A surprise takeover approach for Australian retailer for David Jones was revealed on Friday morning.
David Jones later issued a statement effectively confirming the bidder as EB Private Equity.
The British company has revealed that its initial offer is worth $A1.65 billion; roughly $A3.12 per share.
The ABC reports the announcement sent David Jones shares soaring almost 15% to $A2.59.
EB's speciality is real estate investment and David Jones has two prime CBD store sites in Sydney and Melbourne.
David Jones shares closed at $A2.26 on Thursday. The company was trading above $A5 than two years ago.
