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
"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...