How could Woolworths be so stupid? Net assets of Dick Smith before acquisition were $370MM and that's not even accounting for intangible assets such as value o

How could Woolworths be so stupid? Net assets of Dick Smith before acquisition were $370MM and that's not even accounting for intangible assets such as value of Dick Smith brand. Why would Woolworths think selling for $115MM was ever good idea? Who was in charge back then?