Premier Investments chairman Solomon Lew says the company does not at this point intend to make a competiting bid for Breville Group, which is being pursued by GUD Holdings.
Speaking to journalists, after Premier's annual general meeting in Melbourne, Lew declined to comment on whether Premier would make a counter offer in the future.
But he did say "Premier at this time is not intending to make a bid for Breville".
Solomon Lew Custodians, which includes Premier and family interests associated with Lew, holds a 30.4 per cent stake in Breville.
GUD has 19.36 per cent of the electrical goods importer and distributor and hopes to acquire 100 per cent via a one-for-four all-scrip, conditional bid.
Breville has rejected GUD's $322 million bid saying the predator could pay a lot more.
Meanwhile, Lew said Premier's "profit will be ahead of last year" in 2009/10.
He said in the lead up to Christmas Premier's business, which included the Just Group with brands such as Just Jeans, Jay Jays, Portmans, Jacqui E, Peter Alexander, Dotti and Smiggle, is currently trading "okay".
His main concern was the prospect of the Reserve Bank of Australia (RBA) lifting official interest rates in December.
Lew said if that occurs, "it will be a big dampner for the retail sector".
He said he thinks retailers are wishing that rates will be left on hold.
The RBA should wait to see what happens in the housing sector, as well as job prospects for school leavers and university graduates in 2010, Lew said.
On Myer Holdings recent listing, Lew said "it went very well for [private equity group] TPG", which sold into the offer.
Lew, a former board member of Coles Myer, said Myer and been struggling for years under Coles Myer's ownership and he would like to see Myer's sales volumes increase.
Meanwhile, Premier is looking for acquisitions and is focussing on investing solely in Australia at this point.
Lew said the company is looking for good robust businesses, rather than businesses that have deteriorated.
He had no comment on the success of Wesfarmers' turnaround strategy for Coles, which it now owns.
©2009AAP