Introduction to Outbound Mamp;A Transactions境外并购交易简介课件.pptVIP

CORPORATE GOVERNANCE AND MA 公司治理和并购Protecting the Deal 交易保护 (续） Break-up Fees交易失败费 One party that terminates the transaction in breach of certain agreed upon conditions will be subject to a penalty payment. 违反约定终止交易的一方应支付罚金。 Lock-ups 锁定条款 One of the most aggressive deal protection devices: management or significant shareholders agree to vote in favor of transaction. May be unenforceable if deemed to prevent the target’s board of directors from exercising their fiduciary duties in the face of competing offers 作为最积极的交易保护手段之一：管理层或者重要股东同意投票支持交易。可能会被判决不具执行效力，如果该等行动被认定阻止了目标公司的董事会在面对其他竞争要约的时候履行其信托责任。 CORPORATE GOVERNANCE AND MA 公司治理和并购Takeover Defense Mechanisms 反收购机制 Classified Board – Staggered Board 分级董事会 – 参差董事会 Special structure of the board in which only a percentage of the board can be elected at one time, effectively preventing the acquiror from acquiring control of the company through proxy contest. 一种特定的董事会结构，规定一次只能选举一定比例的董事，从而有效地避免收购方通过代理权之争获得公司的控制权。 Shareholder Rights Plan – Poison Pill 股东配股权计划 – 毒丸 Rights issued to the incumbent shareholders to acquiror’s shares or the target’s shares at a significant discount aiming to increase the purchase price to deter potential acquirors. 给予现任股东以很大的折价购买购买方或目标公司的股份的权利，从而增加购买价格，阻止潜在的收购行为。 Severance Payment -Golden Parachute 离职支付 – 金降落伞 Severance payment to the executives which will be triggered when a change of the control of the company occurs. 规定在公司控制权发生变更时，将向高管人员支付离职费。 Alternative Buyer – White Knight 其他买方 – 白衣骑士 Strategy adopted by the target to seek alternative, often more friendly acquiror in a sale of control, in order to deter the hostile bidder. 目标公司为阻止恶意收购而采取的一种战略，即寻找其他、通常更为友好的购买方出售控制权。 Purchaser obtains financing (may be accomplished prior to signing)买方 获得融资（可在签署协议前完成） Limited Due Diligence 有限的尽职调查 Agreement In Principle/Letter of Intent 原则性协议/意向函 In-depth Due Diligence 深入的尽职调查 Definitive Purchase Agreement 最终购买协议 Seller and Purchaser comply with all covenants in agreement 买卖双方遵守协议中的