SYDNEY: Australian department store operator David Jones Ltd said it will postpone a shareholder vote on a US$2bil takeover bid from South Africa’s Woolworths Holdings Ltd until mid-July after Australian billionaire Solomon Lew said he had acquired a 9.89% stake in the target.
David Jones, the country’s No. 2 retailer by sales, said yesterday that it had obtained court permission to postpone the originally scheduled June 30 meeting until July 14 “to allow sufficient time for the David Jones board to assess the implications” of Lew’s investment.