1、Introduction to Outbound M&A Transactions境外并購(gòu)交易簡(jiǎn)介美邁斯律師事務(wù)所2009年2月11日Introduction to Outbound M&A TTABLE OF CONTENTS 目錄IChinese Governments Policy towards Outbound Acquisitions 中國(guó)政府對(duì)于境外并購(gòu)的政策Encouragement with Prudence 謹(jǐn)慎的鼓勵(lì)態(tài)度Moving to a more aggressive position 朝著更積極的方向邁進(jìn)MOFCOMs Proposed New Regulatio

2、ns on Outbound Investment 商務(wù)部關(guān)于境外投資擬議的新規(guī)定IIChinese Government Approval Process 中國(guó)政府審批程序Approval Authorities 需要審批的政府機(jī)構(gòu)Other Agencies that may be involved or consulted 其他可能涉及或者需要咨詢(xún)的機(jī)構(gòu)Challenges of Outbound Acquisitions and Investments 境外并購(gòu)和投資面臨的挑戰(zhàn)IIIM&A IN GENERAL 并購(gòu)概述 Definition of M&A Transactions 訂

3、購(gòu)交易的定義Business Considerations 商業(yè)方面的考慮因素Principal Methods 主要方法Meaning of Control 控制的含義IVTYPES OF TRANSACTIONS 交易類(lèi)型Private Deal 私下交易Public Deal 公開(kāi)交易VTRANSACTION STRUCTURE 交易結(jié)構(gòu)Public Acquisition Structures 上市公司收購(gòu)結(jié)構(gòu)Private Acquisition Structures 私有公司收購(gòu)結(jié)構(gòu)Proxy Contests 代理權(quán)之爭(zhēng) 2TABLE OF CONTENTS 目錄IChinese

4、 TABLE OF CONTENTS (Contd) 目錄 (續(xù))VIKEY ISSUES IN M&A TRANSACTIONS 并購(gòu)交易中的主要問(wèn)題 Intellectual Property Issues 知識(shí)產(chǎn)權(quán)問(wèn)題Environmental Issues 環(huán)境問(wèn)題Employment Issues 勞務(wù)問(wèn)題Tax Issues 稅務(wù)問(wèn)題Regulatory Issues 監(jiān)管問(wèn)題Litigation Issues 訴訟問(wèn)題VIICORPORATE GOVERNANCE AND M&A 公司治理和并購(gòu)Directors Duties 董事的義務(wù)Protecting the Deal 交

5、易保護(hù)Takeover Defense Mechanism 反收購(gòu)機(jī)制VIIITYPICAL PROCESS OF M&A TRANSACTIONS 并購(gòu)交易的標(biāo)準(zhǔn)流程 Timeline 確定時(shí)間安排Assemble a Team 組建團(tuán)隊(duì) Confidential Procedures 保密程序Initial Contact with Target 與目標(biāo)公司進(jìn)行初步聯(lián)系Formulate Deal Strategy 制定交易戰(zhàn)略L(fǎng)etters of Intent 意向函Due Diligence 盡職調(diào)查Prepare Definitive Agreements 擬定最終協(xié)議Post-ex

6、ecution Matters 簽約后事項(xiàng)Closing 交割 3TABLE OF CONTENTS (Contd) 目錄 Chinese Governments Policy towards Overseas Acquisitions中國(guó)政府對(duì)于境外并購(gòu)的政策 Encouragement combined with prudence 謹(jǐn)慎的鼓勵(lì)態(tài)度The Ministry of Commerce announced in October 2019 that it had simplified approval procedures for overseas investments by do

7、mestic corporations 商務(wù)部在2019年10月宣布其已經(jīng)簡(jiǎn)化了國(guó)內(nèi)企業(yè)境外投資的審批程序Need for Chinese companies to grow globally 中國(guó)公司全球化發(fā)展的需要Need to acquire new technologies, markets and resources 獲得新技術(shù)、市場(chǎng)和資源的需要Moving to a More Aggressive Position 朝著更積極的方向邁進(jìn)Change of the world market 全球市場(chǎng)的變化Credit crunch reducing the equity prices

