TUESDAY is a big day for Woolworths shareholders, who will vote whether or not to pursue a R21.5bn bid for Australia’s grande dame of department stores, David Jones, in the biggest offshore deal by a South African retailer.In terms of revenue, the deal would position Woolworths as the second-largest apparel retailer in the southern hemisphere after Lojas Americanas of Brazil. The offer price equates to a 25% premium on David Jones’s pre-offer share price.The vote comes amid high drama in Australia, where billionaire Solomon Lew, a longtime thorn in Woolworths’s side, has emerged as a buyer of shares in David Jones, causing confusion about his agenda.Market commentators were initially sceptical about the deal, but sentiment has shifted. Woolworths shareholders are expected to support the bid. David Jones shareholders are due to vote on the transaction at the end of the month.Woolworths CEO Ian Moir and his executive team were on a gruelling roadshow this week with overseas investors,...
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