Countries › Dominican Republic › Guide › 10. Capital markets and finance › Tender offers and major holdings in Dominican listed companies
Tender offers and major holdings in Dominican listed companies
Last verified: 2026-10-30 · Status: Stable
Crossing 30% of voting shares of a listed company, or board control below that, triggers a mandatory public tender offer. The price is the higher of the top quote in 90 days and the top price paid by the bidder. Holders of 10% must report it, and reaching 90% in a bid triggers a compulsory delisting offer.
USD figures use the Banco Central de la República Dominicana reference selling rate of RD$60.9007 per US dollar for 29 October 2026, rounded to the cent.
Key facts
| Mandatory tender offer threshold | 30 % of voting sharesLey 249-17 art. 64, as of 2026-10-30 · in force |
|---|---|
| Compulsory delisting offer threshold | 90 % of votesR-CNMV-2019-24-MV art. 100, as of 2026-10-30 · in force |
| Major holding reporting threshold | 10 %R-CNMV-2019-24-MV art. 21, as of 2026-10-30 · in force |
| Reference selling rate used for USD conversions | 60.9007 DOP per USDBanco Central reference rate, as of 2026-10-29 · in force |
The rule
1. Whoever seeks 30% or more of the shares of a listed company, alone or by acting together, directly or indirectly, in one or more steps, must do so through a public tender offer.Ley 249-17 del Mercado de Valores, art. 64, 2017-12-19 official text · verified 2026-10-30
2. Control means 30% of votes, or a lower stake with the power to name more than half of the board.Ley 249-17 del Mercado de Valores, art. 67, 2017-12-19 official text · verified 2026-10-30
3. The duty also arises through shareholder agreements for joint action and through a third party taking control of a main shareholder if it means 30% or more.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 66 paragraph II, 2019-10-15 official text · verified 2026-10-30
4. No offer is required if a voluntary offer for all securities gave control, or if all shareholders agree the same day to sell 100%.Ley 249-17 del Mercado de Valores; R-CNMV-2019-24-MV, Ley art. 63 paragraph I; Reglamento art. 72, 2017-12-19 official text · verified 2026-10-30
5. The price is fair, and is the higher of the highest stock market quote and the highest price the bidder paid, with the last 90 calendar days in view.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 74, 2019-10-15 official text · verified 2026-10-30
6. A breach suspends all social rights in the securities held, and votes count for nothing, with resolutions passed on them void.Ley 249-17 del Mercado de Valores, art. 65 and art. 68, 2017-12-19 official text · verified 2026-10-30
7. From the decision to bid until the end, the bidder and its financial group may not deal in target securities outside the offer, and insiders may not deal at all.Ley 249-17 del Mercado de Valores, art. 61 and art. 63 paragraph II, 2017-12-19 official text · verified 2026-10-30
8. The board and senior managers must not act to frustrate the offer in harm of the company, though statutes may set preventive measures.Ley 249-17 del Mercado de Valores, art. 66, 2017-12-19 official text · verified 2026-10-30
9. The bidder must post a deposit, guarantee or surety from a financial entity on first demand, or a guarantee trust of liquid assets, covering all payments.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 79, 2019-10-15 official text · verified 2026-10-30
10. After announcing as a relevant fact, the bidder has up to 45 working days to file for authorization.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 84, 2019-10-15 official text · verified 2026-10-30
11. Holders can accept at any time in the acceptance period and change their decision until it ends.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 92, 2019-10-15 official text · verified 2026-10-30
12. If a bid gives one holder or a group at least 90% of votes, a compulsory delisting offer must follow within two months of settlement at similar terms, and all holders must accept.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 100, 2019-10-15 official text · verified 2026-10-30
13. A holder reaching 100% must ask for delisting the same day.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 75, 2019-10-15 official text · verified 2026-10-30
14. A direct or indirect holding of 10% or more of a listed company must be reported as a relevant fact for the Registry, and increases updated.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 21, 2019-10-15 official text · verified 2026-10-30
15. Significant participation is 10% or more of subscribed and paid capital, including through derivatives.Ley 249-17 del Mercado de Valores, art. 253, 2017-12-19 official text · verified 2026-10-30
Worked example
- An investor at 25% buys 6% more by private sale at RD$120 a share, while the top quote in the last 90 days was RD$100. Going to 31% triggers the bid, and the bid price cannot be under RD$120 (US$1.97).
Step by step
- Map holdings of the group and anyone acting together.
- Keep the plan confidential as privileged information.
- Arrange the guarantee.
- Announce as a relevant fact, then file within 45 working days.
- Run the acceptance period, then settle.
- At 90%, launch the delisting offer within two months.
Common traps
- Listed companies only: private S.A.s are out of scope, and bank share sales have separate approvals.
- Regulation art. 74 reads the 90 days as part of a fair price test; check the bourse rule for the calculation.
- The 10% holder report is separate from the 30% test, and from bank 3% reporting.
Sources
Related pages
- finance/public-offerings-and-listings
- finance/listed-company-governance-and-market-abuse
- investing/acquiring-a-dominican-company
- finance/banks-and-financial-intermediaries
Related: Dominican Republic country profile · live dashboard · central bank and release calendar · our posts on X
Get rule changes weekly
Free. One email a week from The LatAm Thread.
One more step after you press the button: we take you to Substack, where your email is already filled in. Confirm there to start. No spam, unsubscribe anytime, we never share your address. By subscribing you agree to the privacy policy.