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Wal-Mart/Massmart Tribunal hearing set
Consumer goods distributor Massmart on Monday said the Competition Tribunal, at a pre-hearing conference held on 18 February 2011, allocated the dates 22 - 24 March, both inclusive for the merger hearing in relation to the Wal-Mart/Massmart deal.
"The tribunal will hand down its decision within 10 business days following the conclusion of the hearing," said Massmart.
In November, Wal-Mart made a R16.5 billion cash offer to acquire 51% of Massmart at R148 per Massmart share - a smaller stake than the initial 100% offer in September, but one that will see Massmart retain its listing on the JSE.
Last week Massmart said the Competition Commission concluded its investigation and referred Wal-Mart's proposed acquisition to the Competition Tribunal with a recommendation that the transaction be approved without conditions.
This followed last month's special meeting in which Massmart's shareholders voted in favour of the deal.
The tribunal's hearing is effectively the last step before the deal can be concluded.
"Assuming the tribunal either approves the scheme without conditions, or subject to conditions acceptable to Wal-Mart, and that no other conditions precedent to the deal remain unfulfilled or if unfulfilled have been waived at such time, the order of court sanctioning the deal will be registered with the Registrar of Companies as soon as practical thereafter," Massmart said.
Source: I-Net Bridge
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