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

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The Role of Stockholder Rights Plans* 권리계획의 효과: 이사회의 동의 없이 15%**를 초과하는 주식을 취득하지 못하도록 함 ‒ 기존에 포이즌 필이 없었던 경우에도, 위협에 대응하여 이사회가 일방적으로 구비/실행 가능 주요 근거: 주주권리계획은 이사회가 주주가치를 극대화 하는데 유용함 ‒ “점진적” 지분 취득을 통하여 일정한 지분비율을 초과하는 것을 방지함 ‒ 이사회가 주주가치를 극대화하는 대안을 평가할 시간을 제공함 ‒ 모든 주주들에게 온전하고 적정한 가치를 제공하지 않는 강압적 투스텝 인수제의 또는 부분적 인수제의의 위험성을 줄임 ‒ 잠재적 인수자로 하여금 권리계획의 실행에 따라 지분이 희석되는 결과를 방지하기 위하여 대상회사 이사회와 협의하도록 유도함 ‒ 권리계획 上 권리의 부여 및 회수는 이사회의 전권 사항임 * 일반적으로 ―포이즌필‖로 일컫기도 함. ** 15% 가 일반적인 기준이나, 상황에 따라 달라질 수 있음. 40
The Role of Stockholder Rights Plans* continued Overall Effect of Stockholder Rights Plan: Prevents acquisitions in excess of 15%** of stock without Board approval ‒ Even if not already in place, Board can unilaterally implement quickly when threat emerges Principal Reason: A Stockholder Rights Plan can help a Board maximize stockholder value ‒ Deters ―creeping‖ acquisitions above the ―triggering‖ percentage ‒ Provides time for Board to evaluate value maximizing alternatives ‒ Reduces risk of coercive two-tiered or partial offers that may not offer full and fair value to all stockholders ‒ Encourages potential acquiror to negotiate with the Board to avoid triggering dilutive consequences of rights ‒ Board has unilateral power to issue and redeem rights * Also commonly referred to as “poison pills”. ** 15% is standard trigger, but can vary. 41
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 and 38: ―Two Step‖ Transaction Structur
Page 39: Deal Consideration: Stock versus Ca
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
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Page 89 and 90: 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
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Partner Profile 김 규 동 회계
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September 26, 2012 | Seoul 해외 M
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1. 해외 M&A의 일반적인 절
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1. 인수 검토 및 예비 분석
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3. 본 계약 체결과 Closing 효
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투자의사결정 관련 내부
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기업결합 신고의무 우리나
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해외직접투자 신고 (신규
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신고시기와 필요서류 해외
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신고 처리 및 후속 조치 신
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4. 계약 조항 중 주의할 부
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분쟁해결 조항 국제 중재
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진술과 보장 조항 영미법
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PMI 준비시 고려할 사항 장
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Partner Profile 김경연 변호사
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September 26, 2012 | Seoul 해외 M
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Investing in France: Selected Legal
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South Korean Investments in France
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1. Providing Equity Without Taking
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2. Acquiring Control
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2.1 Regulated Business Sectors A.
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2.1 Regulated Business Sectors cont
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2.2 Merger Regulation (i) 프랑스
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2.3 Labor Law Issues 프랑스 기
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2.3 Labor Law Issues continued IRPs
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2.4 Public Companies a) Access to I
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2.4 Public Companies a) Access to i
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2.4 Public Companies b) Disclosure
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2.4 Public Companies c) Mandatory T
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2.4 Public Companies continued d) K
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2.4 Public Companies d) Key Rules o
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Appendix A - S&C Paris Office CHAMB
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Appendix B ‒ Biography of Dominiq
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Investing in Germany: Recent Trends
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Amount of Transactions Transaction
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Recent Market and Legal Trends - Ge
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Recent Market and Legal Trends - In
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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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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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