1 Deal structure
1.1 How are private and public M&A transactions typically structured in your jurisdiction?
Private and public M&A transactions in Singapore are typically structured as a purchase of the issued shares of the company or as an acquisition of the business (ie, assets and liabilities) of the company.
For the acquisition of shares of publicly listed companies in Singapore, depending on the shareholdings being purchased, a mandatory, voluntary or partial general offer may be required to be made pursuant to the Singapore Code on Take-overs and Mergers issued by the Monetary Authority of Singapore.
There is a further regime under the Insolvency, Restructuring and Dissolution Act 2018, which provides for a statutory procedure called a scheme of arrangement that allows a company to be restructured. Mainly for the purposes of setting out restructuring terms to be agreed upon between a company and its creditors to allow the company to meet its debt obligations, a scheme
