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OSIM offeror, advisers in breach over errant purchases (Amended)

But they are spared further action by SIC because of prompt remedial measures and compensation to shareholders

Published Thu, Nov 24, 2016 · 09:50 PM

Singapore

THE Securities Industry Council (SIC) has found the offeror which took OSIM International private this year in breach of a note in the Singapore Code on Takeovers and Mergers.

The breach stemmed from erroneous purchases of shares in the lifestyle products group in April this year during the privatisation process. Note 3 on Rule 20.1 of the code states that an offeror must not place itself in a position where it would be required to revise the offer if it has made a "no increase" statement.

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