EW Barker Centre for Law & Business

Comparative Takeover Regulation: International & Asian Perspectives

(a joint project with the NUS Centre for Banking & Finance Law and the SMU Centre for Cross-Border Commercial Law in Asia)
by Assistant Professor Umakanth VAROTTIL & SMU Associate Professor WAN Wai Yee

The primary objective of this project is to undertake a study of takeover regulation in various jurisdictions, with greater emphasis on Asia. This project aims to bring together leading academics around the world in the field of in the mergers and acquisitions (M&A) and takeovers to discuss, present and publish papers across a wide spectrum, including work that ranges from the theoretical to the doctrinal and to the empirical. The project also aims to incorporate an interdisciplinary element.

The topic of M&A, particularly takeovers, continues to receive significant attention from both academic and practical perspectives. Apart from the usual contractual and deal-related issues, the growing incidence of takeovers (especially those of the cross-border variety) raises significant policy concerns. Regulators in various jurisdictions around the world are constantly reviewing the legal regime governing takeovers, and introducing reforms as appropriate.

The phenomenon of takeovers involving Asian companies has not been subjected to rigorous academic analysis. This, we believe, provides a useful setting or context for the present project, which aims to fill a significant gap. In doing so, the project does not attempt to address Asian takeover regulation in isolation. It embarks upon a comparative analysis of the Asian jurisdictions in the context of the theoretical and empirical understanding of takeovers in general and also in other developed markets that are frontrunners in takeover regulation (such as the United States (US), the United Kingdom (UK), the European Union (EU) and Australia).

The project consists of two related parts. First, it consists of a theoretical and empirical understanding of takeover regulation. This part considers the history and background of takeovers, the nature of takeover regulation and regulatory institutions, the allocation of power between the board of directors and shareholders (with varying discussions on regimes with diffused shareholding and concentrated shareholding), and stakeholder considerations. Second, it consists of a comparative cross-jurisdictional study of takeover regulation in eight Asian economies.

Conference Website