Shares in Massmart surged 46 percent after the company announced the news on Monday, as its Chairman Kuseni Dlamini said the offer seems "fair and reasonable."
American retail giant, Walmart, which is already the majority 53% shareholder in Massmart, has proposed a R6.4-billion cash, buy-out offer for the shares it does not already hold in the SA-based retailer, a likely prequel to a major restructuring of the stressed group.
Walmart buying the remaining shares of Massmart would give the struggling retailer financial and operational support to help turn it around, the group said
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