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MSM
MSM
MSM - Massmart Holdings Limited - Update on non-binding proposal and further
cautionary announcement
Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1940/014066/06
Share code: MSM
ISIN: ZAE000029534
("Massmart" or "the Company")
UPDATE ON NON-BINDING PROPOSAL AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement dated 27 September
2010 wherein shareholders were advised that the Company had received a non-
binding proposal from Wal-Mart Stores, Inc ("Walmart") which could lead to a
cash offer to acquire the entire issued share capital of the Company for a
price of ZAR148 per share ("the Proposed Offer").
Shareholders are further advised that Walmart has notified the Company that,
after having consulted with major Massmart shareholders and key South African
stakeholders regarding the Proposed Offer, Walmart is investigating potential
options for and the merits of retaining Massmart`s listing on the exchange
operated by JSE Limited. These investigations could lead to Walmart making a
partial offer to acquire in excess of 50% of the entire issued share capital
of the Company for a cash price of ZAR148 per share ("the Proposed Partial
Offer").
In the event that a firm offer is received from Walmart, the Massmart Board
will obtain an independent opinion and express a view on the firm offer to
shareholders.
These discussions may have a material effect on the price of the Company`s
securities. Accordingly, shareholders are advised to continue exercising
caution when dealing in the securities of the Company until a further
announcement is made.
Johannesburg
28 October 2010
For media enquiries:
Brunswick:
Tel: +27 11 502 7300
Rob Pinker (Managing Partner)
Tel: +27 83 326 7794
Cecilia de Almeida (Director)
Tel: +27 83 325 9169
Financial advisors to Massmart:
Deutsche Bank
Goldman Sachs International
Sponsor to Massmart:
Deutsche Securities (SA) (Proprietary) Limited
Legal advisors to Massmart:
Edward Nathan Sonnenbergs
Communications advisors to Massmart:
Brunswick
Date: 28/10/2010 08:50:10 Produced by the JSE SENS Department.
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