News: MYR UPDATE 1-Australia's Premier Investments gets offer for apparel brands business

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June 24 (Reuters) - Australia's Premier Investments (PMV) said on Monday Myer Holdings (MYR) had offered to acquire its apparel brands business through an all-scrip merger.

Apparel retailer Premier and department store chain Myer have agreed to conduct reciprocal due diligence and discuss potential transaction terms, but there is no certainty that the non-binding proposal will result in a binding offer or transaction, Premier said.

Financial terms of the offer were not disclosed. Premier further said it continued to work towards the demerger of its Smiggle and Peter Alexander brands, which was first announced in late March.

Separately, Myer said that as part of a strategic review, it would retain ownership of its current brand portfolio, which includes brands such as sass & bide, Marcs and David Lawrence.