Pershing in $120m DJs buy for Lew: report

Firm allegedly snaps up around 30 million David Jones shares in bid to help Lew block takeover.

Pershing Securities has reportedly spent $120 million on around 30 million David Jones shares in the last week in a move believed to be designed to help Solomon Lew gain a significant enough holding on the retailer's share register to block a $2.2 billion takeover bid from South Africa's Woolworths, The Australian Financial Review reports.

According to the newspaper, Pershing is believed to be making the purchases on behalf of stockbroker Brent Potts, who is in turn buying for Mr Lew, a long-time business associate.

The AFR reports Mr Lew is seeking a stake in David Jones of around 10 to 15% ahead of a shareholder meeting on June 30 to vote on the takeover bid.

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