South African giant Woolworths has declared its A$213 million bid for the rest of Country Road business as “best and final”.
The retail powerhouse confirmed today that its all-cash offer to acquire all of the ordinary shares that it does not already own in Country Road at a price of A$17.00 per share is its “best and final” offer for the company.
Woolworths already has a relevant interest in 87.88 per cent of the issued shares in Country Road and accordingly the total cash consideration for the acquisition of the remaining shares under the offer is A$213 million.
In a statement, Woolworths chief executive Ian Moir said a quick resolution is needed.
“We have put forward a full and fair offer for County Road and also for David Jones.I hope that shareholders of both companies have the opportunity to take advantage of these offers and Woolworths is able to reach its goal of acquiring 100 per cent of both Country Road and David Jones.
“There has been considerable uncertainty around the David Jones transaction over the last few weeks. I think everyone need a clear and timely resolution of this situation.”
As previously reported on ragtrader.com.au, Woolworths made a takeover bid to acquire all of Country Road last week, following its ongoing battle with industry power broker Solomon Lew.
David Jones has since postponed a meeting relating to the next stage of its acquisition by Woolworths after Lew made a strategic shareholder move, complicating proceedings.
Moir has said Woolworths will delist Country Road if its takeover is successful, in a bid to simplify Woolworths' structure and fully integrate the businesses.