David Jones bidder backs out

The company says it just can't handle the type of attention caused by the bid - a $1.6 billion offer for the entire business.

It was easy to see the signs when the bid came to light last week: a sparse site with no sign of any details about the bidder. Nevertheless it undoubtedly captured the attention of the business community for a few days - a small success of sorts.

Businesses may receive takeover offers from place to place; it's just part of doing business. However there are plenty of entrepreneurs who may not recognise the signs, and think a dodgy deal is to tell the truth a pretty attractive one.

For one thing, nowhere on the EB Private Equity site does it in fact mention the name "John Edgar", the person behind EB Private Equity. That's a bad sign, nevertheless not necessarily a deal-breaker. Still, furthermore Google searches turn up nothing else. If you're dealing with a serial investor at the time you should expect to find more information about him or her on the internet, yet there's not a lot to be found about "John Edgar".

Several reports indicate Edgar didn't call David Jones, only communicating with the company by email. It should be obvious why this isn't a good move - no one will take you in all seriousness, and it appears David Jones didn't either. If you're receiving any sort of bid for your company, at that time you as a matter of fact need to speak to the person involved on the phone, or meanwhile over a VoIP (Voice over Internet Protocol) or video conferencing service like Skype.