DJS valued at 18.8x via this offer when adjusting for the property book

It's in play, hard to say who will come up with a firmer PE. My guess is rival will only pay more in hope of securing the property book. Big development site in Sydney.

This is great - how do you think the offer stacks up Pete? Do you think another bid id likely to emerge?

It is interesting if you look at the other bids over the past few months they have been hotly contested with plenty of offshore interest. But is retailing strategic/growing in Australia? No doubt DJ's is a premium brand but is Aussie retail that strategic? If it is just a property grab perhaps HVN is also being looked at?