[Last updated: 1 January 2025, unless otherwise noted]

Singapore's public takeover rules are modelled after those of the United Kingdom, Australia and Hong Kong, where the primary rules governing public takeover bids are found in a non-statutory code of conduct. The Singapore Code on Take-overs and Mergers ("Code") applies to takeovers and mergers of:

• corporations, business trusts and real estate investment trusts with a primary listing of their equity securities and units on the SGX-ST; and
• Singapore unlisted public companies and Singapore unlisted registered business trusts with more than 50 shareholders or unitholders, and with net tangible assets of S$5 million or more.

The Code applies whether the bidders are natural persons, corporations or unincorporated bodies, and whether they are resident in Singapore or not.