Walmart Braced To Snap Up Remaining Stake In This Loss Making Retailer At 53% Premium

Massmart Holdings Ltd MMRTY bagged a takeover offer from U.S. retail giant Walmart Inc WMT.
Walmart proposed a 6.4 billion rand ($377.6 million) offer for the 47% of Massmart shares it does not already own.
The offer price represents a premium of 53% to Friday's closing share price.
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Since acquiring majority control over Massmart in 2010, Walmart had to provide increased financial and operational support across Massmart's businesses, Reuters reports.
Massmart launched a restructuring plan in 2019 that involved selling off non-core assets, removing fresh food from its Game stores, and cutting costs across the group.
However, the pandemic and the civil unrest in 2021 had held up the turnaround plan.
Massmart clocked a headline loss in the 26 weeks ended June 26 of 903.5 million rand ($53.2 million), from a loss of 358.5 million rand a year before.
Price Action: WMT shares closed lower by 3.1% at $131.66 on Friday.
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