On 07 July 2021, TSMP Law Corporation joint managing partner Stefanie Yuen Thio was quoted in a Straits Times article on speculation on Temasek’s takeover of Sembmarine. She explains the difference in Mandatory General Offers and Voluntary General Offers with regards to the offer price rules.
She said that in MGOs, the offer price must be the highest price paid for shares in the company by the offeror and its concert parties in the past six months. This is different from voluntary general offers where the “look back” period is a shorter three months. The rules are also generally less restrictive, which is why they are typically the route used when a party wants to buy a controlling stake in a public company or to privatise it.