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

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1. Providing Equity Without Taking Control continued Preferred shares exist in French corporate law They may carry, in particular: - preferred and/or cumulative dividend rights - rights to consolidated dividends of controlled affiliates - voting and governance rights - ―high water mark‖ protections The liquidity of preferred shares may be obtained through: - a right of conversion into listed ordinary shares, and/or - a put right granted by the issuer, subject to creditors‘ (deemed) consent In both cases the investor will have to bear some economic risk The terms and conditions of the preferred shares must be reviewed by a court appointed auditor and approved by shareholders at a 2/3 majority 62
1. Providing Equity Without Taking Control continued Differed Equity (에퀴티로 상환 가능한 금융상품) 회사자본 연계 채권 인수 가능 (예: 신주 또는 현주식으로 상환 가능한 채권 (OCEANE), 주식으로 환매 가능한 채권 (ORA), 주식으로 상환 가능한 채권 (OCA)) 워런트는 채권과 합쳐진 형태로 취급될 수 있으며 워런트만 분리하여 거래될 수 있음 이렇게 상환 가능한 금융상품은 straight equity 상품과 같은 주주 동의를 필요로 함 채권 또는 워런트의 발행시 AMF의 허가를 받은 상장 투자설명서가 있을 경우 상환 가 능한 금융상품 관련 기본 주식은 자동적으로 상장됨 63
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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
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2. 해외 M&A와 조세전략 수
Page 97 and 98: 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 and 146: 1. Providing Equity Without Taking
Page 147: 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
Page 197 and 198: 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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