Wal-Mart Stores, Inc. (NYSE:WMT)
WMT announced today that it has made a preliminary, non-binding proposal which could, if successful, lead to Walmart making a cash offer to acquire Massmart Holdings Limited (JSE:MSM) for ZAR148 per share.
This is an indicative, non-binding offer, and is subject to a number of conditions, including due diligence, and a period of reciprocal exclusivity granted by Massmart & WMT. In accordance with the South African legal requirements, Massmart today filed a Cautionary Announcement indicating the terms of the Contemplated Offer.
Massmart, headquartered in Johannesburg, is one of the largest distributors of consumer goods on the African continent and is the leading African retailer of general merchandise, home improvement equipment and supplies. Massmart is also the market-leading retailer of basic foods in the region. The company runs 290 stores in 13 countries in Africa, with the vast majority of its stores in South Africa, and manages eight wholesale and retail chains operating under a variety of different brand names.
Doug McMillon, President and CEO of Walmart International, said, "Walmart's mission is to save people money so that they can live better lives. We believe this proposed acquisition is a great opportunity to deliver on that mission for all the people in the regions of the African continent where Massmart currently operates. We have the opportunity to leverage our experience from around the world to more effectively serve customers, create opportunities for our associates and add shareholder value. We are continuing to deploy our strategy to accelerate growth and improve returns in our international business and this region of the world fits with our focus on large, high growth markets. This potential combination with a market leader will enable us to add value to an already successful business through investments in people and technology. We respect and honor pre-existing union relationships and are committed to abiding by South African labor laws. We also look forward to serving communities and working with the leaders to support the continued development and momentum in the region."
Andy Bond, Executive Vice President with responsibility for WMT's operations in the region, including the United Kingdom and Africa, said, "South Africa presents a compelling growth opportunity for Walmart and offers a platform for growth and expansion in other African countries. South Africa possesses attractive market dynamics, favorable demographic trends and a growing economy. We are fully aware and supportive of Massmart's Broad Based Black Economic Empowerment (NYSE:BEE) program, and if the transaction is completed, we expect to continue and build on these efforts, working diligently with appropriate parties to grow skills and socio-economic development, and to be a corporate and retail role model. We also look forward to moving towards a deal with Massmart to offer their associates enhanced opportunities to grow and prosper."
WMT operates retail stores in various formats worldwide. WMT's Walmart U.S. segment offers meat, produce, deli, bakery, dairy, frozen foods, floral, and dry grocery; health and beauty aids, household chemicals, paper goods, and pet supplies; electronics, toys, cameras and supplies, photo processing services, cellular phones, cellular service plan contracts, and prepaid service; fabrics and crafts, stationery and books, automotive accessories, hardware and paint, horticulture and accessories, sporting goods, outdoor entertaining, and seasonal merchandise; apparel, shoes, and jewelry; pharmacy and optical services; and home furnishings, housewares, and small appliances through discount stores, supercenters, and neighborhood markets, as well as through walmart.com. WMT's International segment includes various formats of retail stores and restaurants, including supermarkets, combination discount and grocery stores, supercenters, Sam's Clubs, hypermarkets, cash-n-carry stores, department stores, and general merchandise stores. WMT's Sam's Club segment offers merchandise, including hardgoods, softgoods, and selected private-label items under the MEMBER'S MARK, BAKERS & CHEFS, and SAM'S CLUB brands through warehouse membership clubs in the United States, as well as through samsclub.com. As of January 31, 2010, WMT operated 803 discount stores, 2,747 supercenters, 158 neighborhood markets, and 596 Sam's Clubs in the United States; 43 units in Argentina, 434 in Brazil, 317 in Canada, 252 in Chile, 170 in Costa Rica, 77 in El Salvador, 164 in Guatemala, 53 in Honduras, 1 in India, 371 in Japan, 1,469 in Mexico, 55 in Nicaragua, 56 in Puerto Rico, and 371 in the United Kingdom, as well as 279 stores in the Peoples Republic of China. WMT was founded in 1945 and is based in Bentonville, Arkansas.
To learn more about WMT visit: http://www.walmartstores.com
Power3 Medical Products, Inc. (OTC:PWRM)
PWRM, a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, announced earlier this month that it delivered four poster presentations at the 2010 International Conference on Alzheimer's Disease (NASDAQ:ICAD) in Honolulu, Hawaii. These presentations discussed NuroPro, PWRM's diagnostic test, and focused on PWRM's Alzheimer's disease blood serum biomarkers, test and clinical validation trials.
"In preparation for commercialization, our objective at this meeting was to show how Power3's protein biomarkers and blood tests provide superior solutions for diagnosis and drug response to improve the treatment of Alzheimer's disease," said Dr. Ira L. Goldknopf, PWRM's President and Chief Scientific Officer. "It was gratifying to receive substantial attention to our posters from representatives of major pharma and clinical research institutions from around the world. They expressed surprise and enthusiasm for our findings, especially those relating to the methods by which Power3's protein biomarkers indicate how patients respond to treatment with the three major anti-dementia drugs."
"We are pleased that our blood tests specifically diagnose Alzheimer's in patients, both pre- and post-treatment," said Helen R. Park, MS, Chief Executive Officer of PWRM, "and that our scientific collaborators, Dr. Marwan Sabbagh, Medical and Scientific Director of the Banner Sun Health Medical Research Institute, and Dr. Lourdes R. Bosquez, President of the Woodlands Behavioral Institute, Inc., presented along with us at the meeting in Hawaii."
"We are within striking distance of realizing an Alzheimer's clinical diagnostic tool which I hope will lead to a greater understanding of the disease and buoy the pace of future therapeutic interventions," added Marwan Sabbagh MD, Medical and Scientific Director of Banner Sun Health Medical Research Institute.
PWRM has filed several patent applications for its NuroPro technology that are currently pending. PWRM also has a world-wide exclusive license from the Baylor College of Medicine in Houston, Texas. To date, PWRM has given 9 presentations on NuroPro at international scientific meetings in the United States, Europe and China, and has published 6 articles in peer-reviewed scientific journals on the subject. PWRM intends to publish these latest findings as well.
PWRM, a bio-technology company, engages in the development and marketing of diagnostic tests in the fields of cancer, and neurodegenerative and neuromuscular diseases in the United States. PWRM's products include BC-SeraPro, a proteomic blood serum test for the early detection of breast cancer; and NuroPro, a serum test for the detection of neurodegenerative diseases, such as amyotrophic lateral sclerosis, Alzheimer's disease, and Parkinson's disease. PWRM's products analyze proteins and their mutations to assess an individual's risk for developing disease later in life or a patient's likelihood of responding to a particular drug; assess a patient's risk of disease progression and disease recurrence; and measure a patient's exposure to drug therapy. PWRM was formerly known as Surgical Safety Products, Inc. and changed its name to Power3 Medical Products, Inc. in September 2003. PWRM was founded in 1992 and is based in The Woodlands, Texas.
To learn more about PWRM visit: http://www.Power3Medical.com
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