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Walmart reportedly offered to buy the rest of the shares in the South African retail company Massmart. The American leading retail chain is bidding $377 million for the acquisition.
Walmart's multi-million offer is to buy the remaining 49% of shares in Massmart. The company already owned a 51% of stake in the Sandton, South Africa-based retailer that it purchased in 2010. It also owns well-known local brands such as Makro, Game Stores, MassCash, and more.
The American retail giant that was founded by Sam Walton made a suggestion of buying Massmart, and in response, the struggling firm said that the money from the sale would surely help revive the brand. It was revealed that with the announcement of Walmart's interest in acquiring Massmart, its shares suddenly shot up by 46%, as per Reuters.
If the shareholders approve the buyout, Massmart will be automatically delisted from the Johannesburg Stock Exchange. Walmart is offering 62 South African Rand for each of the outstanding Massmart shares. The amount is equivalent to a premium of 53% on Friday's closing share price.
"The potential offer, if finalized, will provide Massmart with needed access to ongoing financial and operational support from Walmart to sustain the group's turnaround," the company said.
It was learned that ever since Walmart bought the 51% stake in Massmart more than a decade ago, the former had to provide an increasing level of financial support including the operational costs across its businesses.
News24 reported that the support that Walmart extended included four billion South African Rand in liquidity at the height of the COVID-19 pandemic when the lockdowns frequently happened in 2020. The American retail chain company converted half of the loan into equity.
"The potential offer will enable Walmart to continue its overweight support as a long-term shareholder and allow eligible Massmart shareholders the opportunity to realize value now," Walmart said in a statement after making an acquisition offer. "With an expected inflow of foreign direct investment estimated at R6.4 billion, this potential offer represents a positive vote of confidence in South Africa by the world's leading retailer."
