私人公司和非公眾公司的兼并與收購

1、TOPIC 12MERGERS AND ACQUSITIONS OF PRIVATE AND UNLISTED LIMITED COMPANIES私人公司和非公眾公司的兼并與收購Part 1 Sale of Shares第一部分-股票交易 Share acquisition收購股份 A merger and acquisition exercise can take place with either acquisition of shares or assets.通過股份收購或資產收購，都可以達到收購的目的。Public limited companies can be listed and

2、 none listed. The takeover code does not apply to an unlisted public company. 公眾有限公司可以是上市的，也可以是非上市的。公司收購法并不適用于非上市的公眾公司。The legal documents start with pre-contractual documents such as a memorandum of understanding, a non disclosure agreement and conclude with a sale and purchase agreement.需要準備的法律文件包

3、括：預購合同、備忘諒解錄、保密協(xié)議、購買協(xié)議。The Singapore Takeover Code applies to all listed companies and public non listed companies with assets exceeding $5m or more and with a shareholding of fifty or more. It does not apply to private limited companies whatsoever.所有的上市公司， 資產超過5百萬元且由持股50%以上的大股東控制的公眾非上市公司，都可以適用新加坡的公

4、司收購法令。其他的私人有限公司則不能適用該法。Value of the shares股票價值The value of the shares is a measurement of the rights and liabilities attached to their holders. They represent the legal rights of the shareholders to the assets of the target company. Legal documentation will have to cover the value of these assets le

5、ss liabilities and there must be provision for warranties, representations and indemnities.股票的價值是持股者所享有權利和責任的衡量標準。它象征著股東的合法權利，也代表了公司的資產。相關的法律文件必須涉及公司資產和負債的情況，而且必須有明確的條文來規(guī)定資產擔保、代表以及保證等相關事項。As a consequence of this share acquisition, the new shareholder will have to assume all the legal liabilities of

6、 the target company.收購股份的結果之一，就是新的股東必須承擔這一目標公司的法律責任。Stamp duty is payable in acquisition of shares, but is lower than with acquisition of assets.收購股份也是必須交付印花稅的，但它比收購資產所繳納的稅要低。Change of control交付The sale of shares does not affect the assets and liabilities of the target company unless there are speci

7、fic “change of control” provisions. 如果沒有特別的“控制權轉移”條款，股份的轉讓并不影響目標公司的資產和負債情況。 The target company may have subsisting agreements which contain “change of control” provisions. “Change of control” provisions entitle third parties to terminate contractual agreements for lease of equipment, licenses to use

8、 intellectual property, land leases, trading agreements and others.目標公司可能會訂立包含了“控制權轉移”條款的協(xié)議。 這一條款賦予第三方以終止設備租賃合同、知識產權許可協(xié)議、土地租賃合同、貿易合同以及其他協(xié)議的權利。Interests of vendor and purchaser賣方與買方的權益The vendors will dispose off their shares in a tax efficient manner and to minimize their liabilities. They will set

9、a limitation on the amounts of their liabilities and also set a time period of their exposure.賣方可以用一種節(jié)稅的方式拋售股票，從而最大限度的降低他們的責任。賣方會設定他們承擔責任的限度，并設定一定的期間來公開他們的股份情況。Issues for the purchasers will be different. They will be concerned with the valuation for the price of the shares to be acquired from the t

10、arget company based on information provided by the vendors or their advisers.買方的情況則有所不同?；谫u方或者投資咨詢師提供的目標公司的資料，買方會著重對他們即將購進的股份進行估價。The purchasers will have to carry out their due diligence and may not place too much reliance on the audited statements. The audited accounts may be relied if they are wa

11、rranted to the purchasers as true and fair view of the financial state of the target company.買方必須認真履行盡職調查，不能完全依賴審計報告。但如果審計師們向買方保證提供目標公司的真實財務報告，那么買方可以依賴于審計報告。There may be criminal sanctions for issuing misleading or false statements in order to induce any purchase of shares. S.404 of the Singapore Co

12、mpanies Act.如果為了誘導他人購買股票而提供了不真實的或讓人產生誤解的報告，那么這種行為可能受到刑事處罰。Financial advisers to the vendors賣方的金融顧問It is common for the vendors to engage a financial adviser to assist them with the structuring of the sale of their shares plus sourcing suitable buyers.就賣方而言，在出售股票的整個交易活動中聘請一個金融顧問是很常見的。他不僅可以（運用專業(yè)知識）完善交

13、易程序，還可以提供合適的買家信息。The adviser is usually an investment bank, a securities broker or an independent financial adviser, usually an accountant.金融顧問通常是投資銀行、證券經紀人或者獨立的金融咨詢師，通常會是會計師。The vendors will have to include a confidentiality clause in their letter of engagement with such financial advisers. They ar

14、e usually paid a success fee based on the actual closing of the deal or the execution of the sale agreements.賣方在與金融顧問訂立雇傭合同的時候必須明確規(guī)定保密條款。金融顧問通常在交易完成之后或是股票購買合同開始執(zhí)行后， 拿到約定的傭金。Financial advisers are adept in protecting their interests with exclusivity clause coupled a non circumvention clause. An exclu

15、sivity clause will prevent the vendors from engaging another financial adviser within a reasonable period of time.金融顧問擅于用排他性條款和禁止解雇條款來保護他們自己的權益。排他性條款可以防止賣方在一段合理的期間內再向其他金融顧問咨詢。A non circumvention clause will protect the financial adviser if he is terminated after an introduction of a potential buyer.

