DJs recommends takeover bid

David Jones has recommended shareholders accept a takeover bid from South African based Woolworths.

David Jones has recommended that shareholders vote in favour of a $2.15 billion takeover bid from South African based retail group Woolworths, which would see the suitor acquire all of the retailer's outstanding shares at a price of $4 cash per share.

In a statement, David Jones said it had entered into a scheme implementation deed with Woolworths, which will also see shareholders on the register as at April 10 receive the already-declared interim dividend of 10c.

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