It's been a rough few years for retailer David Jones.
First there was the brouhaha following some inappropriate events at Randwick Racecourse which led to the departure of their Chief Exec, which need not be dragged up again.
More recently I vented my spleen about some outrageous share trading - which wasn't insider trading, of course - just an honest mistake.
ASIC showed itself to be a shade toothless on that occasion and let it slide (saying it was "very difficult to prove" - LOL), although the Board Members quietly resigned in the end.
Better news today for DJS, however, as Woolworths South Africa offered a takeover bid valued at $2.148 billion.
That's worth $4.00 per share which is a 25.4% premium than to the closing share price yesterday of $3.19.
Amazingly enough, DJS hasn't traded at $4.00 since all the way back in July 2011.
It's always had the appearance of a solid business but retailers did struggle in the aftermath of the financial crisis as Aussies tightened their purse strings and household savings rates jumped.
Moreover, some of the department stores have shot themselves in the foot a little by failing to embrace online retailing as wholeheartedly as they might/should have done.
David Jones had previously been in discussions with Myer (MYR) about a potential $3 billion merger, which will now doubtless be rescinded by Myer.
DJS shares are now up by around 30% in 2014 and MYR's shares got a neat little boost on the news too, which will drive the Aussie share market higher today.
Members of David Jones and Woolies appear to be widely expected to wave the deal through at a shareholder vote in June.