David Jones, the country's No. 2 retailer by sales, said yesterday it has obtained court permission to postpone the meeting originally scheduled for
The Lew stake, worth about
The postponement clouds a takeover which has already been re-commended by the David Jones board, and secured overwhelming support from Woolworths shareholders two days ago.
But investors expect he will use it to force Woolworths either to lift its offer or buy out his stake in its other Australian investment, clothing retailer
Lew has held his Country Road stake - 11.88 percent, and |worth
The David Jones deal requires approval from 50 percent of shareholders controlling at least 75 percent of the stock. But only votes cast at the meeting are counted: at regular shareholder meetings David Jones historically has had turnout as low as 50 percent, meaning Lew could have enough stock to affect the vote.
David Jones were steady at
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