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In what will mark the end of an era, Massmart will be delisting from the JSE later this month following its R6.4 billion takeover by parent Walmart, bringing an end to more than two decades as a public company.
Shareholders gave the nod to Walmart’s R62 per share offer for the 47% stake it does not already own last month, with all the conditions of the scheme now met. The owner of Game and Makro said on Friday it expects to delist on 22 November, with the last day to trade for shareholders wanting to participate in the deal will be on 15 November.
No Competition Commission approval is required as Walmart has control over Massmart, and the US retail giant had initially picked up a 51% interest in Massmart in 2011 for more than $2.5 billion (about R18 billion at the time). Since the acquisition of the original controlling stake for R148 per share, the company’s share price has more than halved. It was trading at around R61.62 on Friday afternoon, having jumped almost 50% since the plan to take it private was announced.
