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Simpson Thacher represented the Ibañez family, the existing controlling stockholders of Distribución y Servicio D&S S.A. ("D&S"), in relation to the all-cash tender offer launched on December 23, 2008 by Wal-Mart Stores, Inc. to acquire all of the issued and outstanding shares and American Depositary Shares of D&S. The tender offer price of US$0.408 per common share represents a premium of approximately 37.4 percent over the average closing price for the prior 30 trading days, valuing D&S at over US$2.6 billion. Wal-Mart has set as a minimum condition of the tender offer, the acquisition of at least 50.01% of D&S’s fully-diluted common shares. In order to demonstrate their support for the offer, the Ibañez family, agreed to tender a portion of their D&S shares and they will enter into a long-term stockholders’ agreement with Wal-Mart regarding D&S, which will continue to operate with its existing platform and brands. D&S is Chilean company traded on the NYSE which is comprised of a group of companies whose core business is food retail through different supermarket and hypermarket formats aimed at satisfying customers' diverse needs.

The Simpson Thacher team for the transaction included Todd Crider, Alan Klein, Jeremy Kell, Berta Matos, Rodrigo Fernandez and Ana Carolina Viana (Corporate), and Seojung Park and Sean Austin (Tax).