Myer insists it has not been approached by a prospective buyer following the huge buy-up that sent the department store operator's shares surging by almost 20 per cent in an afternoon.
The company was rumoured to be a takeover target after a series of trades in which almost two million shares changed hands on Monday for about $94 million.
But Myer on Tuesday said it had no information on what prompted the flurry of activity.
"Myer has not received any communication in relation to yesterday's trading or any corporate activity," Myer said in a statement to the Australian Securities Exchange.
"Myer will continue to keep the market informed in accordance with its continuous disclosure obligations."
Media speculation has centred on billionaire Solomon Lew, a former chairman of the Coles Myer group, and now the chairman of retail brands house Premier Investments.
Myer shares had slipped back four cents, or 3.2 per cent, to $1.22 by 1020 AEDT on Tuesday
The stock had fallen below $1.07 last week - its lowest level since November - but gained 19.5 cents, or 18.31 per cent, to finish Monday at $1.26.
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