Premier announced its bid on Monday $2.20 in cash, including the 10.5-cent interim dividend declared by Just Group last month, and 0.25 Premier shares for each Just Group share.

The offer is not subject to any regulatory approval or financing conditions. The Just Group includes the Just Jeans, Portmans, Jacqui E and Jay Jays retail chains. Premier already holds a 23% stake in the Just Group.

Premier share was up 5.6%.

Roc Oil stock falls

Roc Oil Company''s share fell 14% today after disclosing that a well drilled in the area may fail to produce oil. The oil company is exploring Western Australia''s Dunsborough field. Its partners Venture partner Arc Energy Ltd fell 12% and Australian Worldwide shed 2.8%.

Roc Oil advised today that the Dunsborough-2 appraisal well in WA-286-P in the offshore Perth Basin, Western Australia has reached a Total Depth of 1,680 mBRT.

In the press release on its Web site it the company said, ""The preliminary results of the initial logging indicate that the previously reported oil in core may be residual (non-producible) oil saturations.

However, pressure data and fluid samples need to be fully analysed in order to allow a definitive interpretation to be made. This should happen within the next 24 hours.”

Results from the Dunsborough-1 discovery well, drilled last year, indicated the field may have between 20 million and 40 million barrels of oil in place but all of it many not be recoverable.

The field lies about 50 kilometers (31 miles) northwest of the producing Cliff Head oil field, owned by the same companies.

Chief executive John Doran said that estimated range ``needs to be re-examined'''' given the latest well result. He added that the recoverable volume would be lower. Roc owns 37.5% of the well, while Arc owns 30%, Australian Worldwide 27.5% and Itochu Corp 5%.

Midwest blames loss on defense of Murchison bid

Iron ore miner Midwest Corporation Ltd has blamed its operating loss in the 2007 financial year which run into millions on costs incurred in defending a failed $900 million takeover bid by rival Murchison Metals Ltd.

Midwest announced a reduced net profit of $7.15 million as a direct result of Murchison''s offer while its 2007 net profit after tax would have been $750,000 withstanding takeover related costs.

Midwest received a second hostile takeover bid of a $1.19 billion from Sinosteel Corporation. The latest offer is the first hostile takeover bid by a Chinese firm for an Australian company.

Midwest chief executive Bryan Oliver said the takeover expenses were unavoidable. ""While takeover costs undermined an otherwise profitable 2007, the alternative would have been to give away the company cheaply,"" Oliver said.

""Midwest shares are now trading at a premium to the original Murchison stock offer value, and since the offer was tabled Midwest''s shares have increased in value.

As part of this takeover defence, Midwest appointed various advisers including independent technical consultants, investment banking, legal, tax, accounting and public relations, which cost $7.75 million.

Midwest said it defended itself from Murchison''s stock bid, which lapsed on February 5 due to few acceptances, because the offer significantly undervalued the potential of its five key projects.

Midwest''s board is contemplating Sinosteel''s bidder''s statement, issued Monday, and has advised its shareholders to take no action. The offer has Foreign Investment Board approval but is conditional upon Chinese Government approval, which Sinosteel is likely to receive.