What impact have recent legislative changes had on the nature and amount of M&A activity?
In August 2004, the SGX issued a new practice note (Practice Note 7.3) to provide guidance to Singapore listed companies on their continuing disclosure obligations in the context of a proposed offer for their shares or where an offer is made for listed shares held by them. Among other things, the new practice note suggests that, if a listed company receives an unsolicited but firm offer for shares in another listed company during trading hours, the first listed company is expected to seek a trading halt and make an immediate announcement of the offer that was received. While the guidance in the practice note did not appear to reflect prevailing market practice, the practice note represents the SGX’s expectation with respect to a listed company’s disclosure obligation where an offer is made for shares that it holds in another listed company. In the meantime, the SIC continues to consult various investment banks and law firms on practices related to public company M&A activities. After o
