Jahez signs non-binding offer to acquire Marn Information Technology

Logo of Jahez International Company for Information System Technology

Jahez International Company for Information Systems Technology signed on April 19 a non-binding offer (NBO) with the shareholders of Marn Business Information Technology Co. to fully acquire the latter, the company said in a statement to Tadawul.

The NBO is valid for 30 days from the date of its signing, unless terminated earlier in accordance with its provisions.

Under the terms of the NBO, all information and documents related to the holdings of the company’s current shareholders shall be provided for the buyer to undertake the necessary legal, financial, technical, commercial, accounting, as well as Zakat and tax due diligence processes.

Marn shareholders may not, for the period of 30 days (the exclusive period), enter into any negotiations regarding the sale of any shares.

The final price for the proposed acquisition will be based on the findings of the due diligence, Jahez explained.

Except for the clauses on exclusivity, costs, legal impact and applicable law and jurisdiction, all other clauses outlined in the NBO are not binding on the parties.

Jahez will conduct the legal, financial, technical, commercial, accounting, as well as Zakat and tax due diligence processes.

The proposed acquisition is subject to the approvals of relevant authorities, Jahez noted, adding that no financial advisor has yet been hired.

Any developments will be disclosed in due course, Jahez concluded.