Chapter 11 Takeovers
Part I Scope of Chapter
This Chapter sets out the requirements which apply to takeovers. Other requirements can be found in the Takeover Code for Singapore companies.
Part II General
Where an issuer receives a notice from an offeror of its intention to make a takeover offer, it must request suspension of trading in its listed securities and make an immediate announcement.
An offeree company must send to all holders of shares that are not the subject of the takeover offer and holders of convertible securities, a copy of all documents sent to the holders of shares which are the subject of the takeover offer.
If, in the opinion of the Exchange, an issuer has merged or amalgamated with an unlisted entity, and as a result the unlisted entity has acquired control of the issuer, the issuer must immediately lodge with the Exchange all information and documents required from any company seeking admission to the Official List.
Where a takeover offer is made for the securities of an issuer, upon the announcement by the offeror that acceptances have been received that bring the holdings owned by the Offeror Concert Party Group to above 90% of the total number of issued shares excluding treasury shares, the Exchange may suspend the trading of such securities in the Ready and Unit Share markets until it is satisfied that at least 10% of the total number of issued shares excluding treasury shares are held by at least 500 shareholders who are members of the public.