David Jones shareholders support Woolworths takeover bid

The takeover of department store David Jones looks set to proceed, with the $2.2 billion takeover bid from Woolworths South Africa given the green light from the company’s shareholders yesterday.

According to Business Spectator, 89.6% of David Jones shareholders voted in favour of the deal, with 10.4% registering their vote against. David Jones previously said 96.48% of proxy votes were cast in support of the takeover.

The results from today’s vote mean Woolworths has satisfied the two hurdles needed for the deal to go ahead: majority support from the David Jones shareholders present and voting, and at least 75% of the total number of votes by David Jones shareholders present and voting either in person or by proxy.

Yesterday’s vote had been delayed after it was revealed retail giant Solomon Lew had bought up just short of 10% of David Jones’ shares.

The approval of Woolworths’ bid for David Jones by shareholders also paves the way for Woolworths to acquire Lew’s 12% share in fashion brand Country Road, of which it already owns 88%.

This article first appeared on SmartCompany.