The Battle for Cardinal Resources – DJs and the Engineers

    View Author December 2020

    In 2012, an unsolicited mysterious takeover offer emerged for David Jones (DJs) from an unknown firm, EB Private Equity, the details  of which were leaked through a newly created investor blog.

    The address of EB Private Equity was published in the mainstream press as being little more than a post office box in a back street in Newcastle, UK, “wedged between a wig shop and a noodle restaurant”. The purported bidder had limited bona fides and clearly did not have the funds to make the AU$1.65 billion offer to the shareholders of DJs. A similar situation has recently arisen in the hotly contested bid for Cardinal Resources, which this author wrote about a couple of weeks ago.