Walmart Bids for 51% Stake in South African Retailer
The offer represents a 19.2% premium over the 30-day weighted average price on Sept. 23, Walmart said in a statement. Sept. 23 was the final trading day before Walmart announced its initial offer.
The offer is subject to approval by Massmart's shareholders and South African regulators. The documents related to the offer will be mailed to Massmart shareholders by Dec. 9.