Wal-Mart Makes $4B Bid For South Africa's Massmart

Law360, New York (September 27, 2010, 1:00 PM EDT) -- Wal-Mart Stores Inc. said Monday that it has made a preliminary offer to buy South African retail chain Massmart Holdings Ltd. for 29.8 billion rand ($4.2 billion), in a move the U.S. discount giant said could enable it to expand to other African countries.

The two retail chains issued cautionary announcements detailing the terms of Wal-Mart's nonbinding offer, which would provide Massmart with 148 rand ($21.20) for each of its 201.5 million shares.

Massmart is one of the biggest retailers of consumer products and basic food...
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