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Retail mogul Solomon Lew has put up a A$898 million ($1.04 billion) takeover offer for clothing company Just Group, confirming long-held speculation the billionaire investor had designs on the clothing firm.
Lew's Premier Investments snapped up 1.85 million shares, or 0.9 per cent of Just's register, in an off-market trade yesterday morning at A$3.50 per share.
Lew already controls 22.8 per cent of Just's register through his investment vehicle Metrepark.
Just Group shares jumped as much as 12 per cent.
It owns chains in Australia, New Zealand and South Africa, including Just Jeans, Jay Jays and Portmans.
