Who does Takeover Code apply to?

Who does Takeover Code apply to?

The Takeover Code applies to any public company which has its registered office in the UK, the Channel Islands or the Isle of Man, as well as to some private UK companies. It also applies in part to some companies incorporated in the European Economic Area which are listed in the UK.

What is mandatory offer Singapore?

What is a Mandatory Offer? This is triggered under Rule 14 of the Code when an offeror and parties acting in concert with it acquire shares of the target in amounts crossing the threshold prescribed in Rule 14.

What is SIC Singapore?

The Securities Industry Council (SIC) administers the Singapore Code on Take-overs and Mergers (Take-over Code). Find out about the SIC, and access newsletters and press releases on takeovers and mergers.

What triggers a mandatory offer?

Mandatory Offers The requirement to make a mandatory offer is triggered when a person or entity, alone or together with any connected person or entity, acquires shares in the target equal to or more than 35% of the total issued voting shares in that company.

Does Takeover Code apply to AIM?

Currently, the Code only applies to an AIM-listed company which is the target of a takeover bid if the Takeover Panel, which created and enforces the Code, considers it to be “centrally managed and controlled” in the UK, Channel Islands or Isle of Man.

What is the purpose of takeover code?

One of the objectives of the Takeover Code is to provide the public shareholders an opportunity to exit their investment in the target company when a substantial acquisition of shares in, or takeover of the target company takes place, on terms that are not inferior to the terms on which substantial shareholders make …

What is a 2.7 announcement?

Rule 2.7 Announcement means the press announcement released by Acquisition SPV and the Target to announce a firm intention on the part of Acquisition SPV to make an offer to acquire the Target Shares on the terms of the Scheme or the Offer (as applicable) in accordance with Rule 2.7 of the Takeover Code.

What is takeover bid?

Definition of takeover bid : an attempt by someone to gain control of the company by buying most of its stock The company is facing a takeover bid.

What is the SSIC code?

SSIC Codes. SSIC is an abbreviation for Singapore Standard Industrial Classification. The SSIC code is a national standard for categorising economic activities carried out by economic units. It is used in population censuses, household and establishment surveys, and administrative databases.

What is NEC industry?

NEC means “not elsewhere classified” and includes SCCs that are not assigned to any of the other specific industrial process sectors.

What is a mandatory takeover offer?

In mergers and acquisitions, a mandatory offer, also called a mandatory bid in some jurisdictions, is an offer made by one company (the “acquiring company” or “bidder”) to purchase some or all outstanding shares of another company (the “target”), as required by securities laws and regulations or stock exchange rules …

What is Rule 8.3 of the Takeover Code?

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an …

What is the Singapore Code on take-overs and mergers?

The Singapore Code on Take-overs and Mergers is issued by the Monetary Authority of Singapore pursuant to section 321 of the Securities and Futures Act. The Code is nevertheless non-statutory in that it does not have the force of law.

What is the purpose of the takeover code?

The Code represents the collective public opinion on the standard of conduct to be observed in general, and how fairness can be achieved in particular, in a take-over or merger transaction. A fundamental requirement is that shareholders in the company subject to a take-over offer must be given sufficient

What is the sic’s response to the public consultation on Takeovers?

On 24 January 2019, the SIC issued the “Consultation Conclusions on Revision of the Singapore Code on Take-overs and Mergers” (“ SIC Response ”) setting out its response to the feedback received from the public consultation. Duty to make mandatory offer triggered by conversion of MV shares into OV shares or reduction of voting rights of MV shares

What is the Singapore Securities Industry Code (sic)?

While the Code is non-statutory in nature, it is issued by the Monetary Authority of Singapore (“MAS”) pursuant to the power conferred upon it by Sections 139(2) and 321 of the SFA. The body which administers and enforces the provisions of the Code is the Securities Industry Council (“Council”).