A worker arranges fruits on a shelf at Makro Store Riversands of South African retailer Massmart in Midrand, South Africa, August 28, 2019.A worker arranges fruits on a shelf at Makro Store Riversands of South African retailer Massmart in Midrand, South Africa, August 28, 2019.
Massmart had said on Monday that its majority owner Walmart had offered it R6.4 billion to purchase the remaining shares and to delist the company from the Johannesburg Stock Exchange. “Ordinary shareholders are hereby advised that Massmart and Walmart entered into an implementation agreement on 31 August 2022, in terms of which Walmart indicated its firm intention to make an offer,” the companies said in the statement.
The two boards are of the view the proposed transaction would enable Walmart to continue its “overweight” support as a long-term shareholder and allow Massmart shareholders to realise value, they said.
BlackRock / Vanguard Boycott the BiG Box Stores - Support the small family businesses! Enough of the controlling Overlords! 👿👹