SA Woolworths to buy Oz retailer

2014-04-09 09:06

Sydney – Australian retailer David Jones has agreed to a takeover by South Africa’s Woolworths that values the company at Aus$2.1 billion (R20 billion).

Under the deal announced today, David Jones recommended shareholders to accept four Australian dollars for every share they own – a 25% premium above the closing price yesterday.

“This is a compelling proposal which represents a significant premium to not only our intrinsic value but also to broker valuations and to recent share prices,” David Jones chairperson Gordon Cairns said in a statement to the Australian stock exchange. “It represents a substantial earnings multiple.”

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