8、 信貸危機(jī)造成股權(quán)價(jià)格下降Growing number of distressed assets on sale 出售中的不良資產(chǎn)數(shù)量增多More friendly acquisition environment 更加友好的并購(gòu)環(huán)境Need for a more balanced and sustainable economic growth 需要一個(gè)更加平衡和可持續(xù)發(fā)展的增長(zhǎng)方式Large foreign reserve 龐大的外匯儲(chǔ)備Appreciation pressure of RMB 人民幣的升值壓力Shrinking export and inbound foreign inves

9、tment 出口以及外商投資的下降4Chinese Governments Policy toChinese Governments Policy towards Overseas Acquisitions (Cont)中國(guó)政府對(duì)于境外并購(gòu)的政策（續(xù)）MOFCOMs Proposed New Regulations on Outbound Investment 商務(wù)部關(guān)于境外投資擬議的新規(guī)定Approval thresholds for at the central and provincial levels 中央和省級(jí)的審批要求MOFCOM Approval 商務(wù)部批準(zhǔn)Outbound in

10、vestment more than USD100 million 1億美元或以上的境外投資Outbound investment in infrastructure sector 跨境基礎(chǔ)設(shè)施建設(shè)領(lǐng)域的境外投資Establishment of offshore special purpose vehicle 設(shè)立境外特殊目的公司COFTEC Approval 省級(jí)商務(wù)部門(mén)批準(zhǔn)Outbound investment between USD10 million to USD100 million 1千萬(wàn)美元以上、1億美元以下的境外投資Outbound investment in energy a

11、nd mining sectors 能源和礦產(chǎn)類(lèi)的境外投資Outbound investment in shopping mall 商品城類(lèi)境外投資Outbound investment in real estate sector 房地產(chǎn)類(lèi)境外投資Prohibited investments 禁止類(lèi)投資Outbound investment in violation of treaties, laws and regulations of China 違反中國(guó)締結(jié)的國(guó)際條約、法律和法規(guī)的境外投資Outbound investment in relation to technology and

12、goods prohibited for exports by China 涉及中國(guó)禁止出口的技術(shù)和貨物的境外投資5Chinese Governments Policy toChinese Government Approval Process 中國(guó)政府審批程序Approval Authorities 審批機(jī)構(gòu)State-owned Assets Administration and Supervision Commission (SASAC) 國(guó)有資產(chǎn)管理監(jiān)督委員會(huì)State-owned enterprises as buyers 由國(guó)有企業(yè)作為買(mǎi)方National Development

13、and Reform Commission (NDRC) 發(fā)展和改革委員會(huì)The Ministry of Commerce (MOFCOM) 商務(wù)部State Administration of Foreign Exchange (SAFE) 外匯管理局Other Authorities that may be involved or consulted其他可能涉及或者需要咨詢(xún)的機(jī)構(gòu)State Council 國(guó)務(wù)院Industrial Regulatory Agencies 行業(yè)監(jiān)管機(jī)構(gòu)The Ministry of Industry and Information Technology 工

14、業(yè)和信息產(chǎn)業(yè)部Chinese Banking Regulatory Commission 中國(guó)銀監(jiān)會(huì)Chinese Securities Regulatory Commission 中國(guó)證監(jiān)會(huì)Chinese Insurance Regulatory Commission 中國(guó)保監(jiān)會(huì)Others 其他6Chinese Government Approval PrApproval Process Flow Chart 審批流程Company公司MOFCOM商務(wù)部SASAC國(guó)資委State Council 國(guó)務(wù)院SAFE外管局NDRC發(fā)改委Others其他(3)(1)(2)7Approval Pro

15、cess Flow Chart 審批Challenges of Outbound Acquisitions and Investments境外并購(gòu)和投資面臨的挑戰(zhàn)Transaction Issues 交易問(wèn)題Difficulty of valuation 定價(jià)的難度High due diligence standards and strict disclosure obligations 高標(biāo)準(zhǔn)的盡職調(diào)查和嚴(yán)格的披露責(zé)任Litigation risk 訴訟風(fēng)險(xiǎn)Complex corporate governance and legal environment 復(fù)雜的公司治理和法律環(huán)境Integ

