Wal-Mart to Pay $2.3 Billion for Control of Massmart

In an effort to expand its presence in Africa, Wal-Mart WMT formally announced a $2.3 billion all-cash bid on Monday to seize control of South African retailer Massmart. The world's largest retailer said it will acquire a 51% stake in Massmart Holdings for ZAR148 per Massmart share. Massmart's board of directors has signed off on the bid. The offer represents a 19.2% premium on the 30-day weighted average price of Massmart's stock as of Sept. 23, the last trading day before the companies announced a potential deal. Continue reading the article.