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Consultation on Amendments to the Singapore Code on Take-overs and Mergers

July 2015 - Corporate & Commercial. Legal Developments by Drew & Napier LLC .

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Consultation on Amendments to the Singapore Code on Take-overs and Mergers

8 Jul 2015

This update discusses the Securities Industry Council’s (“SIC”) consultation paper on proposed amendments to the Singapore Code on Take-overs and Mergers (“Code”). The Code was last reviewed by the SIC in 2012 and many of the proposed amendments discussed in the consultation paper are on account of market and practice developments that have occurred since then.

SIC’s key proposed amendments include:

(a) providing greater certainty on the applicable procedures and timelines where there are competing offers;

(b) encouraging offeree company boards to be more proactive in safeguarding shareholders’ interests;

(c) ensuring that shareholders and investors are apprised of material information on a timely basis; and

(d) codifying and streamlining existing practices.

To read the update, please click here.