Singapore legislation
Section 140
Section 140
Offences relating to take‑over offers
(1)
A person who has no intention to make an offer in the nature of a take‑over offer must not give notice or publicly announce that the person intends to make a take‑over offer.
(2)
A person must not make a take‑over offer or give notice or publicly announce that the person intends to make a take‑over offer if the person has no reasonable or probable grounds for believing that the person will be able to perform the person’s obligations if the take‑over offer is accepted or approved, as the case may be.
(3)
Where a person contravenes subsection (1) or (2), the person and, where the person is a corporation, every officer of the corporation who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.