GAC approves Taiba’s full acquisition of Dur

Logos of Taiba Investments Co. and Dur Hospitality Co.

The General Authority for Competition (GAC)  issued a no-objection certificate on June 20 for Taiba Investments Co.’s full acquisition of Dur Hospitality Co. through a stock exchange deal, according to a Tadawul statement.

Taiba will acquire all of Dur shares in exchange for issuing new shares to the latter's shareholders. 

In two separate statements to Tadawul, the companies pointed out that the deal is subject to other conditions, including obtaining the remaining statutory approvals as well as approvals from Taiba and Dur shareholders, in addition to meeting other conditions set forth in the firm intent declaration. 

In April, Taiba signed a binding implementation agreement to bid for 100% of Dur’s shares in exchange for issuing new shares in Taiba. Dur shareholders will receive one share for every one share they own, Argaam earlier reported.