Kuwait’s Capital Markets Authority set new procedures for companies planning to acquire more than 30 percent of a listed stock, including requiring an independent opinion, according to a circular published in local newspapers.
The stock exchange and its regulator must be informed of the offer after an initial agreement between two companies, according to the circular. It must be approved by the competition protection authority, the markets authority and shareholders, it said.
The offer must also be announced on the Kuwait stock exchange’s website and published in at least two local newspapers, the circular said.
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