How Woolworths snatched DJs from Myer's grasp

The South African Woolworths takeover bid for David Jones will see Myer cut off from its only obvious means of transformation in a low-growth environment. But there is a vulnerability to the bid that a rival may exploit.

It was Myer’s overtures for a largely scrip-based "merger of equals" and its own boardroom tensions that put David Jones into play and led to the $2.15 billion agreed takeover by South Africa’s Woolworths. A Myer counter-bid looks unlikely given the big price-tag the bid places on its department store rival and the comments Myer made as it withdrew its ‘merger of equals’ proposal.

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