16、ration challenge 整合挑戰(zhàn)Political Considerations 政治考慮因素Executive branch vs. other parties of interest 行政機(jī)關(guān)vs.其他利益集團(tuán)Local and State vs. Federal and national government 地方和州政府vs.聯(lián)邦和國(guó)家政府Foreign Investment Review Process 外國(guó)投資審批程序CFIUS and the Foreign Investment and National Securities Act of 2019 美國(guó)海外投資委員會(huì)

17、和2019年外國(guó)投資和國(guó)家安全法案FIRB and Australias Foreign Investment Policy 澳大利亞外國(guó)投資審查委員會(huì)和外國(guó)投資政策Regulatory Reviews and Approvals 監(jiān)管和審批Anti-trust authorities 反壟斷機(jī)構(gòu)Securities regulatory authorities 證券監(jiān)管機(jī)構(gòu)Industrial regulatory authorities 行業(yè)監(jiān)管機(jī)構(gòu)8Challenges of Outbound AcquisiM&A IN GENERAL 并購(gòu)概述 Definition of M&A tr

18、ansactions 并購(gòu)交易的定義 Transactions which generally result in the transfer of the control of businesses and assets 通常導(dǎo)致業(yè)務(wù)和資產(chǎn)控制權(quán)轉(zhuǎn)移的交易What Drives M&A為什么進(jìn)行并購(gòu)Purchaser believes it can generate more value from business or assets than Seller買(mǎi)方認(rèn)為其能比賣(mài)方從業(yè)務(wù)或資產(chǎn)中獲得更多價(jià)值A(chǔ)ncillary Business Considers 附帶的商業(yè)因素 Achieve gr

19、owth 實(shí)現(xiàn)增長(zhǎng)Lenovos acquisition of IBMs personal computer business 聯(lián)想收購(gòu)IBM的個(gè)人電腦業(yè)務(wù)Haiers attempted acquisition of Maytan 海爾擬對(duì)美泰的收購(gòu)Exploit the synergy between the acquired business and the current business發(fā)揮被收購(gòu)業(yè)務(wù)與現(xiàn)有業(yè)務(wù)之間的協(xié)同效用Obtain valuable assets such as supplies, distribution channel or intellectual pro

20、perties獲得原料供應(yīng)、分銷(xiāo)渠道、知識(shí)產(chǎn)權(quán)等暖等有價(jià)值的資產(chǎn)China National Petroleum Corporation (“CNPC”)s acquisition of PetroKazakhstan Inc.中國(guó)石油天然氣集團(tuán)公司（“中石油”）收購(gòu)哈薩克斯坦石油公司China National Bluestar Group Companys acquisition of Adisseo France中國(guó)藍(lán)星集團(tuán)總公司收購(gòu)法國(guó)阿迪蘇公司Mindray Medicals acquisition of the patient monitoring business of Data

21、scopeConsolidate the market and businesses 整合市場(chǎng)和業(yè)務(wù)9M&A IN GENERAL 并購(gòu)概述 DefinitioM&A IN GENERAL (Contd) 并購(gòu)概述（續(xù)）Principal methods 主要方法Acquisition of assets 資產(chǎn)收購(gòu)Acquisition of stock 股權(quán)收購(gòu)Private negotiations 私下協(xié)商O(píng)pen market purchases 公開(kāi)收購(gòu)Tender offers; and 要約收購(gòu)和Exchange offers 換股收購(gòu)Mergers; and 合并；以及Prox

22、y contests 代理權(quán)之爭(zhēng)Acquisitions of common stock usually gives control through its right to elect directors 通過(guò)購(gòu)買(mǎi)普通股通常能夠獲得選舉董事的權(quán)利，從而對(duì)公司擁有控制權(quán)In troubled company situations, other securities may have equity characteristics and may represent actual control of the company 對(duì)于處于困境的公司，其他證券可能具有股權(quán)的性質(zhì)，對(duì)其的持有即可擁有公司的

23、實(shí)際控制權(quán)10M&A IN GENERAL (Contd) 并購(gòu)概述（續(xù)TYPES OF TRANSACTIONS 交易類(lèi)型Private Deal私下交易 An asset acquisition or a stock acquisition where the stock or asset being acquired is owned by another corporation (i.e. the target is a subsidiary) or by a relatively small group of individuals or entities.收購(gòu)的資產(chǎn)或股份為另一家公

