Bermuda Supreme Court Rejects Regulatory Claims: A Landmark Ruling On The Singapore Take-over Code And Kingboard

On 18 August 2025, the Supreme Court of Bermuda delivered its judgment in the case of Annuity & Life Re Ltd and Pope Asset Management LLC v Kingboard Copper Foil Holdings Ltd and Others [2025] SC (Bda) 88 Civ. This marked the first instance in which the Singapore Take-over Code was the subject of a judicial ruling outside of Singapore.

Background

These proceedings arose from a settlement agreement entered into by the parties in April 2018 (the "Settlement Agreement"). The Settlement Agreement was reached following lengthy litigation before the Bermuda Supreme Court and Court of Appeal regarding a minority shareholders' petition brought by the Plaintiffs. Under the agreement, the Defendants agreed to purchase the Plaintiffs' shares in the First Defendant at SG$0.45 per share.