SA Woolworths to buy David Jones

The board of David Jones has unanimously recommended shareholders accept a takeover offer by South African based retailer Woolworths (not to be confused with our own Woolworths, which is unrelated) for $4.00 per share in cash, foiling Myer’s proposal to merge.    The $4.00 offer price is a 27% premium to the three-month average share price, and a 55% premium to Myer’s offer of 1.06 of its own shares for each David Jones share. Accompanying the announcement was a statement by David Jones’ chairman, Gordon Cairns, who said “This is a compelling proposal which represents a significant premium to...

The board of David Jones has unanimously recommended shareholders accept a takeover offer by South African based retailer Woolworths (not to be confused with our own Woolworths, which is unrelated) for $4.00 per share in cash, foiling Myer’s proposal to merge.   

The $4.00 offer price is a 27% premium to the three-month average share price, and a 55% premium to Myer’s offer of 1.06 of its own shares for each David Jones share.

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