Key Developments For Woolworths Ltd
Woolworths Ltd (WOW.AX) (Australia Stock Exchange)
Woolworths Limited and Lowe's Companies, Inc.'s Australia Plan By Acquiring Danks Holdings Limited Wins Final Approval-Reuters
Reuters reported that Woolworths Limited and Lowe's Companies, Inc. won final approval to jointly set up big hardware stores in Australia, taking over a domestic wholesaler as their supplier. Australia's competition regulator cleared their joint takeover of hardware wholesaler Danks Holdings Limited. The Australian Competition and Consumer Commission said it allowed the takeover to go ahead after Woolworths and Lowe's Companies Inc promised not to discriminate against smaller hardware retailer customers supplied by Danks. Woolworths and Lowe's, buying Danks for AUD88 million ($82 million), have already won control over 96% of Danks' shares.
Danks Holdings Limited Updates On Takeover Offer From Woolworths Limited and Lowe's Companies, Inc.'s Joint Venture Company
Danks Holdings Limited (Danks) announced that the takeover offer for Danks from Carboxy Pty Ltd, a joint venture between Woolworths Limited and Lowe's Companies, Inc., contained a number of conditions that needed to be met before the takeover could be completed. The condition of minimum acceptance of 90% has been met and acceptances had been received from Danks shareholders representing 95.31% of the issued capital of Danks. Further, the condition of Foreign Investment Review Board approval has been satisfied.
Woolworths Limited's Carboxy Pty Ltd Extends Takeover Offer For Danks Holdings Limited
Danks Holdings Limited (Danks) announced that Carboxy Pty Ltd, a subsidiary of Woolworths Limited, varied the takeover offer for Danks by extending the period. The offer is open for acceptance (Offer Period) from 7.00 pm (Sydney time) on October 20, 2009 to 7.00 pm (Sydney time) on November 19, 2009 (unless further extended or withdrawn). Carboxy and its associates had a relevant interest in 89.16% of the ordinary shares of Danks at the date of the extension of the Offer Period.
Woolworths Limited Reiterates FY 2010 Outlook
Woolworths Limited announced that for fiscal 2010, it continues to expect overall sales to grow in the upper single digits (excluding Petrol sales), EBIT to continue to grow faster than sales and net profit after tax to grow in the range of 8% to 11%. The Company reported net profit of AUD1.836 billion in fiscal 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report net profit of AUD2.037 billion for fiscal 2009.
Woolworths Limited and Lowe's Companies, Inc.'s Joint Venture Entity Accepts 75.09% Of Takeover Offer For Danks Holdings Limited
Woolworths Limited announced that shareholders holding 75.09% of the issued ordinary shares in Danks Holdings Limited (Danks) have accepted Carboxy Pty Ltd’s recommended takeover offer for Danks. Carboxy Pty Ltd is a joint venture entity owned two-thirds by the Company and one-third by Lowe's Companies, Inc. The acceptances include acceptances from Investments Pty Limited, the Danks family investment company, representing 48.89% of the issued capital of Danks and Perpetual Limited representing 13.46%. The offer price of AUD13.50 per Danks share represents a 64.6% premium to Danks closing share price of AUD8.20 on August 24, 2009, being the last trading day prior to the announcement of the offer. The offer is scheduled to close on October 20, 2009, unless extended.
