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

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Key Terms of Negotiated Deal 중대하고 부정적인 사정 변경 (Material Adverse Change 혹은 MAC) ‒ MAC 발생 시 거래 종결을 거절할 수 있는 근거는 거래 종결 시점까지 진술 보장의 유효성/정확성을 요구하는 것임 ▶ MAC 적용 제외 사유의 협상 ▶ 대부분의 진술 보장 사항이 MAC의 적용받음 기타 조건 ‒ 정부 승인 등 각종 규제 관련 조건 ‒ 계약 위반 사항 부존재 조건 ‒ 자금 조달 관련 조건? Break-up Fee/Matching Rights ‒ Break fee는 통상 인수 규모의 2-4% ‒ 최초 인수자에게 최종 결정권 (last look)이 부여됨 Go Shop/No Shop 조항 ‒ 다른 인수제의에 응하거나 이를 유인할 수 있는지 여부를 결정함 ‒ 이사회의 Fiduciary duty에 기한 계약 관계로 부터의 이탈 경쟁법 관련 조항/조건 ‒ ―Hell or High Water‖ 對 사업 부문 매각을 수반하지 않는 ―reasonable efforts‖ 의결 관련 조건 ‒ 통상 발행주식수의 과반수가 법정 기준임 기타 사회적 쟁점 (고용계약 ; 복리후생 등) 52
Key Terms of Negotiated Deal continued Material Adverse Change (―MAC‖) Condition ‒ ―Bring down‖ to closing of accuracy of representations is basis for not closing if there is a Material Adverse Change ▶ Negotiation of ―carve-outs‖ to MAC ▶ Qualifies nearly every representation Other Conditions ‒ Regulatory ‒ No Breach ‒ Financing Condition? Size of Break-up Fee/Matching Rights ‒ 2-4% of deal is common break fee ‒ Original buyer gets last look (―matching right‖) Go Shop/No Shop ‒ Determines ability to respond to (or actually solicit) other bids ‒ Fiduciary out Antitrust Covenant/Condition ‒ ―Hell or High Water‖ vs. ―reasonable efforts‖ but no divestitures Vote Required ‒ Statutory vote is typically a majority of outstanding Social Issues (employment contracts; benefits, etc.) 53
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 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: ―Public Company‖ Due Diligence
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
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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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Page 213 and 214:
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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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