Easiest way to think about is Assets = Liabilities + Equity...

Easiest way to think about is Assets = Liabilities + Equity

Equity is current market cap of $521.5m. You acquire the company by owning all outstanding shares but also take on the debt which is $143m. To have full claim over Myer you will also need to pay back the debt of $143m. So total cost is $664.5m.

Furthermore, given FY EBITDA = $198.10m and using a 5x leverage multiple then private equity could potentially take over Myer at a total cost = $990.50m. This would equate to a share price of $1.03

EBITDA $198.10m x 5 = $990.50m
-> PE cost $990.50m - outstanding debt of $143m = $847.50m (equity offer value)

Hence, $847.50m/ 821.3m shares outstanding = $1.03

This is just illustrative, I don't think the value is there to be honest. The EBITDA has to be sustainable for a PE to be interested.