David Jones shareholders back Woolworths Holdings’ $2.2 billion takeover offer

The approval of David Jones shareholders came with a sting in the tail, with investors accusing the board of selling them short by failing to fully value the 176-year-old chain’s iconic status, property assets and franking credits.

Of the votes cast, 96.81 per cent were in favour and 3.19 per cent were against. Of the shareholders who voted, 89.64 per cent were in favour and 10.36 per cent against.

nRagtrader Solomon Lew, who threatened the deal after emerging with a 9.9 per cent blocking stake last month, did not vote his 53.6 million shares.

However, David Jones and Woolworths will not know until a Federal court hearing on Thursday whether the acquisition will be ratified by the court, satisfying the last remaining condition.

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David Jones chairman Gordon Cairns and Woolworths chief executive Ian Moir welcomed the strong shareholder support for the deal, which will create the second largest retailer in the Southern Hemisphere. Sydney Morning Herald – Read more…

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