The sale of David Jones to South African retailer Woolworths has cleared another hurdle as Woolworths shareholders voted to accept the proposed takeover of the iconic Australian department store.
A requisite majority of Woolworths shareholders voted to acquire all of David Jones at a price of $4 per share during a general meeting held on Tuesday 17 June in South Africa.
David Jones shareholders will vote on the proposed deal in a meeting scheduled for 30 June 2014 in Sydney. A booklet was sent to David Jones shareholders in late May which included full details of the proposal, reasons to vote in favour or against the scheme, an independent report and details on how to vote.
In a statement released today the David Jones Board said it continued to unanimously recommend that shareholders vote in favour of the scheme “in absence of a superior proposal.”
“Subject to this same qualification, the David Jones Directors intend to vote all the David Jones Shares held or controlled by them in favour of the scheme,” the statement reads.