Woolies faces grilling over Dick Smith

 In Australia, NewZealand, Woolworths
It could be the worst deal Woolworths has done in 20 years, and will leave its shareholders staring down the barrel of hundreds of millions of dollars in forgone profits.
The Dick Smith chain that Woolies sold for peanuts is set for a pre-Christmas float worth $345 million.
Only four days after Dick Smith opens its initial public offer to retail shareholders, pricing stock in the consumer electronics group at $2.20 a share, Woolworths investors will gather for their annual meeting and are expected to question the board’s rationale for selling off the once troubled chain one year ago for a relatively paltry $20 million.  Sydney Morning Herald – Read more…

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