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The Myer retail group was founded by Sidney Myer, who migrated from Belarus to Melbourne in 1899 after the height of Victoria's gold rush, with very little money and little knowledge of English to join his elder brother, Elcon Myer (1875–1938), who had left Russia two years earlier.
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On 13 March 2006, Coles Myer announced it would sell Myer to a consortium controlled by US private equity group Newbridge Capital. The consortium also included the Myer family, who held a 5% stake. The sale was completed for A$1.4 bn on 2 June 2006. [15] Coles Myer changed its name to "Coles Group Limited" in November 2006. [16]
In October 2013, Myer approached David Jones with a conditional, nonbinding, indicative proposal for a potential merger of the two companies. [22] Myer believed the combined group would have generated pro forma sales and earnings before interest and taxes in 2013 around $5.0 billion and $364 million, respectively. In addition, Myer expected ...
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