Singapore Enhances Shareholder Protections in Take-Overs and Mergers

On July 16, 2026, the Monetary Authority of Singapore, advised by the Securities Industry Council (SIC), implemented revisions to the Singapore Code on Take-overs and Mergers. These amendments aim to protect the competitive process of take-over and merger transactions, improve the certainty and timeliness of schemes of arrangement, and enhance disclosures to investors and shareholders.

Key changes include:

• Refining definitions of "associate," "close relatives," and "control," including raising the control threshold from 20% to 30%.
• Codifying SIC's practice of treating asset valuations as outdated if over three months old.
• Preventing offerors from circumventing restrictions on subsequent offers by purchasing material assets of an offeree.
• Regulating the use of videos and social media in disseminating information or opinions related to an offer.

These revisions represent a significant update to Singapore's public mergers and acquisitions framework, enhancing shareholder protections and addressing anti-competitive effects of deal protection measures.