The $209 million offered to retail veteran Solomon Lew for his stake in Country Road is significantly higher than an independent valuation of the shares.

Lew has been offered $17 per share by South Africa’s Woolworths Holdings, which is seeking to buy the 12.12 per cent of Country Road it does not already own.

Lew owns almost all of those shares, and Woolworths’ offer is linked to its $2.2 billion takeover offer for David Jones, in which Lew also holds a major interest.

The David Jones takeover has been approved by its shareholders and the Federal Court, but Lew is yet to accept the Country Road offer.

In an assessment of Woolworths’ offer, valuation firm Lonergan Edwards has concluded Country Road shares are worth between $14.92 and $16.22 each.

But it acknowledged the cost benefits to Woolworths if it were to take 100 per cent control of Country Road were not included in its assessment.

A Woolworths spokesman said the offer was fairly priced for both Country Road and Woolworths shareholders, and reflected the unique benefits Woolworths can derive from owning Country Road and David Jones.

AAP