the Asian market.