After the joint firm intention announcement was released on 1 September, the circular has now been released to shareholders and interested parties.

Walmart’s public adventures with Massmart look set to come to an end. An offer of R62 per share is likely to bring this chapter to a close.

If approved by shareholders, Massmart would become a private company and Walmart will spend its time fixing a business that has struggled to compete in the current retail environment.

In case the scheme of arrangement doesn’t reach the necessary approval threshold, there’s a standby general offer.

For a great example of the exciting world of corporate finance and M&A, you’ll find the entire circular at this link and the summary announcement below.