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

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Selected IP Risks in M&A 지적재산 소유권 관련 이슈 선취권 뿐만이 아닌 일반 담보 인수시 멸실될 수 있는 각종 권리 (예: 양도 금지) 제삼자 소유 지적재산권 침해 (특허권 對 저작권/영업비밀) 오픈 소스 소프트웨어와의 결합에 따른 “오염”을 이유로한 전매 소프트웨어의 강제적인 무상 라이센싱 가능 표준화기구 참여에 따른 강제적인 특허권 라이센싱 가능 NDA 부재와/또는 부적절한 내부보안에 따른 기업비밀 상실 가능 매각대상기업에 대한 라이센스를 통한 인수자 지적재산권 정보 유출 8
Selected IP Risks in M&A continued IP ownership issues Encumbrances on IP – not just liens Termination of inbound rights (e.g., anti-assignment) Infringement of Third Party IP (patents vs. copyrights/trade secrets) Potential compulsory royalty-free licensing of proprietary software due to ―contamination‖ by combining with open source software Potential compulsory licensing of patents due to participation in standard setting organizations Potential loss of trade secrets due to absence of NDAs and/or inadequate internal security ―Leakage‖ of acquirer IP through Target licenses 9
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: Primary IP Objectives in M&A contin
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 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
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Transaction Litigation: Significant
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Transaction Litigation: Focal Point
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Transaction Litigation: Acquirer‘
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Implications for Acquirer During Ea
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Importance of PR and Governmental R
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Certain U.S. Legal Regimes Implicat
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Summary: Key Elements of Acquiring
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Appendix B: Illustrative Timeline:
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Illustrative Timeline: Cash Tender
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Fiduciary Duties of Directors in a
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Appendix D: Speakers Profile Franci
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Biography of Francis J. Aquila cont
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Biography of Michael G. DeSombre co
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Biography of Michael G. DeSombre co
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September 26, 2012 | Seoul 해외 M
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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Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
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Partner Profile 김 규 동 회계
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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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Page 141 and 142:
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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Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
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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Page 191 and 192:
Recent Market and Legal Trends - In
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Page 195 and 196:
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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Page 203 and 204:
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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