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JB Hi-Fi rejects more takeover speculation

AAP logoAAP 5/09/2016

JB Hi-Fi has rejected renewed media speculation that it is on the cusp of making a multi-million dollar tilt for whitegoods retailer The Good Guys.

The Australian newspaper has reported that JB Hi-Fi is planning to make a $850 million to $900 million offer for The Good Guys next week.

It said JB Hi-Fi was expected to tap shareholders for $300 million in an equity raising to help fund the acquisition.

JB Hi-Fi denied this in a statement to the Australian Securities Exchange on Tuesday morning, saying it "has made no decision nor has it entered into any agreement".

"JB Hi-Fi remains in the sale process and continues discussions with The Good Guys in regard to a potential acquisition," it said.

The Good Guys, which has been holding a roadshow with investors to drum up support for a planned share market float this year, was understood to be continuing this path, JB Hi-Fi said.

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