24、司（即目標(biāo)公司為一家子公司）或規(guī)模相對(duì)較小的個(gè)人或?qū)嶓w集團(tuán)持有Nanjing Automobiles acquisition of MG Rover Company 南京汽車(chē)收購(gòu)羅孚公司Public Deal公開(kāi)交易 The securities being acquired are publicly traded on an exchange (e.g., NYSE, NASDAQ, AMEX) or in the over-the-counter (OTC) market (Pink Sheets). The target is a reporting company subject to

25、 SEC rules.被收購(gòu)的證券在交易所（如紐約交易所、美國(guó)交易所、納斯達(dá)克市場(chǎng)）或場(chǎng)外柜臺(tái)交易市場(chǎng)（粉單市場(chǎng)）公開(kāi)交易。目標(biāo)公司有義務(wù)按照美國(guó)證監(jiān)會(huì)規(guī)則進(jìn)行報(bào)告。11TYPES OF TRANSACTIONS 交易類(lèi)型PriTRANSACTION STRUCTURE 交易結(jié)構(gòu)Public Acquisition Structures上市公司收購(gòu)結(jié)構(gòu)Tender Offer 要約收購(gòu)Offer by A to acquire shares of Company B on specified conditions set forth in an Offer to Purchase.A向B發(fā)出要

26、約，準(zhǔn)備按照購(gòu)買(mǎi)要約中規(guī)定的條件收購(gòu)B公司股份Shareholders accept the offer by tendering their shares. 股東以出售股份的方式接受要約Example: CNOOCs bid for Unocal, Anhauser-Buschs acquisition of Haer Bin Brewery 實(shí)例：中海油要約收購(gòu)尤尼科，安海斯收購(gòu)哈爾濱啤酒12TRANSACTION STRUCTURE 交易結(jié)構(gòu)PublTRANSACTION STRUCTURE (Contd) 交易結(jié)構(gòu) （續(xù)）Public Acquisition Structures 上市

27、公司收購(gòu)結(jié)構(gòu)Merger 合并One corporation is merged into (i.e. combined with) another. Pursuant to statutes, the surviving corporation remains in existence and has all the assets and liabilities of both corporations.一家公司與另一家公司進(jìn)行合并（即聯(lián)合）。根據(jù)法律規(guī)定，續(xù)存公司繼續(xù)存在并擁有兩家公司的全部資產(chǎn)和負(fù)債Mergers are achieved by law, not contract 合并通

28、過(guò)法律實(shí)現(xiàn)，而非契約安排13TRANSACTION STRUCTURE (Contd)TRANSACTION STRUCTURE (Contd) 交易結(jié)構(gòu) （續(xù)）The securities of the non-surviving corporation are converted into the consideration specified in the merger agreement. That consideration may include:非續(xù)存公司的證券轉(zhuǎn)為合并協(xié)議中規(guī)定的對(duì)價(jià)。對(duì)價(jià)可包括：Cash現(xiàn)金common stock of the surviving corpo

29、ration; or續(xù)存公司的普通股；或 debt, preferred stock, common stock or other securities of the surviving corporation or another entity續(xù)存公司或另一家實(shí)體的債務(wù)、優(yōu)先股、普通股或其他證券Triangular Mergers: Typically, the acquiror will form a new wholly-owned subsidiary (“Sub”) and merge Sub with the Target. The merger can be forward (i

30、.e. Target merges into Sub) or reverse (i.e. Sub merges into Target)三角合并：一般來(lái)說(shuō)，收購(gòu)方將組建一家新的全資子公司（“子公司”）并將子公司與目標(biāo)公司合并。合并可以是正向（即目標(biāo)公司并入子公司）或反向（即子公司并入目標(biāo)公司）Mergers require a shareholder vote unless the merger is a so-called short-form merger between a parent and (typically) a 90% owned subsidiary. 除母公司與（通常為）

