• Massmart Holdings Ltd (OTC: MMRTY) bagged a takeover offer from U.S. retail giant Walmart Inc (NYSE: WMT).

• Walmart proposed a 6.4 billion rand ($377.6 million) offer for the 47% of Massmart shares it does not already own.

• The offer price represents a premium of 53% to Friday's closing share price.

• Also Read: Walmart Struggles With Store Manager Crisis Despite Attractive Pay; Wants To Attract Job Seekers

• Since acquiring majority control over Massmart in 2010, Walmart had to provide increased financial and operational support across Massmart's businesses, Reuters reports.

• Massmart launched a restructuring plan in 2019 that involved selling off non-core assets, removing fresh food from its Game stores, and cutting costs across the group.

• However, the pandemic and the civil unrest in 2021 had held up the turnaround plan.

• Massmart clocked a headline loss in the 26 weeks ended June 26 of 903.5 million rand ($53.2 million), from a loss of 358.5 million rand a year before.

• Price Action: WMT shares closed lower by 3.1% at $131.66 on Friday.

• Photo via Wikimedia Commons

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