Woolworths takeover bid for Country Road now unconditional

Woolworths (WHL) said on Friday, 25 July 2014, its takeover bid for the remaining shares of its Australian retail subsidiary‚ Country Road‚ has been made unconditional after it received the go-ahead from Australian authorities.
Woolworths takeover bid for Country Road now unconditional

The South African retailer said it was notified of the approval from the Australian Foreign Investment Review Board on Friday morning.

"The final outstanding condition to the offer has been satisfied and the offer is now unconditional‚" the company said.

Woolworths currently holds a 87.92% stake in Country Road.

In June it made a formal offer to buy the remaining 11.8% from Woolworths shareholders for A$17 per share to clear the way for its R23.3bn takeover of Australia's second biggest department store‚ David Jones.


 
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