David Jones has delayed a vote on its $2.2 takeover because of retail billionaire Solomon Lew's massive spending spree to become a major shareholder.
The veteran retailer holds a 9.89 per cent stake in David Jones after paying about $200 million for more than 53 million shares in recent weeks.
The reasons for his sudden interest in David Jones remain unclear, but analysts believe he may be hoping to block the takeover of David Jones by South African retailer Woolworths Holdings.
David Jones on Thursday received court approval to delay a shareholder vote on the takeover by two weeks to July 14.
The postponement was sought to allow the David Jones board to "assess the implications" of Mr Lew's shareholding, it said.
Analysts have also said Mr Lew may have become involved in the David Jones takeover in order to get Woolworths, the majority owner of Country Road, to buy his 12 per cent stake in the clothing retailer.
Mr Lew may also be planning to use his David Jones stake as leverage to protect the interests of his company, Premier Investments, as a major supplier to David Jones.
Premier Investments owns popular clothing brands including Portmans, Jacqui E, Peter Alexander and Smiggle.
David Jones shares were unmoved at $3.90 on Thursday.
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