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Myer announces IPO plans

Myer, Australia's largest department store group founded by the Myer family, has announced it is to commence an IPO pre-registration process. The group, which has revenues of AUS$3 billion, said legal restrictions prevented it from making any further announcements about the IPO until a prospectus is lodged with the Australian Securities and Investments Commission on 28 September.

Brothers Sidney and Elcon Myer founded Myer in 1900. In 2006, a consortium led by private equity firm TPG Capital, with Blum Capital and the Myer Family Company Pty Ltd, an investment company owned by the Myer family, acquired the company for an undisclosed fee.

Myer is currently in the 40th month of a 50-month turnaround process. In announcing its 2008 results today, non-family CEO Bernie Brookes said: "We acknowledge that we still have some way to go to reach international best practice. I am confident that we now have the foundations in place to start delivering top line growth in 2010 and beyond." understands that the Myer family still retains an 8% stake in the group. Rupert Myer, chairman of the Myer Family Company Pty Ltd, sits on the board. The family has investment interests channelled through a multifamily office, of which it owns 75%. Family member Sidney Myer sits on the board of the Myer Family Office as a director alongside his brother Rupert. 

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