Walmart Reaches Deal With South Africa's Massmart Holdings for Potential Takeover Offer
August 29 2022 - 3:39AM
Dow Jones News
By Sabela Ojea
Massmart Holdings Ltd. said Monday that it has reached a
principle agreement with Walmart Inc. on the terms of a potential
takeover offer by Walmart, which already owns a 51% stake in the
group.
The South African retail and wholesale group said that the deal,
which values Massmart at 1.34 billion rand ($79.4 million), is
based on a potential offer of ZAR62 for each share in the
company.
The share price offer represents a premium of 53% to the
company's closing share price, it added.
"The Massmart independent board... is unanimously of the
preliminary view that the terms and conditions of the potential
offer are fair and reasonable and intends to recommend to the
Massmart board to propose the scheme and support the standby
general offer," the company noted.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
August 29, 2022 03:24 ET (07:24 GMT)
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