South African retail giant Woolworths has secured shareholder approval for its $2.2 billion takeover of David Jones.
As previously reported on ragtrader.com, the deal will see Woolworths acquire all of the shares in David Jones through its subsidiary, Vela Investments.
The process will be carried out via a scheme of arrangement, which was approved by the requisite majority of Woolworths shareholders at the general meeting held on Tuesday, 17 June, 2014, in South Africa.
In addition, the resolutions related to the subsequent equity raising that Woolworths intends to conduct post implementation of the scheme have also been approved by the requisite majority of Woolworths shareholders at the general meeting.
This satisfies a key condition precedent to the implementation of the scheme.
David Jones shareholders will consider the resolution necessary to approve and implement the proposed scheme at the David Jones scheme meeting.
The meeting is scheduled for Monday, 30 June, 2014 at the Wesley Conference Centre, 220 Pitt Street, Sydney commencing at 10am (Sydney time).