The Financial Market Council (CMF) announced in its May 19, 2025 bulletin the opening of a mandatory tender offer for shares of Société Tunisienne d’Automobiles (STA), initiated by Kilani Holding.
The offer, which runs until June 20, 2025, aims to acquire the remaining 45.94% of STA’s capital (918,777 shares) not already owned by Kilani, which currently holds 54.06% (1,081,223 shares).
The offer price is set at 24.400 dinars per share, excluding brokerage fees and commissions on stock market transactions.
It should be noted that the acquirer does not intend to proceed with a public offer of withdrawal. However, if at the end of the compulsory public offer Kilani Holding comes to hold, directly or indirectly, or in concert, at least 95% of the voting rights in STA, they undertake to reissue to the public the number of shares necessary to establish a market (a minimum of 10% of the capital), in order to maintain the listing of the target company’s shares.
According to the CMF’s press release on this subject, this note is headed ‘The Offeror’s Intentions for the Next Twelve Months’.
The Kilanis will therefore have to keep their promise for just 12 months. Wait and see in a year’s time!
