David Jones Votes In Favor of Woolworth’s Takeover

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July 14 (Bloomberg) –- Bloomberg’s Paul Allen reports on David Jones shareholders approving the takeover from South Africa’s Woolworths for A2.15B. He speaks to John Dawson on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

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[captioning made possible by bloomberg television] details on this all morning, how did they vote with the woolworth's takeover?

John, the takeover looks like it's going to go ahead with 89.6% of shareholders voting in favor.

It's a pretty generous offer, too.

Values the company at $4 per share and when that offer was made david jones was trading at just 3.19. pretty healthy, so no surprise that the shareholders voted to accept the offer.

A lot of the questions really to do with the protection of the david jones brand.

It's an australian institution.

The department store's been around for 176 years.

One of the questions, for example, a shareholder wanted to ensure that the trademark in-store pianoists would be retained.

That received a rousing round of applause and the vote went ahead.

Hopefully they will be able to keep them even when south africa takes control of david jones.

They may have voted in favor, but there are a few obstacles to get over?

That's right and questions remain namely over the voter intention of sol 0 om -- solomon lew.

It's unclear yet which way he voted because woolworth south africa was trying to gain his support by offering him $17 a share to buy out his shares of country road, a clothing retailer.

That's when the australian securities and investment commission got interested.

They believed that could be a -- an inducent and a breach of stock holder principles.

This text has been automatically generated. It may not be 100% accurate.

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