South African retailer Woolworths Holdings Limited (JSE:WHL) has declared its 213 million dollars bid for Country Road Limited’s(ASX:CTY) “best and final” offer for the latter. The suitor offered an all cash offer of 17 dollars per share.
Woolworths already owns 87.8 percent of Country Road and is currently amid a takeover process for Australian department store retailer David Jones Limited (ASX:DJS), for which it has offered 2.2 billion dollars.
Advancing its plans for the future, Woolworths CEO Ian Moir has explained that they will delist Country Road if its takeover is successful, allowing Woolworths to simplify its structure and fully integrate the businesses.
Country Road reported a net profit of 38 million dollars in the first half of the 2014 financial year.