ASIC takes a principled stance on DJs

By Stephen Bartholomeusz

Today’s Federal Court ratification of the scheme of arrangement for the $2. 2 billion acquisition of David Jones by South Africa’s Woolworths group produced a sensible outcome, with David Jones shareholders getting their handsome bid price, the Australian Securities and Investments Commission making a point of principle and Solomon Lew cleared to get his $200 million of 'collateral benefit'.

Given the overwhelming support from David Jones shareholders for their $4 a share offer — nearly 97 per cent of the votes cast at the scheme meeting last week and nearly 90 per cent of the shareholders who voted were in favour - it was always improbable that Justice Farrell would do anything but approve the scheme.

Read more here: Business Spectator

    

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