MAS Amends The Singapore Code On Take-Overs And Mergers

On 16 June 2026, the Monetary Authority of Singapore, on the advice of the Securities Industry Council (the “Council”), issued a revised Code on Take-overs and Mergers (the “Code”). The amendments to the Code aim to protect the competitive process of take-over and merger transactions, improve certainty and timeliness of schemes of arrangement, and enhance disclosures to investors and shareholders, and came into effect on 16 July 2026.

The Code sets out the non-statutory framework governing take-overs and mergers in Singapore and is administered and enforced by the Council. Its primary objective is to ensure that take-overs and mergers are conducted in accordance with good business practice for the fair and equal treatment of all shareholders. The Code is not concerned with the commercial merits of a transaction; rather, it focuses on the standards of conduct expected of parties in take-over and merger transactions, and how fairness can be achieved.