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CBB Rulebook: Contents

  • Common Volume
  • Central Bank of Bahrain Volume 1—Conventional Banks
  • Central Bank of Bahrain Volume 2—Islamic Banks
  • Central Bank of Bahrain Volume 3—Insurance
  • Central Bank of Bahrain Volume 4—Investment Business
  • Central Bank of Bahrain Volume 5—Specialised Licensees
  • Central Bank of Bahrain Volume 6—Capital Markets
    • Part A
      • Introduction
      • Institutions
      • Market Standards
        • OFS — Offering of Securities
        • TMA — Take-overs, Mergers and Acquisitions
          • TMA-A Introduction
          • TMA-B Scope of Application
          • TMA-1 General Principles
          • TMA-2 Rules
            • TMA-2.1 Communication of the Offer
            • TMA-2.2 Independent Advice and Shareholder Approval
            • TMA-2.3 Announcement of Offer or Possible Offer
            • TMA-2.4 No Frustrating Action
            • TMA-2.5 No Withdrawal of an Offer
            • TMA 2.6 Information to Offeror(s)
            • TMA 2.7 Timing and Content of Documents
            • TMA-2.8 The Offeree's Director Responsibilities
            • TMA-2.9 Profit Forecast and Other Financial Information
            • TMA-2.10 Asset Valuation
            • TMA-2.11 Issuance of Documents
            • TMA-2.12 Offers for More than One Class of Equity Shares
            • TMA-2.13 Appropriate Offers for Convertibles
            • TMA-2.14 Offer Timetable
            • TMA-2.15 Revised and Alternative Offers
            • TMA-2.16 Acceptors' Right to Withdraw
            • TMA-2.17 Statements during Course of Offer
            • TMA-2.18 Announcement of Result of Offer
            • TMA-2.19 Settlement of Consideration and Share Transfer
            • TMA-2.20 Restrictions on Dealings before and during the Offer
              • Restrictions on Dealings Before the Offer
              • No-Profit Arrangement
              • Restrictions on Dealings during an Offer
              • Restriction on Dealings by Offeror during Non-Cash Offers
              • Restrictions on Dealings by a Competing Offeror
                • TMA-2.20.16
                • TMA-2.20.17
                • TMA-2.20.18
              • Dealings After Termination of Discussions
              • Dealings in Offeree Company Securities by Certain Offeree Company Associates
              • Gathering Irrevocable Commitments
            • TMA-2.21 Disclosure of Dealings During Offer Period
            • TMA-2.22 When Cash Offer is Required
            • TMA-2.23 Purchases at Above Offer Price
            • TMA-2.24 Provision for Escrow
            • TMA-2.25 No Special Deals or Arrangements with Selected Shareholders
            • TMA-2.26 Proxies
          • TMA-3 Types of Offer
          • TMA-4 Share Repurchases
          • Appendices
        • MAM — Prohibition of Market Abuse and Manipulation
        • MIE — Market Surveillance, Investigation & Enforcement
        • AML — Anti-Money Laundering & Combating Financial Crime
        • TC — Training and Competency
      • Ongoing Obligations
      • High Level Standards
      • Dispute Resolution and Investor Protection
      • International Co-operation
    • Part B
    • Quarterly Updates
    • Ad-hoc Communications
    • Archive
  • Central Bank of Bahrain Volume 7—Collective Investment Undertakings
  • Bahrain Bourse (BHB) Material
  • Central Bank of Bahrain and Financial Institutions Law 2006
  • Bahrain Anti Money Laundering Law 2001
  • Regulation Governing Collective Investment Schemes June 2003
  • Bahrain Stock Exchange Law 1987
  • Bahrain Financial Trust Law 2006
  • Bahrain Insurance Law 1987
  • Bahrain Monetary Agency Law 1973
  • Commercial Companies Law 2001
  • CBB Disclosure Standards
  • CBB Debt Securities Guidelines
  • Ministerial Order — Money Laundering
  • CBB Resolution on Dissemination of Listed Companies' Financial Statements and Board of Directors' Meetings
  • CBB Regulations and Resolutions
  • The Corporate Governance Code of the Kingdom of Bahrain
  • Archive
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Breadcrumb

  1. Central Bank of Bahrain Volume 6—Capital Markets
  2. Part A
  3. Market Standards
  4. TMA — Take-overs, Mergers and Acquisitions
  5. TMA-2 Rules
  6. TMA-2.20 Restrictions on Dealings before and during the Offer
  7. Restrictions on Dealings by a Competing Offeror
  8. TMA-2.20.16
  Versions

 
  • Jan 01 2009 - Sep 30 2019
  • Oct 01 2019
‹ Restrictions on Dealings by a Competing Offeror TMA-2.20.17 ›

TMA-2.20.16

Except with the consent of the CBB, where two competing offers have been made and one of the offers has lapsed, then neither that offeror nor any person acting in concert with that offeror may acquire any interest in shares in the offeree company at a price higher than that made available under its lapsed offer.

Amended: October 2019
‹ Restrictions on Dealings by a Competing Offeror TMA-2.20.17 ›

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