South African retailer Woolworths has announced a takeover for David Jones, the $4.00p a share cash offer represents a 25% premium to last DJS price

South African retailer Woolworths has announced a takeover for David Jones, the $4.00p a share cash offer represents a 25% premium to last DJS price. Comments from the DJS Chairman: Gordon Cairns, said: David Jones is an iconic brand with a long and justifiably proud history. This is a compelling proposal which represents a significant premium to not only our intrinsic value but also to broker valuations and to recent share prices. It represents a substantial earnings multiple. The Board has recommended the offer in the absence of a superior proposal. Myer will be forced to show their hand now and markets will be looking to see if a bidding war will emerge.