Woolworths South Africa to scoop up David Jones in $2.15 billion takeover

Department store David Jones has recommended this morning its shareholders vote in favour of a $2.15 billion takeover bid by Woolworths South Africa.

The deal sees Woolworths SA offer $4 cash per share for all of David Jones’s shares. Current shareholders as of April 10 will also receive an interim dividend fully franked of $0.10 per share.

The proposed acquisition comes as recent attention has focused on an attempt by rival department store Myer to takeover David Jones.