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.

{{content.question}}

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'SMS Code Sent…' }}

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa
Mastercard

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device


Register as a new member

(using a different email)

Related Articles