SINGAPORE: The Monetary Authority of Singapore (MAS) has revised its code on takeovers and mergers to help ensure that investors are better informed when companies try to buy one another. This follows market developments and evolving international practices since the last review in 2012.
The revised code incorporates feedback received from a public consultation conducted by the Securities Industry Council in July 2015.
Under the revised code, earlier disclosure of information is required to ensure that investors are kept informed on a timely basis. In cases where competing offers for a company are made, a default auction procedure will take place, if competing buyers do not declare their final offer price in later stages.
The deadline to announce a competing offer has also been extended.
MAS said the changes will take effect on Mar 25.