Myer is remaining firm in its stance against Premier Investments.
The department store has released a statement in response to Premier's comments issued yesterday, where the shareholder confirmed it did not have any current intentions to launch a takeover offer for Myer and furthered its pressure on the department store to immediately release its FY21 results.
The public back-and-forth follows Premier's purchase of additional shares in the department store in April, putting itself in a position to "make change happen."
Following the purchase, Premier called for the entire Myer board to resign so a new board could be appointed to "reverse its decline."
Since then, Premier has been in conversation with potential board nominees and wants Myer to release its results immediately, so the nominees have time to consider the opportunity before committing to the role.
Premier has requested that Myer allow an appropriate window of opportunity after the release of the company’s results before calling this year’s AGM.
The shareholder has stated that if Myer does not do this, "Premier will have no alternative but to requisition an EGM in close proximity to the company’s AGM."
In a statement provided to Ragtrader, a Myer spokesperson said that it would not change its procedures to adhere to Premier's demands.
"Premier Investments confirmed that despite wanting to fill the Myer board with their nominees it "has no current intention of launching a takeover offer for Myer."
"Given previous Premier statements other shareholders have questioned whether Premier wants control of the Myer board without paying a premium to all shareholders.
"We have a shareholder who holds 15.77% of the company who is seeking to replace the board with their own unnamed nominees and is ignoring good corporate governance and the company’s constitution to achieve its aims.
"That leaves the other 84.23% shareholders potentially denied a takeover premium.
"The Myer board will maintain good corporate governance and not compromise it to suit someone else’s agenda.
"We yet again call on Premier to name their nominees and put them through the appropriate constitutional process and have all shareholders have an opportunity to express their views at Myer’s AGM.
"We will of course update the market as and when appropriate," the spokesperson said.
Myer has not confirmed or denied to Ragtrader if it has appointed defence advisors.