Solomon Lew accepts Country Road offer, ending 17 year battle

Woolworths plans to use Country Road’s brands as a key private label offering within David Jones stores as part of its restructure of the retailer which will see a greater emphasis on company owned labels. ‘‘The full alignment of Country Road’s ownership structure with Woolworths will deliver major benefits and opportunities for our shareholders, our people, and our customers,’’ said Woolworths CEO Ian Moir. ‘‘Together with the acquisition of David Jones it greatly enhances our unique platform for growth and expansion in the southern hemisphere as a leading retailer of scale and quality. 2 Treasurer Joe Hockey‘s tough budget driving consumers …

The long running and bitter 17-year stand off between South African retailer Woolworths and rag-trade billionaire Solomon Lew is officially over, after Mr Lew late on Friday accepted a $200 million takeover offer from Woolworths for his stake in fashion chain Country Road.

Woolworths announced late Friday that it had achieved more than 90 per cent relevant interest in Country Road after Mr Lew confirmed with the South African retailer he would accept the $17 per share bid for his strategic 11. 8 per cent stake in the fashion chain.

Read more here: SMH


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