Country Road Shares Are Soaring After Woolworths offered To Buy-Out Solomon Lew

Country Road is up more than 20% after South African retailer Woolworths offered to buy the remainder of the company for $17 per share.

Woolworths already owns most of Country Road but Solomon Lew has been holding on to nearly 12% of the company, and has bought a huge stake in Woolworths takeover target David Jones.

The theory is, if Woolworths didn’t buy Lew’s Country Road stake, he could have scuttled its $2.2 billion David Jones takeover.

Shares were trading up 21.36% to to $16.99.

Now read: Here’s How Woolworths Will Try To Stop Solomon Lew Ruining Its $2.2 Billion David Jones Takeover

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