shareholders back $2.2b DJs offer

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. “I’m pleased that David Jones shareholders today had the opportunity to have their say in relation to the Woolworths Holdings scheme proposal,” Mr Cairns said. “The result of the shareholder vote unequivocally demonstrates the overwhelming support amongst our shareholders for Woolworths’ $4 a share cash offer,” Mr Cairns said. “We are delighted with the strong support we received today from David Jones’ shareholders,” said Mr Moir, who was unable to travel to Australia because of a serious back operation three weeks ago. “The vote brings us another step closer to creating a leading Southern Hemisphere retail business with the necessary scale and common seasonality to deliver substantial benefits to our company and our customers. “We look forward to implementing our plans to reinvigorate David Jones and enhance the shopping experience for its customers.

Mr Cairns said David Jones would be better positioned to compete in increasingly challenging markets by becoming part of the Woolworths group. “The combination of the two will create a leading southern hemisphere retailer with meaningful scale, able to use common fashion seasonality with enhanced sourcing capability,” he said. “Woolworths will bring extra capability, financial strength and significant scale to accelerate our strategies and offer a greatly enhanced value proposition, delivering on-trend product within the most exciting and innovative shopping experience in the market,” he said. “We believe this transaction is good for shareholders, customers and staff.

Read more here: SMH


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