Bentonville, Ark. Wal-Mart Stores confirmed Tuesday in a company statement that the New York Stock Exchange has suspended trading of the American Depository Shares of Distribucion y Servicio D&S S.A.
The move is the result of Wal-Mart’s successful tender offer to purchase common shares of D&S, coupled with the low volume of ADSs representing the common shares of D&S now held by the public. This is approximately 1.6% of shares. The NYSE also announced plans to delist the Chilean company.
D&S, Wal-Mart’s wholly owned Chilean subsidiary, also plans to launch a follow-on tender offer for the remaining common shares and ADSs of D&S on or before Feb. 24. They will hold the same price terms offered in the company’s recently competed tender offer.
Wal-Mart and Felipe and Nicolas Ibanez Scott own all outstanding common shares. Wal-Mart currently holds 58.3% of the shares, and the brothers, who formerly controlled D&S, hold 40.1% of the shares.