John Johnston, the 99-year-old co-founder of Godfreys gained control of the stricken vacuum cleaner retailer on Friday, after major shareholders signalled they would sell into his higher takeover offer.
Mr Johnston moved well beyond the 50.1 per cent mark on Friday after promises by the fund manager behind two blocks of shares totalling almost 20 per cent of the company, to accept the offer.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
