Wal-Mart Confirms $2.4B Massmart Offer

Law360, New York (November 29, 2010, 6:44 PM EST) -- Wal-Mart Stores Inc. confirmed on Monday its offer to purchase a 51 percent stake in South Africa-based Massmart Holdings Ltd. for 17 billion rand ($2.4 billion), as the world's largest retailer seeks to expand in Africa.

The 148 rand-per-share offer represents a 19.2 percent premium over Massmart's 30-day volume weighted average share price as of Sept. 23, the last trading day before Wal-Mart announced its preliminary offer Sept. 27, the companies said in separate statements Monday.

“The due diligence effort we have conducted over the last...
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