Walmart Offers to Buy 51 Percent of Massmart
November 29, 2010,
BENTONVILLE, Ark.--Following through on plans announced in September, Walmart has made an offer to acquire 51 percent of the shares of Massmart Holdings, the South African retail holding company.
The offer would cost Walmart $20.56 a share using today's conversion rate of the South African rand to the U.S. dollar. A Walmart statement said the Massmart board of directors has unanimously recommended the offer to the company's shareholders.