In short
- OPA: an offer to buy securities, paid in cash.
- OPE: an offer paid by exchanging securities.
- OPR: an offer that lets minority shareholders leave.
- According to the AMMC, an OPA generally becomes mandatory at 40% of voting rights, and an OPR at 95%.
The three types of offer
| Offer | What happens |
|---|---|
| OPA | The bidder publicly announces it wants to buy securities, for cash. |
| OPE | The same principle, but payment is in securities. |
| OPR | Majority holders offer to buy back the securities, which lets minority shareholders leave. |
When an offer is mandatory
According to the AMMC, an OPA must be filed when a person comes to hold, directly or indirectly, 40% of the voting rights of a listed company. The AMMC can grant an exemption if the threshold crossed does not affect control.
The AMMC’s glossary lists three cases of mandatory OPR:
- holding 95% of voting rights;
- a request from minority shareholders, in certain cases;
- before a delisting begins.
A real example: CMT
According to Challenge, a mandatory OPA targets Compagnie Minière de Touissit. It is launched by Ayrad Group Limited, Osead Fund, Ayrad Maroc and CIMR, and planned from November 3 to 17, 2026, at 2,217 dirhams per share. It covers 611,898 shares, or 36.40% of the capital and voting rights.
The Casablanca Stock Exchange showed a price of 3,472 dirhams for this stock at the close on November 2, 2026. An offer price can therefore differ, even by a lot, from the market price. The information note approved by the AMMC explains how it was set.
This example illustrates a mechanism. It does not say whether to tender your shares to this offer.
What a shareholder should understand
- Tendering shares means selling them to the bidder, under the terms of the offer.
- A period and a procedure are set: they go through your intermediary.
- Whether the listing continues is a key point, because it affects the ability to sell later.
- A delisting removes the shares from the market.
Frequently asked questions
Do I have to respond to an OPA?
In general, a shareholder chooses whether to tender their shares. Special cases, such as a compulsory buyout, are described in the information note.
Is an OPA price always above the market price?
No. It can be lower, as the example above shows.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
