Walmart (WMT) made an offer for 51% of the shares in South African retailer Massmart Holdings for 148 rand ($20.75) per share.

The offer represents a 19.2% premium over the 30-day weighted average price on Sept. 23, Walmart said in a statement. Sept. 23 was the final trading day before Walmart announced its initial offer.

"We continue to be excited by the opportunity to invest in Massmart's business and to accelerate its growth and expansion in South Africa," said Doug McMillon, CEO of Walmart International.

The offer is subject to approval by Massmart's shareholders and South African regulators. The documents related to the offer will be mailed to Massmart shareholders by Dec. 9.

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