Australian fashion giant The Just Group, which runs the Just Jeans chain, has called on suitor Premier Investments to outline its plans for the business in the latest heated exchange between the companies.
Just Group has urged shareholders to reject the AUS$800 million (£385m) bid from the investment firm run by retail entrepreneur Solomon Lew, which it claims undervalues the company. The 850-store group has asked for more information about Premier’s strategy for the group, while rejecting Premier’s request for more detail on financial forecasts for 2008.
In a statement last week, Just Group chairman Ian Pollard said: “Just Group remains focused on ensuring its shareholders are fully informed and considers that it has fully disclosed to the market all relevant and required information through its targets statement and subsequent update on trading conditions.”
The statement follows the group’s downgrading of its pre-tax profits forecast for 2007/08, from AUS$107m (£51.6m) to AUS$99m (£47.8m). However, Just Group said the recent market softening does not detract from the underlying value of the business and its growth prospects.
Just Group’s other fashion chains include Jacqui E.