Ann: David Jones Board Recommends A$4.00 Cash per, page-49

re: Ann: David Jones Board Recommends A$4.00 ... DJS shares were quoted ex dividend on 4th April. The 'books close' date has no relevance for anyone except brokers, clerks and administrators. If you owned the shares on 3rd April, you get the dividend, full stop.

DJS is very widely held by many super funds, more so than many other big companies. This means that the $2 billion proceeds from the takeover will be widely scattered and almost certainly invested in other companies. Such action forces long term shareholders who would not normally sell, - to do something with their windfall.

Its also interesting because it is the first big M&A activity for some time. Now the market starts searching for the next target and the whole cycle repeats.