The $2.2 billion takeover bid for David Jones has taken another extraordinary twist.
The department store has revealed its shareholders will have the chance to vote on the deal on July 14, after a failed legal challenge from the corporate watchdog.
The Australian Securities and Investments Commission asked the Federal Court to order order an independent valuation of the bid, spearheaded by South African based Woolworths.
The valuation stemmed from the benefits predicted to flow on to retail powerbroker Solomon Lew.
David Jones argued a letter from an independent expert, Grant Samuel, addressed the issues surrounding the deal and sent to shareholders.
The court backed its position.
Woolworths first launched its takeover bid for the deparment store in May, before Lew acquired a potential blocking stake of 9.9 per cent.
Retail analysts believed Lew intended to push Woolworths into purchasing his 12 per cent stake in retail chain Country Road.
Woolworths, which owns the remaining 88 per cent, responded with a $17-a-share offer for his stake.
That offer is conditional on the success of its David Jones takeover.
David Jones directors confirmed last night a meeting to vote on the deal will go ahead and urged shareholders to back the move.