Stakes increased in retail battle for DJs as Solomon Lew grabs shares

Retail magnate Solomon Lew has increased his stake in the department store David Jones by just short of 10%, in a bid to undercut the recent $2.2 billion Woolworths Holdings’ takeover or gain influence on the board, reports Fairfax.

The bid confirms market watchers’ suspicions that Lew has been buying shares in takeover target David Jones since 9 May.

Lew’s owned Australian Retail Investments has announced on Wednesday that it now owns 9.89% of David Jones after buying 53.11 million shares for around $200 million.

This considerable stake in Lew’s command could give him the influence to vote down the Woolworths takeover when it is put to David Jones shareholders in 13 days’ time.

This article first appeared on SmartCompany.