U.S retail giant Walmart Inc has launched a 6.4 billion rand ($377.6 million) offer for the 47% of Massmart shares it does not already own, a deal Massmart said would support the overhaul of the loss-making South African retailer.
shares it does not already own, a deal Massmart said would support the overhaul of the loss-making South African retailer.
Walmart has offered 62 rand for each outstanding Massmart share, which represents a premium of 53% to Friday's closing share price, Massmart added.Since acquiring majority control over Massmart in 2010, the U.S. retailer has had to provide increasing levels of financial and operational support across Massmart's businesses.
But issues such as the COVID-19 pandemic and the civil unrest in 2021 had held up the turnaround plan, Massmart said.
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