31、其90%持有的子公司之間的“簡(jiǎn)式合并”外，合并均需要股東投票表決。14TRANSACTION STRUCTURE (Contd)TRANSACTION STRUCTURE (Contd) 交易結(jié)構(gòu) （續(xù)）Unless the acquiror already owns a sufficient number of shares, proxies must be solicited to effect a merger, and, if the stock is registered under the Exchange Act, a proxy statement must be delive

32、red under Section 14(a) of the Exchange Act. The vote is typically specified in state corporate law and/or the certificate of incorporation and by-law as either a majority or 2/3 of the outstanding shares.除非收購(gòu)方已擁有足夠的股份，否則將為合并尋求委托投票權(quán)。同時(shí)，如果股份是根據(jù)交易法進(jìn)行登記的，還須按照交易法第14(a)條的規(guī)定提交委托投票說(shuō)明書(shū)。各州的公司法律和/或公司注冊(cè)證明和公司內(nèi)部

33、章程中通常要求的表決權(quán)為過(guò)半數(shù)或2/3的已發(fā)行股份。Two-Step Transactions: Two companies enter into an agreement pursuant to which Newco, a wholly-owned subsidiary of the Purchaser, makes a tender offer for the stock of Target, and, following the tender offer, Newco is merged into Target.兩步走的交易：兩家公司訂立協(xié)議，規(guī)定由買(mǎi)方新成立的全資子公司（“新公司”）

34、向目標(biāo)公司的股份作出收購(gòu)要約，在要約收購(gòu)?fù)瓿珊笤賹⑿鹿静⑷肽繕?biāo)公司。Exchange Offers: Tender offer where the consideration is securities rather than cash.換股合并：以證券而非現(xiàn)金為交易對(duì)價(jià)的要約收購(gòu)。15TRANSACTION STRUCTURE (Contd)DEAL STRUCTURE 交易結(jié)構(gòu)MERGER 合并P(Owns Ps assets; is subject to Ps liabilities)(擁有P公司資產(chǎn)；承擔(dān)P公司負(fù)債)MergerConsideration合并對(duì)價(jià) Transfer o

35、f all of Ts assets and Tsliabilities byoperation of law通過(guò)法律轉(zhuǎn)讓T公司的所有資產(chǎn)和負(fù)債T stock converted intoMerger Consideration inthe merger)T公司股份合并中轉(zhuǎn)為合并對(duì)價(jià) Shareholders 股東T(Owns Ts assets; is subject to Ts liabilities) (擁有T公司資產(chǎn)；承擔(dān)T公司負(fù)債)Shareholders 股東Merger consideration合并對(duì)價(jià)(cash, P stock or securities, other he

36、ld directly)（現(xiàn)金、P公司股票或證券，其他直接持有的資產(chǎn)）P(Owns Ps assets and Ts assets; is subject to Ps and Ts liabilities)(擁有P公司的資產(chǎn)和T公司的資產(chǎn)；承擔(dān)P公司和T公司的負(fù)債)Shareholders 股東16DEAL STRUCTURE 交易結(jié)構(gòu)MERGER 合并PDEAL STRUCTURE 交易結(jié)構(gòu)FORWARD SUB MERGER正向的子公司合并P(Owns Ps assets; is subject to Ps liabilities) (擁有P公司資產(chǎn)；承擔(dān)P公司負(fù)債)S(Owns Ss a

37、ssets; is subject to Ss liabilities) (擁有S公司資產(chǎn)；承擔(dān)S公司負(fù)債)Merge 合并Shareholders 股東T(Owns Ts assets; is subject to Ts liabilities) (擁有T公司資產(chǎn)；承擔(dān)T公司負(fù)債)T stock converted intoMerger Consideration inthe merger)T公司股份在合并中轉(zhuǎn)為合并對(duì)價(jià) MergerConsideration合并對(duì)價(jià) Transfer of all of Ts assets and Tsliabilities byoperation of

38、law通過(guò)法律轉(zhuǎn)讓T公司的所有資產(chǎn)和負(fù)債S stock (generally unchanged in the merger)S公司股份（在合并中通常不變）Shareholders 股東P(Owns Ps assets; is subject to Ps liabilities) (擁有P公司資產(chǎn)；承擔(dān)P公司負(fù)債)S(Owns Ss and Ts assets; is subject to Ss and Ts liabilities) (擁有S公司和T公司的資產(chǎn)；承擔(dān)S公司和T公司的負(fù)債)S stock S公司股份Merger consideration合并對(duì)價(jià)(cash, P stock o

