David Jones to depart ASX after court approval

By Mitchell Neems and Maggie Lu Yueyang

The Federal Court has previously rejected a request by ASIC for an independent expert’s valuation of a claimed “collateral benefit” for Mr Lew from Woolworths’ agreement to a $213 million, or $17-a-share, mop-up bid for Country Road, most of which will flow to Mr Lew. "ASIC remains of the view that the incentive that was provided did constitute a collateral benefit to Mr Lew," Mr Halley told the court.

The corporate regulator, the Australian Securities and Investments Commission, refused to provide a letter of consent for the David Jones takeover but did not oppose the court application to approve the deal, court documents showed.

Upmarket department store David Jones will be delisted from the ASX after the Federal Court approved the $2. 2 billion takeover offer from South Africa's Woolworths.

Justice Kathleen Farrell gave the deal the green light at a hearing in Sydney, paving the way for Woolworths to take control of David Jones on August 1.

Read more here: Business Spectator


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