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Massmart shareholders approve Wal-Mart offer
Massmart shareholders have voted in favour of Wal-Mart's acquisition offer at a special meeting held at Massmart's offices in Johannesburg on 17 January 2011, it was announced yesterday. Of the shareholders present and entitled to vote, 97.67% voted in favour of the deal that will see Wal-Mart acquire 51% of the company at a cash price of R148 per share.
There are however, important conditions that need to be fulfilled before the transaction can be implemented, including approvals from the South African Courts and the Competition Authorities.
The Competition Commission is expected to make its recommendation concerning the proposed acquisition to the Competition Tribunal during the course of this month. While the timing of the Tribunal hearing is largely dependent on the availability of a suitable date on the Tribunal's roll, Massmart is hopeful that this can be achieved during February 2011.
Commenting on the shareholder approval Massmart CEO Grant Pattison, said: "This is an important milestone and we now await the decision from the Competition Authorities."