39、r securities, S stock or securities, other held directly)（現(xiàn)金、P公司股票或證券，S公司股票或證券其他直接持有的資產(chǎn)）17DEAL STRUCTURE 交易結(jié)構(gòu)FORWARD SDEAL STRUCTURE 交易結(jié)構(gòu)ASSET PURCHASE 資產(chǎn)收購(gòu)P(Owns Ts acquired assets, assumed selected liabilities)（擁有被收購(gòu)的T公司資產(chǎn)，承擔(dān)選擇的負(fù)債）T shareholders T公司股東Acquisitionpurchase price收購(gòu)價(jià)格 Transfer of T ass

40、ets and T liabilities by conveyance and assumption通過(guò)轉(zhuǎn)移和承擔(dān)轉(zhuǎn)讓T公司資產(chǎn)和負(fù)債 P(Owns Ps assets; is subject to Ps liabilities)(擁有P公司資產(chǎn)；承擔(dān)P公司負(fù)債)T(Owns Ts assets; is subject to Ts liabilities) (擁有T公司資產(chǎn)；承擔(dān)T公司負(fù)債)T shareholdersT公司股東T(Received acquisition consideration(payments); remains subject to unassigned liabil

41、ities)（獲得收購(gòu)對(duì)價(jià)（支付）；仍承擔(dān)未轉(zhuǎn)讓的負(fù)債）18DEAL STRUCTURE 交易結(jié)構(gòu)ASSET PURCDEAL STRUCTURE (Contd) 交易結(jié)構(gòu)（續(xù)） ASSET PURCHASE 資產(chǎn)收購(gòu)Result Using Subsidiary使用子公司的結(jié)果P(Owns Ps assets; is subject to Ps liabilities) (擁有P公司資產(chǎn)；承擔(dān)P公司負(fù)債)S(Owns Ss and Ts assets; is subject to Ss and Ts liabilities) (擁有S公司和T公司資產(chǎn)；承擔(dān)S公司和T公司負(fù)債)S stock

42、S公司股份Deal consideration交易對(duì)價(jià) (cash, P stock or securities, S stock or securities, other held directly)（現(xiàn)金、P公司股票或證券，S公司股票或證券，其他直接持有的資產(chǎn)）19DEAL STRUCTURE (Contd) 交易結(jié)構(gòu)（續(xù)DEAL STRUCTURE (Contd) 交易結(jié)構(gòu)（續(xù)） STOCK PURCHASE 股份收購(gòu)Acquisitionpurchase price收購(gòu)價(jià)格T stockT公司股份 P(Owns Ps assets; is subject to Ps liabiliti

43、es)(擁有P公司資產(chǎn)；承擔(dān)P公司負(fù)債)T shareholdersT公司股東T(Owns Ts assets; is subject to Ts liabilities) (擁有T公司資產(chǎn)；承擔(dān)T公司負(fù)債)T(Owns Ts assets; is subject to Ts liabilities) (擁有T公司資產(chǎn)；承擔(dān)T公司負(fù)債)Deal consideration交易對(duì)價(jià) (cash, P stock or securities, Tstock or securities, other held directly)（現(xiàn)金、P公司股票或證券，T公司股票或證券，其他直接持有的資產(chǎn)）T st

44、ock T公司股份20DEAL STRUCTURE (Contd) 交易結(jié)構(gòu)（續(xù)DEAL STRUCTURE ADVANTAGES各類(lèi)交易結(jié)構(gòu)的優(yōu)勢(shì)Advantages of Stock Sale股份出售的優(yōu)勢(shì)Existence of non-transferable licenses 存在不可轉(zhuǎn)讓的證照Existence of non-transferable contracts存在不可轉(zhuǎn)讓的合同Capital gains and no double taxation資本利潤(rùn)以及沒(méi)有雙重稅收Transfer all liabilities to Buyer 所有債務(wù)均讓與買(mǎi)方Advantag

