By  on April 8, 2014

SYDNEY — Australian retailer David Jones said Wednesday its board recommends a 4 Australian dollar, or $3.73, per share takeover offer from South African retail group Woolworths. That price values David Jones at 2.15 billion Australian dollars, or about $2 billion.

“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,” said David Jones chairman Gordon Cairns.

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