Singapore codifies F&N takeover precedent

Author: Ashley Lee | Published: 14 Jul 2015

Singapore’s takeovers regulator, the Securities Industry Council (SIC), announced proposed amendments to the Takeover Code on July 6, following changes to the UK regime in January.

While they won’t create a sea change in public takeovers regulation, and are unlikely to spark a wave of public M&A, they clarify issues that have arisen in recent transactions – most notably the contested takeover of Fraser and Neave two years ago.

"I think most of these amendments are a codification of the approach that was put into place for the Fraser and Neave takeover," said Lean Min-tze, principal at Baker & McKenzie Wong & Leow in Singapore. "There was uncertainty before around aspects such as the auction procedure, but this makes it clear that the SIC will adopt essentially the same...