Retail veteran Solomon Lew has accepted a $210 million offer for his stake in Country Road, ending his long standoff with the new owner of David Jones.
South Africa's Woolworths Holdings confirmed its $17 per share offer for Mr Lew's 11.9 per cent stake in Country Road had been accepted after all conditions on the offer were removed.
The Country Road offer was linked to Woolworths' $2.2 billion bid for David Jones, in which Mr Lew took a major stake earlier this year.
Mr Lew has not spoken publicly on the matter, but it appeared he took a stake in David Jones to threaten to block Woolworths' takeover of the department store chain, in order to achieve a premium price for his stake in Country Road - which is majority owned by Woolworths.
The two parties have had a hostile relationship since Mr Lew took a stake in Country Road 17 years ago.
Before Woolworths made its offer for Mr Lew's Country Road shares, his stake in the company had a market value of $172 million.
Woolworths' takeover of David Jones was approved earlier this month, and its Country Road offer was due to expire on August 11.
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