{"id":90126,"date":"1999-12-31T00:45:00","date_gmt":"1999-12-30T13:45:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/takeover-woolworths-bid-2-15bn-for-david-jones\/"},"modified":"1999-12-31T00:45:00","modified_gmt":"1999-12-30T13:45:00","slug":"takeover-woolworths-bid-2-15bn-for-david-jones","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/takeover-woolworths-bid-2-15bn-for-david-jones\/","title":{"rendered":"Takeover: Woolworths Bid $2.15bn For David Jones"},"content":{"rendered":"

Aussie retailer endorses $2.15bn takeover by Woolworths, a South African owned company, announced today.David Jones board announced it has received an offer to acquire the company, and has entered a Scheme Implementation Deed (SID) with South African retail group, Woolworths. <\/p>\n

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The offer, worth $2.15 billion is being backed by DJ’s board and senior management, and, if accepted by shareholders, means any offer by Myer is off the cards. <\/p>\n
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South African retailer, Woolworths, is proposing to buy all David Jones shares outstanding for $4 per share cash payment, subject to shareholder approval of both companies. <\/div>\n
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The cash payment of A$4 per share represents a 25.4% premium to the closing price of David Jones shares on 8 April and implied market capitalisation of A$2.149 million. DJ shares are currently trading at $3.19. <\/div>\n
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DJ’s shareholders on the register on 10 April will also receive the already declared interim dividend of A$0.10 per share. <\/div>\n
<\/div>\n
The takeover bid comes just weeks after Myer’s proposed merger with David Jones went public, although DJ’s was said to be seeking a higher offer than what was put on the table. <\/div>\n
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DJs board is endorsing the proposal and unanimously recommends shareholders vote in favour of the takeover, in the absence of a superior proposal and subject to an independent expert judging it to be fair and in the best interests of shareholders, it said in a statement.<\/div>\n
<\/div>\n
Chairman, Gordon Cairns, branded the deal as “a compelling proposal which represents a significant premium to not only our intrinsic value but also to broker valuations and to recent share prices. It represents a substantial earnings multiple.<\/div>\n
<\/div>\n
“In reaching our conclusion that the Proposal is in the best interests of shareholders, customers and employees, the Board has considered a number of alternatives, including standalone value creation opportunities; realising the value of the freehold properties owned by David Jones; or pursuing a merger with Myer in accordance with its proposed terms.” <\/div>\n
<\/div>\n
CEO Paul Zahra said “the Woolworths proposal is an endorsement of our Future Strategic Direction Plan and our management team.”<\/div>\n
<\/div>\n
He was “pleased” the proposal recognises the attractive outlook for the high end department store. <\/div>\n
<\/div>\n
DJ’s confirmed it will appoint an independent expert to examine whether the Proposal is fair and reasonable and in shareholders’ best interests. <\/div>\n
<\/div>\n
The experts report is expected to be distributed to shareholders in late May.<\/div>\n
<\/div>\n
Woolworths’s CEO, Ian Moir, said: “We believe that David Jones is a truly iconic Australian retail business. Woolworths is a very similar business, closely aligned in terms of our target markets and our values.”<\/div>\n
<\/div>\n
The combination will create a leading southern hemisphere retailer with meaningful scale, able to leverage common fashion seasonality with enhanced sourcing capability.”<\/div>\n
<\/div>\n
DJs shareholders will vote on the proposal in late June, while Woolworths shareholders vote in mid June. <\/div>\n
<\/div>\n
Subject to the conditions of the Scheme being satisfied, the A$2.15 bn acquisition expected to be implemented in mid July.<\/div>\n
<\/div>\n
David Jones is being advised by Gresham Advisory Partners Limited, Macquarie Capital (Australia) Limitedand Herbert Smith Freehills.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Aussie retailer endorses $2.15bn takeover by Woolworths, a South African owned company, announced today.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,22],"tags":[],"class_list":["post-90126","post","type-post","status-publish","format-gallery","hentry","category-archive","category-management","post_format-post-format-gallery"],"yoast_head":"\nTakeover: Woolworths Bid $2.15bn For David Jones - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/takeover-woolworths-bid-2-15bn-for-david-jones\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Takeover: Woolworths Bid $2.15bn For David Jones - 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