| Wed 23 Mar 2011, 10:19 | | MSM - Massmart - Competition Tribunal Hearing Process |
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MSM
MSM
MSM - Massmart - Competition Tribunal Hearing Process
Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1940/014066/06
Share code: MSM
ISIN: ZAE000029534
("Massmart")
Wal-Mart Stores, Inc
Incorporated in the State of Delaware United States of America
Traded on the New York Stock Exchange under the symbol "WMT"
Acting through its indirect wholly-owned subsidiary
Main Street 830 (Proprietary) Limited
Registration number 2010/016839/07
("Walmart")
COMPETITION TRIBUNAL HEARING PROCESS
1. Introduction
Massmart shareholders are referred to the joint announcements previously
published by Massmart and Walmart as well as the circular to shareholders dated
9 December 2010 regarding Walmart`s offer to acquire 51 Massmart ordinary shares
from each Massmart ordinary shareholder (other than the excluded shareholders)
for every 100 Massmart ordinary shares held for a cash consideration of R148,00
per ordinary share by way of a scheme of arrangement in terms of section 311 of
the Companies Act (Act 61 of 1973), as amended ("the Scheme").
2. Competition Tribunal hearing
Shareholders are advised that the merger hearing of the Competition Tribunal
("the Tribunal") in relation to the Scheme commenced on 22 March 2011, as
scheduled. The Tribunal had allocated the dates 22 to 25 March 2011 (both
inclusive) for the hearing of evidence from factual and expert witnesses.
Shareholders are advised that following submissions made to the Tribunal by
legal representatives of the Department of Economic Development, the Department
of Trade and Industry and the Department of Agriculture and Fisheries, and legal
representatives of SACCAWU, FAWU, NUMSA and COSATU, the Tribunal reluctantly
decided to stay the merger hearing until May 2011, on procedural grounds. The
dates of 9 to 13 May were allocated by the Tribunal for the hearing of evidence
from factual and expert witnesses. 16 May was reserved for legal argument.
Massmart and Walmart are considering, together with their legal advisors, their
options to facilitate an expeditious and fair regulatory hearing. Walmart
remains firm in its belief that Massmart is a compelling investment opportunity.
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
Johannesburg
23 March 2011
Sponsor to Massmart
Deutsche Securities (SA) (Proprietary) Limited
Legal advisors to Massmart
Edward Nathan Sonnenbergs
Communications advisors to Massmart
Brunswick
Date: 23/03/2011 10:19:01 Produced by the JSE SENS Department.
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