F. W. Woolworth Co. confirmed a planned...

F. W. Woolworth Co. confirmed a planned cash tender offer for the 92.9% of the outstanding shares that it does not already own of Mathers Enterprises Ltd., the largest shoe-store chain in Australia. The offer, valued at $68.6 million, will be made by Kinney Shoes (Australia) Ltd., a unit of Woolworth subsidiary Kinney Shoe Corp. The offer has been approved in principle by Mathers’ board and is subject to regulatory approval in Australia and 90% acceptance of the offer by Mathers’ shareholders.