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  • Timing and Contents

    • TMA-2.18.1

      An offeror must publish an announcement on the business day following the day on which the offer will expire, or becomes or is declared unconditional (whether as to acceptances or in all respects), or is revised or extended.

      Amended: January 2022
      Amended: October 2019

    • TMA-2.18.2

      For the purpose of Paragraph TMA-2.18.1, the offeror must forward such announcement to the CBB and the licensed exchange and offeree company and publish the announcement on the website of the licensed exchange before trading hours at the licensed exchange in Bahrain.

      Amended: January 2022
      Amended: October 2019

    • TMA-2.18.3

      The announcement must state the number of shares and rights over shares:

      (a) For which acceptances of the offer have been received;
      (b) Held, controlled, or directed by the offeror or persons acting in concert with it before the offer period; and
      (c) Acquired or agreed to be acquired during the offer period by the offeror or any persons acting in concert with it.
      Amended: October 2019
      Amended: April 2013

    • TMA-2.18.4

      The announcement must include a prominent statement of the total numbers of shares which the offeror may count towards the satisfaction of its acceptance condition and must specify the percentages of each class of relevant securities represented by these figures. CBB must be consulted if the offeror wishes to make any other statement about acceptance levels in any announcement made.

      Amended: October 2019

    • TMA-2.18.5

      The offeror must send copies of the certificate issued by the designated receiving bank to the CBB, the licensed exchange and the offeree company's professional advisor as soon as possible after it is issued.

      Amended: October 2019

    • TMA-2.18.6

      If statements are made during an offer by an offeror or its advisors, either orally or written, about level of acceptances of the offer or number or percentages of shareholders who have accepted the offer, then an immediate announcement must be made.

    • TMA-2.18.7

      Companies whose securities are not admitted to listing or trading that are a party to the offer will normally not be required to make a public announcement, however it will be required to inform all shareholders about the result of the offer.

      Amended: October 2019

    • TMA-2.18.8

      When the offeree company has the intention to make an announcement on the level of withdrawals of acceptance of an offer, CBB must be consulted before any announcement is made.