Loi n° 26-03 relative aux offres publiques sur le marché boursier (modifiée par les lois 46-06 et 19-14) + décret 2-04-546 + arrêté 1874-04

Reach 40% of the voting rights of a Moroccan listed company and you must bid for the rest.

Takeover code. A MANDATORY tender offer (OPA obligatoire) must be filed by any person or persons acting in concert who come to hold, directly or indirectly, 40% of the VOTING RIGHTS of a listed company. The AMMC may grant a derogation where crossing the threshold does not change control. A mandatory buy-out offer (OPR - offre publique de retrait) is triggered above 95% and before any delisting, protecting minorities. All offers require an AMMC-visaed note d'information. Note: the trigger is 40% of VOTING RIGHTS, not of capital - a distinction that matters with double-voting-right structures.