Reuters: Global Markets: David Jones says UK firm withdraws offer

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David Jones says UK firm withdraws offer Jul 2nd 2012, 05:21 MELBOURNE/SYDNEY | Mon Jul 2, 2012 1:21am EDT MELBOURNE/SYDNEY (Reuters) - Australia's No.2 department store chain David Jones (DJS.AX) said a A$1.7 billion ($1.74 billion) takeover approach from a virtually unknown UK-based private equity fund had been withdrawn. The preliminary approach from EB Private Equity (EBPE) was revealed on Friday, sending David Jones shares up nearly 15 percent, despite concerns that little was known about the bidder. EBPE is not listed in Companies House, the registrar of privately owned firms based in England and Wales, nor recorded by private equity tracking firm Preqin. "The EBPE (EB Private Equity) letter states that recent publicity around its proposal has made it difficult to proceed," David Jones said in a statement to the stock exchange. David Jones (DJS.AX) shares fell as much as 8.5 percent in early trade on doubts about the bid before being placed on trading halt. The shares are set to resume trading at 1.50 a.m. EDT. After a steep fall in its share price, David Jones has been seen as a potentially attractive takeover target, primarily for its property portfolio worth up to A$700 million. It owns flagship stores in the heart of Sydney and Melbourne.

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