Compagnie minière de Touissit faces mandatory tender offer

The Moroccan Capital Market Authority (AMMC) has declared the mandatory tender offer (OPA) for Compagnie minière de Touissit (CMT) admissible. The offer is led by Ayrad Group Limited, acting in concert with OSEAD Fund, OSEAD Maroc Mining, and the Caisse interprofessionnelle marocaine de retraite (CIMR).

The operation targets 36.40% of CMT's capital and voting rights, at a price of 2,217 dirhams per share. This mandatory offer was triggered by a shareholders' agreement between Ayrad Group Limited and CIMR that came into effect on July 13, 2026, causing the combined voting rights to exceed the 40% threshold.

The offer excludes shares held by Atlantic RE, Axa Assurance Maroc, CDG, and RCAR, as these shareholders have opted not to participate. Ayrad Group Limited intends to acquire all shares presented in the offer but does not plan to continue further purchases once the process is complete.