Extravt from
http://www.watoday.com.au/business/grand-old-emporium-a-sitting-duck-20120321-1vke2.html
David Jones would have to be a sitting duck for a takeover right now. And given the recent frenzy from private equity groups salivating over the prospect of securing Billabong, attention surely must now switch to David Jones.
It's a tantalising prize. A revered brand name, a stock price that has taken a hammering, a modestly geared balance sheet, and, my oh my, all that lazy real estate just sitting there on the books. That's the sort of combination that would make a pirate, sorry, private equity player simply squeal with delight, fantasising about all those doubloons to cart back to the Caribbean.
Ben Gray and the boys from TPG made a killing from Myer simply by offloading the property and leasing it back, delivering some mighty handsome dividends even before it floated the group on Melbourne Cup day 2009.
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