í´ì¸ M&Aì ë²ì ìì - Sullivan & Cromwell

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1. Providing Equity Without Taking Control continued Straight Equity A French company by shares may reserve an issuance of new shares to one or more identified investors or categories of investors: - Requires a 2/3 majority vote at a shareholders meeting - No pricing constraints – as long as issuance price is not lower than per value Public companies: up to 20% of the share capital in any 12-month period may be offered to a group of investors pursuant to a private placement: - No need for a pre-closing EGM approval if the board has received a blank-check delegation from a prior EGM - Minimum price requirements will apply (discount to market price may not exceed 5% of the weighted average price observed during the last three trading days). 60
1. Providing Equity Without Taking Control continued 프랑스 기업법상 우선주 우선주는 특히 다음과 같은 권리를 부여할 수 있음: - 우선배당권 그리고/또는 누적배당권 - 종속회사에 대한 통합배당권 - 투표권 등 기업지배구조에 참여할 권리 - ―하이워터마크" 보호 우선주의 환금성은 다음과 같이 얻을 수 있음: - 보통 상장주로의 전환권, 그리고/또는 - 채권자의 (간주된) 동의하에 발행사는 매도권 (put right)을 제공할 수 있음 위 두가지 경우 투자자는 일부의 경제적 위험을 부담함 우선주의 조건은 법정에 의해 임명된 회계감사관의 검토를 거쳐 주주들의 2/3 승낙을 받아야 함 61
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September 26, 2012 | Seoul 해외 M
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Traditional Role of IP in M&A
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Why does IP matter? continued Monet
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Primary IP Objectives in M&A contin
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Selected IP Risks in M&A continued
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IP Allocation in a Spin-Out continu
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Spin-Outs ‒ Key IP Questions cont
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Emerging Role of IP in M&A 지적
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What to expect
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Patent Market - Trends 특허권
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Case Study: Skype 2003: Niklas Zenn
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Case Study: Microsoft/Novell Attach
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Biography of Nader A. Mousavi R eco
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Biography of Nader A. Mousavi conti
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Thank You
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Acquiring a U.S. Public Company: Wh
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Fundamental Deal Structuring Decisi
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―One Step‖ Transaction Structur
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―Two Step‖ Transaction Structur
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Deal Consideration: Stock versus Ca
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The Role of Stockholder Rights Plan
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Unsolicited Deal Schematic continue
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Target Options Regarding the Sale P
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When Must Negotiations be Disclosed
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―Public Company‖ Due Diligence
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―Public Company‖ Due Diligence
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Key Terms of Negotiated Deal contin
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Material Adverse Effect continued C
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Document Creation continued From be
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Transaction Litigation: Significant
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Transaction Litigation: Focal Point
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Transaction Litigation: Acquirer‘
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Implications for Acquirer During Ea
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Importance of PR and Governmental R
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Certain U.S. Legal Regimes Implicat
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Summary: Key Elements of Acquiring
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Appendix B: Illustrative Timeline:
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Illustrative Timeline: Cash Tender
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Fiduciary Duties of Directors in a
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Appendix D: Speakers Profile Franci
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Biography of Francis J. Aquila cont
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Biography of Michael G. DeSombre co
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Biography of Michael G. DeSombre co
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September 26, 2012 | Seoul 해외 M
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해외 M&A 단계별 조세상 고
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1. 해외 M&A 단계별 조세상
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1. 해외 M&A 단계별 조세상
Page 95 and 96: 2. 해외 M&A와 조세전략 수
Page 109 and 110: Partner Profile 김 규 동 회계
Page 111 and 112: September 26, 2012 | Seoul 해외 M
Page 113 and 114: 1. 해외 M&A의 일반적인 절
Page 115 and 116: 1. 인수 검토 및 예비 분석
Page 117 and 118: 3. 본 계약 체결과 Closing 효
Page 119 and 120: 투자의사결정 관련 내부
Page 121 and 122: 기업결합 신고의무 우리나
Page 123 and 124: 해외직접투자 신고 (신규
Page 125 and 126: 신고시기와 필요서류 해외
Page 127 and 128: 신고 처리 및 후속 조치 신
Page 129 and 130: 4. 계약 조항 중 주의할 부
Page 131 and 132: 분쟁해결 조항 국제 중재
Page 133 and 134: 진술과 보장 조항 영미법
Page 135 and 136: PMI 준비시 고려할 사항 장
Page 137 and 138: Partner Profile 김경연 변호사
Page 139 and 140: September 26, 2012 | Seoul 해외 M
Page 141 and 142: Investing in France: Selected Legal
Page 143 and 144: South Korean Investments in France
Page 145: 1. Providing Equity Without Taking
Page 149 and 150: 1. Providing Equity Without Taking
Page 155 and 156: 2. Acquiring Control
Page 157 and 158: 2.1 Regulated Business Sectors A.
Page 159 and 160: 2.1 Regulated Business Sectors cont
Page 161 and 162: 2.2 Merger Regulation (i) 프랑스
Page 163 and 164: 2.3 Labor Law Issues 프랑스 기
Page 165 and 166: 2.3 Labor Law Issues continued IRPs
Page 167 and 168: 2.4 Public Companies a) Access to I
Page 169 and 170: 2.4 Public Companies a) Access to i
Page 171 and 172: 2.4 Public Companies b) Disclosure
Page 173 and 174: 2.4 Public Companies c) Mandatory T
Page 175 and 176: 2.4 Public Companies continued d) K
Page 177 and 178: 2.4 Public Companies d) Key Rules o
Page 179 and 180: Appendix A - S&C Paris Office CHAMB
Page 181 and 182: Appendix B ‒ Biography of Dominiq
Page 183 and 184: Investing in Germany: Recent Trends
Page 185 and 186: Amount of Transactions Transaction
Page 187 and 188: Recent Market and Legal Trends - Ge
Page 191 and 192: Recent Market and Legal Trends - In
Page 195 and 196: 2.1Private M&A
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Selected Topics - Selected Topics i
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Selected Topics - Selected Topics i
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Recent Market and Legal Trends - Ge
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Selected Topics - Stake Building fo
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Selected Topics - Prior Stake Build
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Selected Topics - Stake Building Sh
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Selected Topics - Specific Features
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Selected Topics - Follow-on integra
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2.3 Joint Aspects
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Joint Aspects - Regulatory Restrict
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Joint Aspects - Regulatory Restrict
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Joint Aspects - Corporate Restricti
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Joint Aspects - Labour Law/Due Dili
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Joint Aspects - Antitrust - Practic
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Outlook (1/2) Macroeconomic Situati
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Appendices Appendix A - S&C Frankfu
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Appendix B - Biography of Carsten B
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Appendix B - Biography of Carsten B
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