45、es of Asset Sale資產(chǎn)出售的優(yōu)勢(shì)Uncooperative minority shareholders不合作的少數(shù)股東Limit transferred liabilities有限的轉(zhuǎn)讓責(zé)任Step-up in basis provides buyer higher basis from which to depreciate提高資產(chǎn)應(yīng)稅基點(diǎn)，便于日后折舊Advantages of Merger合并的優(yōu)勢(shì)Perception of equality感覺(jué)平等21DEAL STRUCTURE ADVANTAGES各類(lèi)交易TRANSACTION STRUCTURE 交易結(jié)構(gòu)Proxy

46、contests代理權(quán)之爭(zhēng)Typically involve the election of directors, the passage of a resolution calling for a particular action (e.g., removal of directors) or the amendment of by-laws to permit a particular action.通常涉及選舉董事、通過(guò)特別決議（如罷免董事）或?yàn)榕鷾?zhǔn)特別的行為而修改內(nèi)部章程Can take place at annual or special meetings of stockhold

47、ers or through consent solicitations. 可在年度股東大會(huì)或特別股東會(huì)議上進(jìn)行，或通過(guò)征求同意的方式進(jìn)行If the stock is publicly traded, the solicitation is subject to Section 14(a) of the Exchange Act and the rules thereunder. There are special rules that apply to election contests.對(duì)于公開(kāi)交易的股票，征求代理權(quán)須符合交易法第149(a)款及其相關(guān)規(guī)則的規(guī)定。選舉之爭(zhēng)還適用于特別規(guī)則

48、。22TRANSACTION STRUCTURE 交易結(jié)構(gòu)ProOTHER TRANSACTION STRUCTURES 其他交易結(jié)構(gòu)JOINT VENTURES 合資Form (Corporation, Partnership, Limited Liability Company (LLC), Contractual)形式（公司、合伙、有限責(zé)任公司、契約形式）Special Considerations:特別的考慮因素：Tax稅務(wù)Governance (management; veto rights)治理（管理；否決權(quán)）Distributions派發(fā)Capital calls資本繳納Futu

49、re transfers or issuances of JV interests (tag-along rights, drag-along rights, rights of first refusal, and anti-dilution rights)日后轉(zhuǎn)移或發(fā)放合資公司權(quán)益（跟隨權(quán)、帶領(lǐng)權(quán)、第一選擇權(quán)和反稀釋權(quán)）Dissolution/Liquidity (exit strategy)解散/清算（退出戰(zhàn)略）23OTHER TRANSACTION STRUCTURES 其OTHER TRANSACTION STRUCTURES (Contd)其他交易結(jié)構(gòu)（續(xù)）Minority Inv

50、estments少數(shù)股權(quán)投資Stock Acquisitions (common or convertible preferred typically)股權(quán)收購(gòu)（通常為普通股或可轉(zhuǎn)換優(yōu)先股）Special Considerations: 特別的考慮因素：Standstill終止Corporate Governance (Directors)公司治理（董事）Preemptive Rights優(yōu)先權(quán)Registration Rights and Resale Restrictions (Exit Strategy)登記權(quán)和轉(zhuǎn)售限制（退出戰(zhàn)略）LBOs杠桿收購(gòu)Troubled Company Acq

51、uisitions收購(gòu)處于困境的公司24OTHER TRANSACTION STRUCTURES (Is shareholder approval required of any party and, if so, which one or ones? What is the required vote? Is there any separate vote required by any class or series of preferred stock?是否需要股東批準(zhǔn)，如果是，需要哪一方或哪幾方的股東批準(zhǔn)？所需表決權(quán)是多少？是否還需任何類(lèi)別或系列的優(yōu)先股東進(jìn)行表決？Will the t

52、ransaction result in the recognition of income tax to any corporation or group of shareholders?交易是否會(huì)導(dǎo)致任何公司或股東團(tuán)體繳納所得稅？Are there other income tax consequences of the transaction?交易是否會(huì)產(chǎn)生其他所得稅影響？Will the transaction result in the incurrence of transfer, use, property or other local or foreign taxes?交易是否

