Massmart has reached a principle agreement with majority shareholder Walmart that could potentially see the US-based multinational corporation acquire all of the company’s remaining shares.
to Massmart shareholders on Monday, 29 August 2022, Massmart laid out the salient terms of the potential offer.
“This represents a premium of 53% to the closing share price, a 68.7% premium to the 30-day volume weighted average price and a 62.4% premium to the 90-day volume weighted average price as at 26 August 2022,” Massmart said. PricewaterhouseCoopers has been brought on as an independent expert to consider whether the potential offer was fair and reasonable to Massmart shareholders.
Massmart stressed that the announcement does not constitute a firm intention to make an offer in terms of the Companies Regulations, 2011 and Companies Act No. 71 of 2008 . Massmart explained that its complete acquisition by Walmart would allow the US company to continue its “overweight” support as a long-term shareholder.
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