The Australian Securities and Investments Commission (ASIC) has confirmed it is investigating the increasingly bizarre takeover bid surrounding retail giant David Jones.

 

ASIC has been monitoring the developments closely since the offer was made public on 29 June to its withdrawal on 2July.

 

“ASIC’s priority is to ensure market integrity is maintained and that markets are fair, orderly and transparent and that, if there has been a breach of the law, those responsible are held to account,” the Commission said in a statement.

 

The investigation is concerned with a $1.65 billion offer made by UK based EB Private Equity, which sent the company’s share price soaring by 15 per cent.

 

The offer was then pulled, but not before it was found that EB Private Equity’s headquarters was a P.O Box in Northern England.