53、會(huì)產(chǎn)生轉(zhuǎn)移、使用、財(cái)產(chǎn)或其他州或地方稅務(wù)？Is the consent of, or notice to, third parties (such as lessors) required? Will the transaction breach any agreements or give lenders the right to accelerate any indebtedness?是否需要第三方（如出租方）同意或向其通知？交易是否違反任何協(xié)議，或使貸款人有權(quán)要求提前償還債務(wù)？ISSUES TO BE CONSIDERED WHEN STRUCTURING A DEAL制定交易結(jié)構(gòu)時(shí)應(yīng)考

54、慮的問(wèn)題25Is shareholder approval requirISSUES TO BE CONSIDERED WHEN STRUCTURING A DEAL (Contd) 制定交易結(jié)構(gòu)時(shí)應(yīng)考慮的問(wèn)題（續(xù)）Will registration under the Securities Act of 1933 be required in connection with the transaction? Will a proxy statement be necessary? Will the transaction require any other governmental or r

55、egulatory approvals or filings?交易是否需要根據(jù)1933年證券法進(jìn)行登記？是否需要委托投票說(shuō)明書(shū)？交易是否需要按照其他政府或監(jiān)管規(guī)定獲得批準(zhǔn)或進(jìn)行備案？Will shareholders of any party to the acquisition be entitled to “dissenters appraisal” rights?交易中任何一方的股東是否有權(quán)獲得“反對(duì)者定價(jià)”權(quán)？Will the transaction leave a minority stock interest outstanding?交易后是否仍存在發(fā)行在外的少數(shù)股權(quán)？What i

56、s the effect of the transaction on the parties outstanding stock options and convertible securities?交易對(duì)各方發(fā)行在外的股票期權(quán)和可轉(zhuǎn)換證券的影響如何？What is the accounting treatment of the transaction?從會(huì)計(jì)上如何對(duì)交易進(jìn)行處理？Are there any issues, such as potential fraudulent conveyance concerns, related to the financing of the tran

57、saction?交易融資方面是否存在問(wèn)題，如潛在的欺詐性轉(zhuǎn)移問(wèn)題。26ISSUES TO BE CONSIDERED WHEN SKEY ISSUES IN M&A TRANSACTIONS 并購(gòu)交易中的主要問(wèn)題Intellectual Property Issues 知識(shí)產(chǎn)權(quán)問(wèn)題：Intellectual Properties to be transferred and retained;將轉(zhuǎn)讓和保留的知識(shí)產(chǎn)權(quán)；The right of use (retained names); and使用權(quán)（保留的名稱(chēng)）；和Re-registration and other issues.重新登記和其他問(wèn)

58、題。Environmental Issues 環(huán)境問(wèn)題：On-going and contingent environmental liabilities;持續(xù)和或有的環(huán)境責(zé)任；Regulatory compliance;監(jiān)管合規(guī)；Remedial actions; and救濟(jì)措施；和Environment-related litigations.與環(huán)境相關(guān)的訴訟。Employment Issues 勞務(wù)問(wèn)題：Pension liabilities;養(yǎng)老金責(zé)任；Collective bargaining agreements and other labor issues;集體談判協(xié)議和其他勞務(wù)

59、問(wèn)題；Executive compensation and severance payment liabilities such as golden parachute;高管人員薪酬和離職支付責(zé)任，如金降落傘；Employment contracts and employee retention issues; and勞動(dòng)合同和員工留用問(wèn)題；和Employment-related litigations.勞務(wù)相關(guān)訴訟。27KEY ISSUES IN M&A TRANSACTIONSKEY ISSUES IN M&A TRANSACTIONS (Contd)并購(gòu)交易中的主要問(wèn)題（續(xù)）Tax Is

60、sues:稅務(wù)問(wèn)題：Potential tax liabilities related to the acquired business;與被收購(gòu)業(yè)務(wù)相關(guān)的潛在稅務(wù)責(zé)任；Transfer tax and other transactional taxes; and轉(zhuǎn)移稅和其他交易稅；和Optimized tax implications of the combined businesses.合并后業(yè)務(wù)的稅務(wù)優(yōu)化。Regulatory Issues:監(jiān)管問(wèn)題：Anti-trust consideration; 反壟斷問(wèn)題；US securities law issues; and美國(guó)證券法問(wèn)題；