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Cape Town - Woolworths Holdings [JSE:WHL] is pleased to announce that it has achieved over 90% relevant interest in Country Road.
As a result of acceptances received in respect of its takeover offer made via Woolworths International (Australia) for Country Road, Woolworths had by Friday a relevant interest in 99.84% of Country Road.
As previously announced Friday, the offer is now unconditional.
Woolworths intends to proceed to commence compulsory acquisition of all outstanding Country Road shares on Monday July 28 2014.
Country Road shareholders who do not accept the offer will be subject to compulsory acquisition and will not be paid until at least September 2014.
It is expected that the Australian Securities Exchange (ASX) will suspend quotation of Country Road shares five business days after compulsory acquisition notices are sent.
“The full alignment of Country Road’s ownership structure with Woolworths will deliver major benefits and opportunities for our shareholders, our people and our customers," said Woolworths CEO Ian Moir.
"Together with the acquisition of David Jones it greatly enhances our unique platform for growth and expansion in the southern hemisphere as a leading retailer of scale and quality.”
He said the transaction has clear strategic significance and will deliver value through the ability to fully leverage the company's capabilities and brands, but also by removing unnecessary complexity from its business.
"We now look forward to the next phase of development for both Country Road and David Jones within this greatly improved framework,” he said.
As a result of acceptances received in respect of its takeover offer made via Woolworths International (Australia) for Country Road, Woolworths had by Friday a relevant interest in 99.84% of Country Road.
As previously announced Friday, the offer is now unconditional.
Woolworths intends to proceed to commence compulsory acquisition of all outstanding Country Road shares on Monday July 28 2014.
Country Road shareholders who do not accept the offer will be subject to compulsory acquisition and will not be paid until at least September 2014.
It is expected that the Australian Securities Exchange (ASX) will suspend quotation of Country Road shares five business days after compulsory acquisition notices are sent.
“The full alignment of Country Road’s ownership structure with Woolworths will deliver major benefits and opportunities for our shareholders, our people and our customers," said Woolworths CEO Ian Moir.
"Together with the acquisition of David Jones it greatly enhances our unique platform for growth and expansion in the southern hemisphere as a leading retailer of scale and quality.”
He said the transaction has clear strategic significance and will deliver value through the ability to fully leverage the company's capabilities and brands, but also by removing unnecessary complexity from its business.
"We now look forward to the next phase of development for both Country Road and David Jones within this greatly improved framework,” he said.
