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

More documents

Recommendations

Info

―One Step‖ Transaction Structure to Get to 100% Ownership 합병의 구조 ‒ 정식합병: 대상회사가 인수자와 직접 합병을 함 ▶ 세금 등의 관점에서 보면 실익이 떨어짐 ‒ 전진형 삼각합병: 대상회사는 인수자가 신규로 설립한 자회사에 흡수되며, 동자 회사는 인수자의 100% 자회사로 존속함 ▶ 제3자 동의 등이 까다로울 수 있음 ▶ 현금+주식 거래 시 주식 부분이 면세 처리를 받을 수 있는 현금 비율은 최고 60% 까지 ‒ 후진형 삼각합병: 인수자가 신규로 설립한 자회사가 대상회사에 흡수되며, 대상 회사는 인수자의 100% 자회사로 존속함 ▶ 대상회사가 존속하기 때문에 계약상 제3자 동의를 득해야 할 필요성이 줄어듬 ▶ 현금+주식 거래 시 주식 부분이 면세 처리를 받을 수 있는 현금 비율은 최고 20% 까지 34
―One Step‖ Transaction Structure to Get to 100% Ownership continued Statutory Merger Structure ‒ Long-form forward merger: Seller merges directly with Buyer ▶ Unlikely to be practical from tax and other perspectives ‒ Forward triangular: Seller merges with and into Buyer’s newly formed merger subsidiary, and merger subsidiary survives as a wholly-owned subsidiary of Buyer ▶ May be problematic from a third-party consent perspective ▶ Up to 60% cash allowed for cash/stock deals to achieve tax-free treatment for stock component ‒ Reverse triangular: Buyer’s newly-formed merger subsidiary merges with and into Seller and Seller survives as a wholly-owned subsidiary of Buyer ▶ Because Seller survives the merger, reduces need to obtain most contractual consents ▶ Up to 20% cash allowed for cash/stock deals to achieve tax-free treatment for stock component 35
Page 1 and 2: September 26, 2012 | Seoul 해외 M
Page 3 and 4: Traditional Role of IP in M&A
Page 5 and 6: Why does IP matter? continued Monet
Page 7 and 8: Primary IP Objectives in M&A contin
Page 9 and 10: Selected IP Risks in M&A continued
Page 11 and 12: IP Allocation in a Spin-Out continu
Page 13 and 14: Spin-Outs ‒ Key IP Questions cont
Page 15 and 16: Emerging Role of IP in M&A 지적
Page 17 and 18: What to expect
Page 19 and 20: Patent Market - Trends 특허권
Page 21 and 22: Case Study: Skype 2003: Niklas Zenn
Page 23 and 24: Case Study: Microsoft/Novell Attach
Page 25 and 26: Biography of Nader A. Mousavi R eco
Page 27 and 28: Biography of Nader A. Mousavi conti
Page 29 and 30: Thank You
Page 31 and 32: Acquiring a U.S. Public Company: Wh
Page 33: Fundamental Deal Structuring Decisi
Page 37 and 38: ―Two Step‖ Transaction Structur
Page 39 and 40: Deal Consideration: Stock versus Ca
Page 41 and 42: The Role of Stockholder Rights Plan
Page 43 and 44: Unsolicited Deal Schematic continue
Page 45 and 46: Target Options Regarding the Sale P
Page 47 and 48: When Must Negotiations be Disclosed
Page 49 and 50: ―Public Company‖ Due Diligence
Page 51 and 52: ―Public Company‖ Due Diligence
Page 53 and 54: Key Terms of Negotiated Deal contin
Page 55 and 56: Material Adverse Effect continued C
Page 57 and 58: Document Creation continued From be
Page 59 and 60: Transaction Litigation: Significant
Page 61 and 62: Transaction Litigation: Focal Point
Page 63 and 64: Transaction Litigation: Acquirer‘
Page 65 and 66: Implications for Acquirer During Ea
Page 67 and 68: Importance of PR and Governmental R
Page 69 and 70: Certain U.S. Legal Regimes Implicat
Page 71 and 72: Summary: Key Elements of Acquiring
Page 73 and 74: Appendix B: Illustrative Timeline:
Page 75 and 76: Illustrative Timeline: Cash Tender
Page 77 and 78: Fiduciary Duties of Directors in a
Page 79 and 80: Appendix D: Speakers Profile Franci
Page 81 and 82: Biography of Francis J. Aquila cont
Page 83 and 84: Biography of Michael G. DeSombre co
Page 85 and 86:
Biography of Michael G. DeSombre co
Page 87 and 88:
September 26, 2012 | Seoul 해외 M
Page 89 and 90:
해외 M&A 단계별 조세상 고
Page 91 and 92:
1. 해외 M&A 단계별 조세상
Page 93 and 94:
1. 해외 M&A 단계별 조세상
Page 95 and 96:
2. 해외 M&A와 조세전략 수
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Partner Profile 김 규 동 회계
Page 111 and 112:
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:
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 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
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 189 and 190:
Page 191 and 192:
Recent Market and Legal Trends - In
Page 193 and 194:
Page 195 and 196:
2.1Private M&A
Page 197 and 198:
Selected Topics - Selected Topics i
Page 199 and 200:
Selected Topics - Selected Topics i
Page 201 and 202:
Page 203 and 204:
Selected Topics - Stake Building fo
Page 205 and 206:
Selected Topics - Prior Stake Build
Page 207 and 208:
Selected Topics - Stake Building Sh
Page 209 and 210:
Selected Topics - Specific Features
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Selected Topics - Follow-on integra
Page 217 and 218:
2.3 Joint Aspects
Page 219 and 220:
Joint Aspects - Regulatory Restrict
Page 221 and 222:
Joint Aspects - Regulatory Restrict
Page 223 and 224:
Joint Aspects - Corporate Restricti
Page 225 and 226:
Joint Aspects - Labour Law/Due Dili
Page 227 and 228:
Joint Aspects - Antitrust - Practic
Page 229 and 230:
Outlook (1/2) Macroeconomic Situati
Page 231 and 232:
Appendices Appendix A - S&C Frankfu
Page 233 and 234:
Appendix B - Biography of Carsten B
Page 235 and 236:
Appendix B - Biography of Carsten B
show all

í´ì¸ M&Aì ë²ì  ìì  - Sullivan & Cromwell

Create successful ePaper yourself

Delete template?

Save as template?

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