Arena Events takeover gets Saudi regulatory approval

Arena Events Group announced the receipt of regulatory approval for its acquisition by a consortium of IHC Industrial and Tasheel Holding Group on Friday,

The AIM-traded firm had announced the terms of the recommended offer in October, at a price of 21p per share.

In November, Arena said the acquisition was conditional on receipt of competition law and regulatory approvals from the Saudi General Authority for Competition (GAC).

That could involve the GAC issuing a notice or decision approving the acquisition, or stating that it had no objection to it, or the acquisition being deemed approved because the applicable waiting period had expired without it issuing any notice or decision.

Arena said the GAC could also have confirmed that the relevant approvals were not required.

“Arena and the consortium are pleased to announce that the GAC has issued a non-objection certificate to the consortium, approving the acquisition,” the company said on Friday.

“Therefore, the condition to which the acquisition is subject under part three of the scheme document has been satisfied.”

Completion of the takeover remained subject to the satisfaction or waiver of remaining conditions, including its sanction by the court and the delivery of a copy of that to the Registrar of Companies.

“A further announcement providing an update on the remaining conditions and expected timetable of principal events for the implementation of the scheme will be made by Arena in due course.”

At 1243 GMT, shares in Arena Events Group were up 2.35% at 20.47p.