The Singapore Code on Take-overs and Mergers was issued on 6 December 2001 and will come into effect on 1 January 2002. All take-over announcements made prior to 1 January 2002 will continue to be governed by the old law. Followers of the corporate law in Singapore will be aware that the law is currently in a flux, as the country pushes to reinvent itself. This Article provides a quick insight into this sate of flux and then looks broadly at the new Take-over Code provisions
Overview
The Monetary Authority of Singapore (‘MAS’) on 6 December 2001 issued the long awaited Singapore Code on Take-overs and Mergers (‘Take-over Code’) pursuant to section 321 of the Securities and Futures Act (‘SFA’). This follows two rounds of public consultation by the Securities Industry Council (‘SIC’) in November 1999 and May 2001 on proposed changes to the Take-over Code.
