David Jones delays takeover vote

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IOL pic jun17 Woolworths store signage Independent Newspapers File picture: Simphiwe Mbokazi

Sydney - Australian department store operator David Jones Ltd said it will postpone a shareholder vote on a $2 billion takeover bid from South Africa's Woolworths Holdings Ltd until mid-July after Australian billionaire Solomon Lew took a 9.89 percent stake.

David Jones, the country's No. 2 retailer by sales, said on Thursday it has 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. - Reuters



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