Solomon Lew's Premier Investments and Myer have traded more blows just two days out from the department store giant's strategy day for investors.
Premier, Myer's largest shareholder, says it is considering legal action against the retailer's board over an alleged lack of disclosure ahead of Myer's strategy day on Wednesday.
Meanwhile, Myer has written to shareholders arguing that Premier's "hostile and obstructive" campaign shows it is acting in its own interest.
The companies have locked horns since Myer rejected Mr Lew's request earlier this month to have three directors on its board, including two linked to Premier.
On Monday, Premier, which owns Smiggle and Peter Alexander, said it is concerned that "deficient disclosure by the board of Myer" means the market is trading on an uninformed basis.
"Premier Investments believes it was misled into outlaying more than $100 million to buy 10.8 per cent of Myer, and is being denied its request for board seats by directors who collectively own less than 0.1 per cent of the company and whose tenure has been marked by falling sales, profit, and market value," Premier said.
It said the situation was untenable and that it was carefully considering its legal and other options.
When contacted by AAP, a spokeswoman for Premier declined to provide detail about what the legal options might be.
Myer chairman-elect Garry Hounsell's letter to shareholders, also released on Monday, urged them to ignore Premier's advice to reject Myer's board nominees at its annual general meeting on November 24.
Mr Hounsell said shareholders should be deeply concerned about Premier's push to change the board.
"The issue of Premier gaining control of Myer without paying you a takeover premium must not be ignored," he said.
"You should note that Premier has only gone as far as to say that it has 'no current intention of making a takeover offer for Myer'."
Premier also criticised Myer's directors as having not enough "skin in the game" over their level of share ownership.
Premier said the current directors have been paid a total of $6.24 million in the time they've been on the board - but own only $452,000 worth of Myer shares.
Shares in Myer closed 3.2 per cent lower at 76.5 cents, while Premier shares were up 0.6 per cent at $13.20.
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