Myer Family ticks Wesfarmers' Coles bid

Myer Family Company chairman Rupert Myer said it would accept the advice of the Coles board to support the scheme of arrangement, which will be voted on by shareholders on Wednesday November 7.

"If the proposed scheme is approved by Coles shareholders, the Myer Family Company will become a significant shareholder in Wesfarmers," Mr Myer said.

"We are confident that under Wesfarmers' management, the Coles group of businesses will have the opportunity to reach its full potential for the benefit of all Wesfarmers shareholders - both old and new."

Myer Family Company has been a shareholder in Coles since the Coles/Myer merger in 1985.

©AAP 2007

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