UK PE Firm Withdraws $1.7B Bid For Australian Retail Co.

Law360, New York (July 2, 2012, 2:00 PM EDT) -- Little-known U.K. private equity firm EB Private Equity has withdrawn its $1.67 billion takeover offer for high-end Australian retailer David Jones Ltd. due to the publicity surrounding last Friday's surprise bid, David Jones said Monday.

Sydney-based David Jones, which operates high-end department stores in Australia, said in a statement that EB Private Equity informed the company that "recent publicity around its proposal has made it difficult to proceed." The retailer said it had offered to discuss the proposal further with EB Private Equity after receiving the...
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