Tag Archives | Buyout

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Mica buys House of Paint

Chemspec and Mica proudly announced that they had reached an agreement in principal regarding the sale of the Chemspec Franchise (under the brand name “House of Paints”) to Mica Holdings LTD. The deal is effective October 1, 2011. The agreement will see both wholly owned and franchised stores continuing to trade under the House of […]

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Immediate benefits to be realised

Following the recent closing of the transaction in which Walmart secured a 51% interest in Massmart, the companies have moved swiftly on their promised benefits to South African consumers, demonstrating their commitment to significant job creation, and announcing plans for growing an enhanced food offering, the majority of which will be locally sourced.     […]

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Walmart intends asking Lamberti to stay on

It is Walmart’s intention to ask Mark Lamberti to remain on as independent non-executive Chairman should the acquisition of 51% of Massmart by Walmart be approved by the Competition Tribunal.       Lamberti has indicated his willingness to accept such an offer, which would see him lead the process of selecting a new Board […]

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Massmart recognises SACCAWU’s right to engage in lawful, responsible protest action

Massmart respects SACCAWU’s right to engage in lawful and responsible protest action relating to legitimate issues that are perceived to affect its membership. With specific reference to the meeting held today (17 January 2011), which saw Massmart shareholders voting in favour of Wal-Mart’s offer to acquire 51% of Massmart at a cash price of R148.00 […]

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Massmart shareholders approve Walmart offer

Massmart shareholders have voted in favour of Walmart’s offer to acquire 51% of Massmart at a cash price of R148.00 per share. At a special meeting held at Massmart’s offices in Johannesburg on 17 January 2011, 97.67% percent of shareholders present and entitled to vote, voted in favour of the deal, more than the 75% […]

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Walmart makes offer for 51% of Massmart

Walmart approach formalised as Massmart receives firm offer for controlling interest The Board of Directors of Massmart has received written notice from Walmart of its firm intention to make an all cash offer to acquire 51% of Massmart at a cash price of R148.00 per Massmart ordinary share by way of a scheme of arrangement. […]

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Norman Seymore, MD of Chryso, will assume the position of CEO of both Chryso and a.b.e. Construction Chemicals, after the Chryso acquisition is completed.

a.b.e. deal in final stages

The complex process of Chryso southern Africa acquiring a.b.e. Construction Chemicals, which started in February this year, has now reached its final stages. The move will result in a.b.e. delisting from the JSE, with Chryso taking ownership and management control of the company at the beginning of October 2010. Norman Seymore, the current managing director […]

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Walmart to take control of MassMart?

Shareholders are advised that MassMart has received a non-binding proposal from Wal-Mart Stores, Inc, (‘Walmart’) which could lead to Walmart making a cash offer to acquire the entire issued share capital of the company for a price of ZAR148 per share (‘the Proposed Offer’).  In the event that a firm offer is received the board […]

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