David Jones in British takeover offer

SYDNEY: Struggling upmarket Australian department store David Jones Friday received an unsolicited US$1.67 billion takeover offer from a British private equity firm.The retail giant, which is battling weak consumer sentiment and an explosion in online shopping, initially said it was unaware of the suitor but subsequently announced it was EB Private Equity.

The offer, for full control of David Jones, valued the company at 1.65 billion Australina dollars (Dh6.1 billion), the department store chain said.