A $2.2 billion takeover bid for David Jones has come to a halt.
David Jones has postponed a meeting relating to the next stage of a takeover bid by South African-based Woolworths.
The Scheme Meeting has been rescheduled following a substantial shareholder move by Solomon Lew.
Lew now holds 9.89 per cent of David Jones shares, leading to speculation the retail powerbroker is aiming to block the proposed takeover.
David Jones, with the agreement of Woolworths, applied to the Federal Court seeking the two week postponement of the Scheme Meeting.
The Court has granted this postponement to allow sufficient time for the David Jones Board to assess the implications of Lew's shareholding.
The Scheme Meeting will now be held on Monday 14 July 2014 at the Wesley Conference Centre, Sydney, commencing at 10.00 am.
The David Jones Board has unanimously recommended that in the absence of a superior proposal, shareholders vote in favour of the proposal.