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The offer is conditional on Woolworths scheme of arrangement takeover of David Jones becoming effective and approval from the Foreign Investment Review Board.
Analysts suggested he may Nike Uptempo X Off White
South Africa Woolworths has lobbed an all cash takeover bid for clothing retailer Country Road at Nike Uptempo Qs
Woolworths said achieving full ownwership of Country Road was a logical next step from its proposed bid for David Jones and noted the synergy benefits of such an outcome.
Calculations by Business Spectator estimate Mr Lew stake via his company Australian Retail Investments would total $210 million under the terms of the deal proposed by Woolworths.
group also said the deal would fulfill its longstanding desire to acquire 100 per cent of Country Road.
17 per share bid for Country Road
Woolworths said it plans to fund the offer through new debt facilities to be raised in Australia.
"The consideration Woolowrths is prepared to offer Country Road minority shareholders has been determined having regard to the value of Country Road taking into account its financial performance and outlook, including previously announced growth initiatives, combined with the future benefits that are expected to accrue as a result of the acquisition and integration of Nike Uptempo White Gum For Sale David Jones into the Woolworths group and the benefits derived from owning 100 per cent of Country Road," the statemwnt said.
Mr Lew motives have generated much speculation since revealing he had amassed a 9.89 per cent stake in David Jones.
a price of $17 per share, a 21.4 per cent premium to the group closing share price yesterday.
Woolworths said it already had a relevant interest in 87.88 per cent of Country Road shares and that its offer had a total value of around $213 million.
have been trying to block the Woolworths takeover of David Jones in order to get the South African retailer to buy his 12 per cent stake in Country Road.
The bid comes as Woolworths tries to overcome hurdles with its $2.2 billion takeover of David Jones after retail billionaire Solomon Lew bought a strategic stake in the department store chain.
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A previous attempt by Woolworths to buy Country Road in 1997 failed after Mr Lew bought a stake in the clothing retailer.
With speculation swirling that he may also have a hold on a further 5 per cent of David Jones via derivative contracts, Lew may already be in a position to block Woolworths $2.2 billion agreed bid for the department store group.
In response to the announcement, David Jones said only that the bid for Country Road would not impact the shareholder meeting to vote on the Woolworths proposal, scheduled to take place on July 14.
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