Bahrain Kuwait Insurance Company B.S.C. (BAX:BKIC) made a mandatory tender offer to acquire the remaining 36.31% stake in Takaful International Company BSC for BHD 2.2 million on April 3, 2017. As reported, Bahrain Kuwait Insurance will acquire remaining 22.7 million Takaful shares at per share price of BHD 0.095 in cash. The offer will be financed using BKIC's internally generated funds. Bahrain Kuwait Insurance established an escrow account and deposit BHD 2.2 million in this account. The Takaful Board appointed an Independent Committee consisting of Jamal Ali Al Hazeem, Abdulrahman Abdulla Mohammed and Khalid Jamal Al Muzaire to advise on the offer. Abdulrahman Abdulla Mohamed and Khalid Jamal Al Muzaire of the Independent Committee of Board assessed that the BKIC Offer is fair and reasonable and these two members recommended that the shareholders of Takaful accept the BKIC Offer. Jamal Ali Al Hazeem assessed that the BKIC Offer is not fair and reasonable and therefore recommended that the shareholders of Takaful reject the BKIC Offer. The offer is unconditional.

In case Bahrain Kuwait Insurance achieves 95% or more ownership in Takaful as a result of the offer, it has to compulsorily acquire the remaining voting rights within 3 months from the date of acquisition of 95% or more. The offer document will be sent to Takaful International Company within 21 calendar days of the date of announcement of the terms of the offer. The offer document was dispatched to Takaful's Board of Directors on May 10, 2017, unless extended. The offer will start on June 6, 2017 and will remain open till June 20, 2017. Securities and Investment Company BSC(c) acted as financial advisor and escrow agent, Al-Sarraf & Al-Ruwayeh acted as legal advisor and Ernst & Young acted as auditor to Bahrain Kuwait Insurance Company. KPMG acted as professional independent advisor and Rashid A.R Ebrahim acted as legal advisor to Takaful International.