The mandatory bid rule has its origins in the UK and now applies throughout the EU and in many other jurisdictions. Under a mandatory bid, an acquirer of a controlling stake in a listed company has to offer to the remaining shareholders a buy‐out of their minority stakes at a price equal to...

This paper analyses deal protection devices, specifically termination fees and lockup agreements, that are entered into by publicly listed target companies in favour of the preferred bidders under Anglo-American law. US (specifically Delaware) and UK law and regulation differ markedly in the...

Bidder protective conditions (such as material adverse change clauses) are used by bidders in takeover offers of publicly listed targets, allowing them to withdraw their offers costlessly when events specified in such conditions occur. This article examines the scope and efficacy of protective...

This article examines the role and utility of opinions rendered by independent financial advisers, who are required to be appointed in connection with takeovers of, and related party transactions entered into by, companies which are listed in Singapore. Three main problems are identified: (i)...

Mergers and acquisitions (M&As) form an integral part of economic activity in Singapore. This book helps satiate the demand for legal resources and to support the M&A community in Singapore, more particularly the legal professionals. The goal in this book has been to address the needs of the...