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 WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.