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

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Implications for Acquirer During Earlier Transaction Phases 기업실사 및 거래 구조 협상 및 문서화 작업 공시 및 거래의 종결 소송 및 결의 1. 각종 전망(projection) 의 구조적 안정성 및 전제에 대한 타당성에 집중 2. 차별적 대우에 대한 주의 요함: • (과반수 이상의)최대 주주 • 임직원 1. 다음 사항 존재 여부 주의: • 이사회의 강력한 권한 • 특별위원회 (Special Committee) • 이해관계가 없는 경영진 2. ―side deal‖ 불허 1. “합병의 배경설명” 부분의 초안작성 및 검토에 적극적으로 참여 2. 전망 및 적합성 평가 관련 공시에 대한 질의 및 검토에 적극적 으로 참여 64
Implications for Acquirer During Earlier Transaction Phases continued DILIGENCE & STRUCTURING NEGOTIATION & DOCUMENTATION DISCLOSURE & COMPLETION LITIGATION & RESOLUTION 1. Focus on structural integrity of projections and validity of underlying assumptions. 2. Beware of differential treatment for: • Majority Stockholders • Executives/ Employees 1. Is there: • Strong board? • Special committee? • Disinterested management? 2. No ―side deals‖ 1. Be actively involved in drafting and reviewing ―Background of Merger‖ section. 2. Be actively involved in reviewing and questioning disclosures concerning Projections and Fairness Opinion 65
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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
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 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: Transaction Litigation: Acquirer‘
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 109 and 110: Partner Profile 김 규 동 회계
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Page 113 and 114: 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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