Myer investors approve $950 million acquisition of Apparel Brands to strengthen long-term growth

Myer investors have approved a $950 million deal to acquire the Apparel Brands, including Jay Jays, Dotti, and Portmans. About 95.5% of votes supported the merger, which aims to strengthen Myer's long-term position. CEO Olivia Wirth defended the acquisition against criticism, stating the brands are still popular and will be invested in to remain relevant. The deal will expand Myer's store count to 783 and increase its workforce to 17,000. The merger is expected to enhance Myer's loyalty program and online sales. Despite recent poor sales performance, an independent advisor deemed the deal fair and reasonable.