ASIC takes a principled stance on DJs

ASIC's intervention in the David Jones acquisition may have been fruitless, but it was needed to demonstrate that the regulator isn't prepared to overlook breaches of the spirit of the law.

Today’s Federal Court ratification of the scheme of arrangement for the $2.2 billion acquisition of David Jones by South Africa’s Woolworths group produced a sensible outcome, with David Jones shareholders getting their handsome bid price, the Australian Securities and Investments Commission making a point of principle and Solomon Lew cleared to get his $200 million of 'collateral benefit'.

ASIC again appeared before the Federal Court, not to urge Justice Kathleen Farrell to reject the scheme, but to again put the issue of Lew’s collateral benefit before the court.

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