Regulatory Alerts2026-06-16
Added · Updated
MAS Amends the Singapore Code on Take-Overs and Mergers
The Monetary Authority of Singapore has amended the Singapore Code on Take-overs and Mergers, effective 16 July 2026, following a public consultation by the Securities Industry Council. Key changes include raising the control threshold from 20% to 30%, expanding the definition of close relatives, and introducing a 28-day put up or shut up deadline for potential offerors. The amendments also require offeree boards to disclose the substance of independent advice when seeking shareholder approval for frustrating actions and mandate equal information provision to competing offerors, including equivalent site visits. Additionally, the Code now caps aggregate break fees at 1% of total offer value and clarifies rules regarding acting in concert and asset valuations.
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