FIRB approves Woolworths's DJs bid

Foreign Investment Review Board approves $2.15bn takeover bid from South Africa's Woolworths.

The Foreign Investment Review Board (FIRB) has approved a $2.15 billion takeover bid for David Jones (DJS) by South Africa's Woolworths Holdings, the Australian retailer says.

David Jones said the federal government raised no objections to the takeover bid in terms of its foreign investment policy.

As a result, one of the many conditions required to be satisfied for the bid to proceed has now been met.

The board of David Jones took the opportunity to reaffirm its unanimous support for the Woolworths bid.

In April, Woolworths lobbed a $4 per share offer at David Jones, which at the time represented a premium of 25% to the most recent closing price of $3.19.

Consequently, Myer’s nil-premium merger offer was withdrawn, bringing to an end drawn-out negotiations between the two Australian retail giants.

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