[Last updated: 1 January 2025, unless otherwise noted]
The MARs provide that a bidder must submit to the CMA, no later than three days from publishing the firm intention announcement, the timetable for the offer. The timeline below sets out the main milestones under the MARs and the Companies Law. Depending on the structure pursuant to which the takeover is undertaken, there could be other milestones and requirements which the parties to the transaction will have to adhere to:
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Step |
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1. Submission of the final offer document to the CMA |
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2. T - Obtaining the CMA's approval |
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3. No later than T+1 - Announcement of the start of the target’s creditor objection period* |
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4. No later than T+3 - Obtaining the CMA’s approval for the general assemblies of each the target and bidder to convene* |
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5. No later than T+3 - Publication of the offer document approved by the CMA and providing the same to the board and shareholders of the target |
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6. No later than T+4 - The general assemblies for each of the target and bidder are invited to convene* |
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7. No later than T+16 - The end of the target’s creditor objection period* |
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8. No later than T+17 – Announcement of the status of any creditor objections received by the target* |
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9. No later than T+17 - Publication of the target’s board circular setting out its views on the bidder's plans in respect of the target and its employees (unless it is published as part of the offer document) |
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10. No later than T+31 - Obtaining the approval of the bidder's shareholders (to the extent required) |
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11. No later than T+31 - Obtaining the approval of the target's shareholders |
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12. No earlier than T+31 - The earliest permitted closing date of the offer |
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13. No later than 14 days from the earliest permitted closing date of the offer - The right of withdrawal of acceptances if the offer has not become unconditional as to acceptances |
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14. No later than T+63 - The last date on which the target may announce profit or dividend forecasts, asset valuations or proposals for dividend payments |
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15. No later than T+63 - The last date on which the bidder may revise its offer or publish new information |
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16. No later than T+63 - The last date on which the offer can be declared unconditional as to acceptances |
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17. No earlier than 21 days from the last date on which the offer can be declared unconditional as to acceptances - The last date on which the offer must remain open for acceptance after it is declared unconditional as to acceptances |
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18. No later than 21 days from the last date on which the offer can be declared unconditional as to acceptances -The last date for satisfaction of all other conditions |
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19. No later than 10 days from the last date for satisfaction of all conditions - The last date for cash or other consideration to be provided to the shareholders of the target |
* In the case of a statutory merger
Click here to view diagram for Saudi Arabia.