News: David Jones suitor clears takeover hurdle

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South African retail group Woolworths has cleared a hurdle in its bid to buy David Jones Limited (ASX:DJS). 

 

Woolworths shareholders almost unanimously voted in favour of the $2.15 billion proposed takeover of the Australian department store retailer. 

 

Attention will now turn to David Jones shareholders who will get their chance to vote on the cash offer of $4.00 per share at the end of this month. 

 

Woolworths launched the bid in early April and should it get the green light from DJ’s shareholders the deal could be tied up by July 17. 

 

The news comes amid reports retail magnate Solomon Lew is building is stake in David Jones to cast more influence over the voting outcome. 

 

David Jones reported a net profit of $70.1 million in the 2013 financial year.