David Jones seeks to fend off further ASIC intervention in Woolworths takeover
David Jones will attempt to head off further intervention by the Australian Securities and Investments Commission in Woolworths’ $2.2 billion takeover of the company by trying to convince the regulator that shareholders are fully informed and that the board is acting in their best interests.
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David Jones’ board is alarmed at the last-minute intervention by ASIC and believes the market regulator could be doing more harm than good by raising concerns about a multi-million dollar inducement or collateral benefits to rag trader Solomon Lew.
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The board fears that ASIC’s intervention could derail the David Jones scheme of arrangement, potentially depriving shareholders of Woolworths’ $4 a share offer, or further delay the scheme, which has already been postponed for two weeks. Sydney Morning Herald – Read more…
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