Wal-Mart Commences Bid for Remaining D&S Shares

Bentonville, Ark. Wal-Mart is commencing its previously disclosed follow-on tender offer that seeks to acquire the outstanding American Depository Shares that it doesn’t already own in Chilean retailer Distribucion y Servicio D&S S.A.

The chain is offering $0.408 for each share of common stock and $24.48 for each ADS. ADS currently represents 60 shares of common stock. The chain is making the bid through its wholly owned indirect subsidiary Inversiones Australes Tres Limitada.

As a result of Wal-Mart’s initial tender offer, approximately 58.3% of the outstanding shares of common stock of D&S, including shares represented by ADS, are beneficially owned by Wal-Mart. Felipe and Nicolas Ibanez Scott own the remaining 40.1% of outstanding shares of D&S common stock.

The offer, as well as withdrawal rights, will expire at midnight, Chilean time, or 10 p.m. EST, on March 25, unless the offer is extended.