The mandatory public takeover bid (OPA) launched by B.A Glass B.V. on SOTUVER shares has ended without any securities being tendered to the offer.
In its official bulletin of Friday, August 28, 2026, the Tunis Stock Exchange indicates that at the bid submission deadline, set for Thursday, August 27 at 2:00 PM, no bid had been submitted in response to the OPA.
The operation, open from August 5 to 26, 2026, proposed to shareholders to sell their shares at a unit price of 13.390 dinars. It covered 6,843,844 SOTUVER shares, representing 17.43% of the capital.
An offer covering the remaining 17.43%
B.A Glass B.V. held, at the opening of the bid, 16,205,315 shares, or 41.28% of SOTUVER’s capital.
Taking into account the shares held in concert with the Bayahi group, the total represented 32,410,631 shares, or 82.57% of the capital. The mandatory takeover bid therefore targeted the remaining 17.43%.
This offer followed B.A Glass’s crossing of the 40% capital threshold. The Financial Market Council had authorized the acquisition, completed on April 16, 2026, of 16,204,636 shares representing 41.280990% of the capital, while subjecting B.A Glass to the obligation to launch an OPA on the remainder of the capital it did not hold.
13.390 DT in the offer, 26.840 DT on the stock market
The outcome of the OPA occurs in a market context that is peculiar.
Friday, August 28, on the day after the responses centralization deadline, SOTUVER closed at 26.840 dinars, after trading between 26.500 and 27.000 dinars during the session. The previous day, its reference price stood at 26.850 dinars.
The closing price on August 28 thus sits at a level slightly above twice the price of 13.390 dinars offered under the OPA.
This comparison alone does not allow determining the reason for the absence of contributions to the offer. It nonetheless highlights the gap that existed between the regulatory price of the OPA and the market valuation of the share at the time of its closing.
SOTUVER among the most active stocks of the session
Moreover, the stock did not stay out of trading after the closure of the operation.
According to the session’s dynamics on August 28, SOTUVER accounted for 244,191 dinars of traded capital, placing it fourth among the day’s most active stocks, behind Poulina Group Holding, Banque de Tunisie and Amen Bank.
The contrast is notable: no bid had been centralized under the 13.390-dinar OPA, while the stock continued to be actively traded on the market around 27 dinars.
However, it is important to distinguish the two mechanisms: ordinary stock market trading and share contributions within an OPA follow different procedures.
How was the price of 13.390 DT determined?
The offer price had not been freely chosen without regulatory reference. The OPA document states that 13.390 dinars per share were determined in accordance with Article 163 bis of the Stock Exchange General Regulations.
The mechanism takes the highest price among several references, including the average price weighted by volume during the 90 sessions preceding the triggering event, the highest price paid by the acquirer or concert parties during that same period, and the price of the shares that conferred control.
The result published on August 28 is now unambiguous: the mandatory OPA is finished and no bid was submitted to the Stock Exchange in response to the offer.
