David Jones in the hands of a South African retail giant
BY mid-July, Australian department store giant David Jones is likely to be in the hands of South African goliath Woolworths after it outbid an offer from Myer this week.
Woolworths - no relation to its home-grown namesake - swung into the fray on Wednesday with a $2.15 billion offer immediately supported by the DJs board.
Woolworths' South African investors will make a decision on the takeover in mid-June, followed by DJs investors casting their ballot by the month's end.
If successful, DJs will be in the hands of the African Woolies soon after.
Myer has now withdrawn its proposal to merge with DJs.