High Court sanctions Massmart shareholder scheme
Massmart Holdings said on Wednesday, 2 February 2011, that the South Gauteng High Court on Tuesday sanctioned Wal-Mart's offer to acquire 51 Massmart ordinary shares from each Massmart ordinary shareholder for every 100 Massmart ordinary shares held for a cash consideration of R148 per ordinary share by way of a scheme of arrangement in terms of section 311 of the Companies Act.
Massmart said the scheme remained subject to the fulfilment certain conditions.
Last month, Massmart shareholders voted in favour of Wal-Mart's offer to acquire 51% of Massmart at a cash price of 148 per share.
"At a special meeting held at Massmart's offices in Johannesburg on 17 January, 97.67% of shareholders present and entitled to vote, voted in favour of the deal, more than the 75% that was required," it said.