To provide markets with better clarity.
The Securities Industry Council today issued a consultation paper on proposed amendments to the Singapore Code on Take-Overs and Mergers.
According to SIC, these proposals take into account market developments and evolving international practices since its last review in 2012, and discussions with practitioners active in the field of mergers and acquisitions.
One of the key proposals will provide greater clarity on competing offers by clarifying timetables between competing offerors. The proposal will also prescribe a default auction procedure to obtain a final offer price from each competing offeror if neither has declared its final offer price in the later stages of the offer period.
Other key proposals include guidance on board conduct during an offer, providing timelier disclosures and codifying and streamlining existing processes.
The consultation paper can be found here.
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