David Jones shareholders support Woolworths takeover bid

David Jones shareholders support Woolworths takeover bid
Eloise KeatingJuly 14, 2014

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.

Tags:
Retail

Editor's Picks

Exclusive: ICD Property secures riverfront West End site for Brisbane's latest multi-tower precinct
Why families are flocking to townhouses in Bradmill Yarraville
Time & Place greenlit for new $500m apartment development overlooking Melbourne’s Botanic Gardens
Mosaic set sights on Palm Beach, Burleigh Heads, Broadbeach, for new $570m apartment pipeline
Woolworths unveils long-awaited Waterloo precinct with shop-top housing