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Australia’s David Jones Postpones Crucial Shareholder Meeting

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Australia’s iconic department store, had put off the shareholder vote that was supposed to be held at the end of June this year relating to its proposed $2 billion takeover bid by Woolworths, the Johannesburg listed clothing and food retailer.

Woolworths said the meeting was postponed until mid-July after Australian billionaire, Solomon Lew, bought an 9,89 percent stake in DJ on Wednesday this week.

The meeting was however suspended after the Federal Court of Australia granted DJ a two week postponement.

Woolworths, which has agreed to the postponement, said the court had granted this ruling to “allow sufficient time for the David Jones Board to assess the implications of entities associated with Solomon Lew holding 9,89% of…Jones shares.”

Earlier this week, shareholders of Woolworths approved the firm’s planned acquisition of DJ. This emerged at the company’s general meeting where the majority of shareholders also approved a proposal relating to a rights offer for the company.

Earlier this year, Woolworths said it had decided to buy DJ for $2 billion in cash and new debt.

Woolworths made this acquisition as part of its plan to expand its global presence. This expansion is aimed at changing the firm into a leading “southern hemisphere retailer” with enough capacity to contest well with international apparel retailers.”

Article Credit: Ventures-africa

Updated 5 Years ago

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Tags:     David Jones     Australia’s iconic department store     Woolworths     Shareholders Meeting Was On Postponement