SYDNEY (Reuters) - Australia's No.2 department store operator, David Jones Ltd , said on Wednesday it had agreed to a takeover offer from South Africa's Woolworth Holdings Ltd valuing the company at around A$2.15 billion ($2 billion).
David Jones said it had entered into a scheme of arrangement with Woolworths for the A$4 per share bid which represented a 25 percent premium to its closing price on Tuesday.
David Jones was approached last year by larger rival Myer Holdings Ltd
David Jones Chairman Gordon Cairms said the board had considered a number of proposals including remaining a standalone company or merging with Myer but concluded that the Woolworths' deal was in the best interests of shareholders.
($1 = 1.0712 Australian Dollars)
(Reporting by Lincoln Feast; Editing by Edwina Gibbs)
