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


You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>