It certainly was a great day for shareholders of Myer Holdings Ltd (ASX: MYR).
Its shares finished the day higher by just short of 10% at 77.5 cents.
Why did its shares jump higher on Wednesday?
The catalyst for Wednesday's gain appears to be an announcement out of Premier Investments Limited (ASX: PMV) this morning which revealed that the retail conglomerate has requested a copy of Myer's share register.
This request was made so that the Premier Investments can contact Myer shareholders in relation to any resolutions proposed at the retailer's annual general meeting later this year.
No other details were given and investors have been left to speculate on Premier Investments and chairman Solomon Lew's intentions.
I suspect that the move by Premier Investments may be related to Mr Lew's recent criticism of Myer's management and its turnaround strategy.
The request to contact shareholders could be to drum up support for major upheaval in the Myer boardroom.
Considering his major stake in the company and influence in the industry, it seems quite likely that shareholders will be interested to hear what Mr Lew has to say.
Should you invest?
Whilst I think Myer is in dire need of change and Solomon Lew could be the person to drive it, I wouldn't be in a rush to invest just yet.
Department stores across the world have struggled to adapt to modern consumer habits and the rise of online shopping. I see no reason at this point in time to believe that Myer will fare any better in the future.
For this reason, I would suggest investors consider Premier Investments instead of Myer.
