David Jones vote to go ahead after court rejects ASIC challenge

By By Maggie Lu Yueyang

Grant Samuel is likely to conclude that the DJs takeover is still fair and reasonable. Mr Lew, with 11. 7 per cent of Country Road, built up his stake in David Jones last month and is believed to have threatened the David Jones scheme of arrangement unless Woolworths bought his stake at a massive premium.

David Jones said late on Wednesday that the scheme meeting for Woolworths’ $2. 2 billion takeover of the department store will go ahead on July 14, after a Federal Court rejected the corporate watchdog’s request for an independent expert’s valuation of a claimed “collateral benefit” for 9. 9 per cent DJs shareholder Solomon Lew.

However, the court refused, agreeing with DJs that a supplementary letter from Grant Samuel – the independent expert for the DJs takeover – was sufficient to address the matters that have taken place since the scheme booklet was sent to shareholders.

Read more here: Business Spectator


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