Overview of Myer Holdings Limited's proposal to Premier Investments Limited

Myer Holdings Limited (ASX: $MYR) has proposed a potential combination with Premier Investments Limited, involving a non-binding, indicative, and conditional proposal to explore a merger of Myer with Premier's Apparel Brands business. The proposal includes key elements such as an all-scrip merger, separation of Myer from Premier, and potential board representation by Century Plaza Investments Pty Ltd.

Executive commentary on the proposed merger

Myer's proposal to explore a potential combination with Premier's Apparel Brands business reflects our commitment to seeking opportunities for growth and value creation. We believe that this proposed merger has the potential to deliver significant benefits for both companies, including a step change in Myer's scale and market position, synergies, and sustainable earnings growth. We are looking forward to engaging in reciprocal due diligence and discussions with Premier to assess the potential transaction terms and benefits for both sets of shareholders.

Summary of Myer Holdings Limited's proposal and outlook

Myer Holdings Limited (ASX: $MYR) has put forward a non-binding proposal to explore a potential merger with Premier's Apparel Brands business. The proposal includes key elements such as an all-scrip merger, separation of Myer from Premier, and potential board representation by Century Plaza Investments Pty Ltd. The proposed transaction would require approval by both companies' boards and shareholders, as well as regulatory engagement. Myer sees significant opportunity from the combination and wishes to explore whether it can be realized as part of a current review of its operations. Premier believes that there may be meaningful opportunity for both businesses from the proposal, with the potential to deliver a step change in Myer's scale and market position, synergies, and sustainable earnings growth. The Board of Premier has determined that the proposal warrants further consideration, and both companies have agreed to conduct reciprocal due diligence and discuss potential transaction terms. The outcome of this proposal could have a significant impact on the market position and growth initiatives of both companies, subject to further approvals and negotiations.