Friday 11 April 2014

David Jones Board Recommends Buyout

The David Jones board has recommended a takeover offer from a South Africa retail group, Woolworths, to its shareholders.

Woolworths Holdings is a listed South African retail group which already owns a controlling interest in Country Road. The move follows failed merger negotiations between Myer and David Jones earlier this year.

The Australian Woolworths says it has no direct links with Woolworths South Africa.