The board of Woolworths unanimously endorsed the R23.3bn purchase of Australia-based department store retailer David Jones in early 2014.

Woolworths shareholders were also unanimous in their support for the proposed game-changing acquisition. In June 2014, 99% of them voted to approve the deal. Some analysts raised concerns about the steep premium being paid for a business that was showing signs of old age and looked a little out of touch with the latest consumer trends...

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