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

More documents

Recommendations

Info

Deal Consideration: Stock versus Cash Acquisition (U.S. Requirements) 현금 ‒ 현금에 의한 공개 매수인 경우 상대적으로 빠른 실행 가능 ‒ 인수자에게 있어 법적 위험성이 상대적으로 적음 ‒ 인수자가 지급할 금액이 정해져 있음 ‒ 레버리지 및 신용등급에 부정적인 영향을 끼칠수 있음 ‒ 주주 즉시 과세 가능 ‒ 인수자가 미국회사일 경우 일반적으로 주주 동의가 필요하지 않음. 인수자가 미국회사가 아닐 경우 인수규모에 따라 주주들의 동의가 필요할 수도 있음 ‒ 대상회사의 주주에게 반대주주의 권리가 부여될 수도 있음 주식 ‒ SEC에 주식을 등록해야 하기 때문에 실행 시간이 상대적으로 길어짐 ‒ 법적 리스크가 상대적으로 많음 ‒ 현존 주주들의 주식가치 하락 ‒ 주주에게 면세가 되도록 구성할 수 있음 ‒ Flowback (합병 완료전 대상회사의 주주가 보유주식을 투매) 가 인수자 주가에 끼치는 영향 ‒ 고정 가치 v. 고정 교환비율 ‒ Regulation M ‒ 적대적 M&A인 경우 상대적으로 주식 거래를 하기가 어려움 ‒ M&A의 구조와 규모에 따라 인수자 측 주주의 동의가 필요할 수 있음 ‒ 100% 주식 거래일 경우 일반적으로 반대주주의 권리가 주어지지 않음 38
Deal Consideration: Stock versus Cash Acquisition (U.S. Requirements) continued Cash ‒ Quicker execution (cash tender offer) ‒ Less legal risk for buyer ‒ Fixed price to be paid by Buyer ‒ Possible negative impact on leverage and potentially on credit rating ‒ Immediately taxable to stockholders ‒ Generally, no approval required from Buyer stockholders that are U.S. companies. Non-U.S. companies may require stockholder approval depending on the size of the acquisition ‒ Target stockholders may have dissenters’ rights Stock ‒ SEC registration of stock lengthens execution process ‒ More legal exposure ‒ Dilution of existing stockholders ‒ Can be structured to be tax-free to stockholders ‒ Effects of flowback on Buyer stock price ‒ Fixed value vs. fixed exchange ratio ‒ Regulation M (Federal anti-manipulation rules) ‒ Harder to use stock for hostile deal ‒ Approval of Buyer stockholders may be required depending on structure and size of transaction ‒ Often no dissenters’ rights if all stock 39
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 and 34: Fundamental Deal Structuring Decisi
Page 35 and 36: ―One Step‖ Transaction Structur
Page 37: ―Two Step‖ Transaction Structur
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:
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 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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?

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