Shares in department store operator Myer Holdings Limited
(ASX:MYR) surged nearly 9 per cent yesterday on speculation that billionaire Solomon Lew is chatting with private equity firms about a possible takeover.
Mr Lew has a strong association with the business, serving as director and chairman of the former Coles Myer group between 1985 and 2002.
He also recently relinquished his stake in rival David Jones when it sold out to South African retailer Woolworths.
Myer recently announced a shock profit downgrade and the stock is trading at five year lows.
Myer reported a net profit of $61.2 million for the first half of the 2015 financial year.
