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Non-Tech : Wal-Mart
WMT 102.49-0.1%3:59 PM EST
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To: wiz who wrote (263)8/25/1997 12:42:00 PM
From: Ken Turetzky   of 1166
 
Wal-Mart - Cifra SA -2: To Be Paid In Cash Sept. 8

Dow Jones News Service via Dow Jones

BENTONVILLE, Ark. (Dow Jones)--Wal-Mart Stores Inc. (WMT) said it has completed its tender offer for Cifra S.A. de C.V. (CFRAY) and pursuant to that offer it acquired 302.5 million Series A common shares and 290.6 million Series B common shares of the company.

In a news release, Wal-Mart said the offer expired Aug. 22.

As reported, Wal-Mart began its bid in July.

The purchase price for Cifra shareholders who tendered shares and elected for payment in Mexican pesos was $15.89 pesos a share, the company said.

The purchase price for those who elected for payment in U.S. dollars was $2.03 a share, it said.

Wal-Mart said the proration factor used to determine the number of Series A common shares purchased from each tendering Cifra shareholder pursuant to the offer was 35.55% and the proration factor used to determine the number of Series B common shares being purchased was 88.81%.

The company said the purchase price will be paid in cash on Sept. 8.

Wal-Mart and Cifra currently operate 145 retail units and restaurants under a 50-50 joint venture.

Cifra, which is based in Mexico City, also operates 228 retail units and restaurants on its own.

(END) DOW JONES NEWS 08-25-97

11:23 AM
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