David Jones appoints investment bankers to assess Myer's merger proposal

Australia's upmarket department store chain David Jones announced Tuesday that it had appointed Macquarie Capital Limited as joint investment banking advisors to work alongside Gresham Partners Advisory Limited on Myer's merger proposal. The announcement came one week after it appointed management consulting firm Port Jackson Partners Limited to review the merger proposal. The advisors will help the company assess the potential synergies and strategic benefits of Myer's merger proposal lodged with the Australian Securities Exchange (ASX) on Feb. 20, David Jones said in a statement Tuesday. David Jones Chief Executive Officer Paul Zahra appears cool on rival Myer's current bid, but insists the company is taking Myer' s merger approach seriously, according to local media reports.