.
Country Road Limited (ASX:CTY) has today announced it has received an all cash offer of $17 per share from South African chain Woolworths Holdings Limited (JSE:WHL) for the the remaining shares it doesn’t already own in Country Road.
Woolworths CEO, Ian Moir says “In light of the proposed acquisition of David Jones, this is a common sense and timely opportunity to seek to reach full ownership of Country Road. If successful, the offer will allow WHL to delist Country Road, allowing WHL to simplify its group structure and fully integrate the businesses.”
The offer comes after Woolworths made a $2.2 billion takeover offer for David Jones. Solomon Lew built up his stake in David Jones in a bid to block the takeover, unless Woolworths bought his 11.8 per cent stake in Country Road worth about $170 million.
Country Road shares have climbed from below $5 at the start of February to $14.00 at last close. The $213 million dollar offer for the 12.12 per cent stake represents a 21 per cent premium to the current share price.
Country Road Limited (ASX:CTY) last reported a net profit of $38 million for the half year ended 31 December 2013.
News: Country Road receives buyout offer
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)