​​CMA invites the concerned, the interested and the public to provide their comments and observations on The Draft of the Updated Mergers and Acquisition Regulations, which is available to the public on the CMA website starting from today, for the period of "30" calendar days. CMA stressed that the received comments and observations will be studied and considered for the purpose of issuing the final version of the regulations.

CMA indicated in its press release that this draft aims to regulate mergers and acquisitions. This includes regulating mergers through the general assembly, offering proposals, mandatory and permissive offers and disclosure requirements, as well as demonstrating the timetables for these transactions.

CMA also stated that this draft comes in continuation of its efforts aiming at regulating mergers and acquisition transactions in accordance with best international practices, and in line with the powers vested in the Authority by the new Companies Law with regards to mergers transactions, of which a party is a listed company.

The draft included provisions for the regulations of mandatory and permissive offers, and the announcements related to mergers and acquisitions transactions, as well as rules of privately negotiated transactions including the negotiations between the selling shareholder and the offeror; in addition to regulating the obtaining of confidential information of the targeted company. The draft also regulates matters related to restricted dealings, appointments of legal and financial advisors, probation period, the announcement and the time table of the offer, and reverse takeover and demergers.

The public, the concerned and interested parties may provide their comments and observations through the following channels:
Email (Laws.Regulations@cma.org.sa); Fax number (+966114906460); or Mail address (P.O. Box 87171 Riyadh 11642, CMA Deputy for Legal Affairs and Enforcement – Laws and Regulations Department).