Revisions To Singapore Takeover Code

Introduction

The Singapore Code on Take-overs and Mergers (“Code”) was revised by the Monetary Authority of Singapore pursuant to Section 139(6) of the Securities and Futures Act with effect from 25 March 2016. This article aims to highlight the key changes that were made to the Code, and will touch on various amendments including those relating to:

• Competing offers
• Board conduct during an offer
• Prompt disclosure of material changes
• Settlement of acceptances
• No increase / no extension statements

Competing offers

Amendments to the Code were made to provide greater certainty on the applicable procedures and timelines in cases of competitive offers and to increase the prospects of a competing offer that will benefit offeree company shareholders.