MAS revises takeover rules for dual-class shares

Singapore

THE Monetary Authority of Singapore (MAS) has revised Singapore's Code on Take-overs and Mergers to clarify that independent shareholders of dual-class companies will not be required to make a general offer if their share of voting rights is pushed past regulatory thresholds under certain circumstances.

A general offer for a dual-class share company must also present the same offer price for multiple-voting shares as for ordinary-voting shares, according to the new rules.