Country Road Limited’s
(ASX:CTY) suitor South African retailer Woolworths Holdings Limited (JSE:WHL) has declared its $213 million bid for the company best and final.
The fashion brands retailer scored an all cash offer of $17 per share last week and Woolworths has today ruled out sweetening the bid further.
Woolworths already owns 87.8 per cent of Country Road and is also currently pursuing department store retailer David Jones Limited
(ASX:DJS) with a $2.2 billion takeover offer.
Woolworths CEO Ian Moir says the company 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 in the first half of the 2014 financial year.
