Author(s): Hussein Alghushami
This study examines the legal protection afforded to minority shareholders against the risks associated with corporate acquisitions under Saudi law. Acquisitions, defined as the process through which one company gains control over another by purchasing its shares, often pose significant risks to minority shareholders, particularly in terms of fairness, transparency, and control. The central research question guiding this study is whether the current Saudi legal framework provides adequate protection for minority shareholders in the context of corporate acquisitions. To address this question, the study analyses relevant legal provisions within the Saudi legal system, with a focus on regulatory texts and official guidelines. The research adopts a descriptive-analytical approach, examining both statutory regulations and practical implementation, and divides the analysis into two primary sections. The study finds that while the Capital Market Authority (CMA) provides a structured regulatory framework for listed companies, there remains a notable gap in legal regulation for companies that fall outside the CMA's jurisdiction. Specifically, the Saudi legal system does not comprehensively regulate acquisition processes for unlisted companies or outline clear procedural requirements and protections in such cases. The study concludes with several recommendations aimed at enhancing minority shareholder protections and closing existing legislative gaps.