Woolworths (ASX:WOW) said Carboxy – its joint venture with US home improvement retailer Lowe’s – has secured the purchase of a controlling stake in the Home Hardware chain.
Shareholders holding 75.09% of Home Hardware owner Danks Holdings have so far agreed to Carboxy’s takeover bid, Woolworths said. And the remaining investors have until at least October 20 to accept the offer.
The offer price of $13.50 per share represents a nearly 65% premium on the most recent Danks trading price prior to the bid.
The Carboxy joint venture is two-thirds owned by Woolworths and one-third owned by Lowe’s.