Title: CMA Organizes its Third Awareness Workshop on “Competitive Acquisition”

Kuwait, October 11 2016- CMA has organized its third workshop, which is part of its awareness program for the current financial year 2016/2017. It addressed the issue of Competitive Acquisition. The CMA’s aim is to continue its awareness efforts related to this type of acquisition and the main amendments on this regard.
This workshop comes within the framework of the first phase of the current program which was launched last September and will be concluded next week. Such workshops usually take place at the same place and time at Khaled Al-Kharafi Hall at Kuwait Stock Exchange’s building on Tuesdays at 12:30 p.m.

CMA’s representatives of today’s workshop were:
- Mrs. Hanan Al-Gharabally – Director of Mergers and Acquisitions Department
- Mr. Khaled Al Saqer – Director of the Awareness Office
- Mr. Othman Alneghaimash - Director of Co-ordination and Follow-up Office – Legal Affairs Sector.
- Mr. Fahad Al-Subaih – representative of Mergers and Acquisitions Department

Many aspects regarding the topic of the workshop were tackled such as:
• Definition of Competitive Acquisition Offer
• Provisions regarding Competitive Acquisition Offer
• Procedures of Executing Competitive Acquisition Offer
• Modification of Original and Competitive Offer Document 
• Ordinary General Assembly’s decision for the offeree company on the comparison between acquisition offers 
• Acquisition timeline

The speakers started by defining the Competitive Acquisition Offer, its timing, its purposes and the most important additions and fundamental modifications. The second aspect of the workshop discussed the terms and conditions of the competitive acquisition offer, its timing, its impact on the procedures of the original acquisition offer and whether it is accepted or rejected by the CMA, as well as the disclosure of such offer, its fees and obligations of the offeror and the offeree company.
The procedures of executing competitive acquisition offer was then discussed, followed by the discussion of  the modification of original offer document and its procedures, in addition to the modification of the competitive offer document, afterwards they came across the decision of the ordinary general assembly regarding the offeree company on the comparison between acquisition offers, before examining the acquisition timeline which expands to a maximum of 180 days, finally the workshop concluded by answering participants inquiries. 
 
The Capital Markets Authority hopes that the concerned parties will participate in the open discussions to achieve the desired awareness goals. It also reminds all persons concerned with securities activities and other related issues to attend such workshops as they are open for the public.