More views on the new Singapore takeover code

Shearman & Sterling Stamford''s top legal mind, Lee Suet Fern explains why the code needed to change.

What was the impetus for making changes to the Singapore takeover code 

Our code was frightfully old, and in fairness to the authorities there had been incremental changes. But to keep us in the number one spot in the region, it's important to ensure that we have rules of the game that are consistent with international norms. I think they have done a fabulous job coming up with the new code. That's one side of it.

Our code was also a relatively brief document. So you had areas such as whitewash resolutions, where as a practitioner I knew what would be required, but there was nothing actually set out. So if a company wanted...

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