16、 He will still be entitled to his commission within a specified time in the event of a successful deal involving a purchaser introduced by him.在出現(xiàn)了潛在的股份買家， 金融顧問被單方辭退的時候，禁止解雇條款可以保障金融顧問的權益。通過金融顧問介紹的買家，在與賣方談妥交易之后的一段時間內，這一顧問仍然可以拿到他的傭金。The memorandum of understanding諒解備忘錄A memorandum of understanding or

17、“MOU” is a non binding document. It captures the salient aspects of a preliminary agreement.諒解備忘錄或者簡稱“MOU”是一份沒有法律效力的文件。它的作用是進一步規(guī)定前期合同中提到的重要事項。There may be some exceptions. The parties may wish to make the “confidentiality” clauses of a MOU binding.但這里有一些例外。合同當事方可以賦予諒解備忘錄中的保密條款一定的法律效力。The parties may

18、 also wish to include and make the exclusivity clause legally binding. This will protect the intended buyers as it will give them sufficient time to consider the pricing and to raise funds for the purchase. The normal time period is one month.It is quite common for the vendors to include a fee for t

19、he inclusion of an exclusivity clause as they are deprived of seeking other buyers during this one month period.合同當事方或許也愿意賦予排他性條款以法律效力，這樣就可以提供充足的時間，讓有購買意向的買家進一步協(xié)商價格、籌集資金。通常而言，這段時間是一個月。對于賣方而言，在這一個月的期限里，因為他們被剝奪了聯(lián)系其他買家的權利，因此在與特定買家訂立排他性條款的時候，通常都會包括一定的補償費用。Due Diligence盡職調查There may be representations, w

20、arranties and indemnities in the sale agreement, but the purchasers will still have to obtain reliable and accurate data relating to the assets, real estate property, liabilities, contracts, employees and management structure of the target company.在股份銷售合同中，可能會附帶資產擔保、代表以及保證等事項，但是，買方同樣要獲取目標公司的資產、房地產、負

21、債、合同、雇員和管理結構等方面的精確信息。It is crucial to know the creditworthiness of the company and its financial standing among its bankers.目標公司的信用和它在銀行領域內的金融地位，也是非常重要的信息。It is common for the vendors to present a set of latest audited statements of the target company as a pre-requisite to due diligence on the part

22、of the purchasers.對于賣方來說，向買方提交目標公司最新的審計報告資料是其必要的先期盡職調查。The purchasers will have to execute a confidential agreement in the form of a non disclosure agreement; otherwise, the vendors will not be willing to divulge further information about the target company other than the latest audited statement.買方

23、必須用不公開協(xié)議的方式來執(zhí)行保密協(xié)議。否則，除了最新的審計報告外，賣方就不會愿意繼續(xù)公開目標公司的更多資料了。Arising from the non disclosure agreement, the purchasers will be restricted to any disclosure of information provided by the vendors other than to their financial advisers, bankers, auditors and solicitors.除了買方的金融顧問、投資銀行、審計師和事務律師之外，不公開協(xié)議禁止買方向任何

24、其他人公開由賣方提供的相關信息。The scope of due diligence exercise varies from transaction to transaction. In a smaller acquisition, it may be confined to an extensive assessment of the target companys core assets. In a larger transaction, the due diligence exercise may even cover questioning of the management of

25、the target company.盡職調查的具體范圍因交易而易。在規(guī)模較小的并購中，這一義務可能被限定在目標公司核心資產的評估方面。在規(guī)模較大的交易中，對目標公司管理層面的疑問都可能包含在盡職調查中。A limited due diligence exercise will cover a review of the public records from the Registry of Companies, financial books and records, perusal of legally binding contracts with third parties, espec

26、ially customers of the target company. If there are assets or real estate property, there must be an examination of their legal titles.盡職調查會涉及到一系列的公眾資料，比如公開公司法、金融法規(guī)和檔案等規(guī)定必須公開的文件、熟讀涉及第三方且有法律約束力的合同，尤其是目標公司的客戶資料。如果目標公司存在不動產或其他資產，則賣方必須核查這些資產的法律許可文 件。There is a two fold purpose in due diligence. Firstly,

27、 hidden liabilities may be discovered. There may be defects in the legal titles to some of the target companys assets and this will result in a re-negotiation of the sale price for the shares.盡職調查包含著兩個重疊的目的。首先，隱藏的責任可能被發(fā)現(xiàn)。目標公司的某些資產可能在法律許可和確認上存在瑕疵或者問題，而這有可能導致股票銷售價格的重新談判。The sale agreement has a long l

28、ist of representations and warranties. The due diligence exercise may expose new concerns for the purchasers. 銷售合同會附加一個長長的清單，列明各項資產擔保和保證。盡職調查可能會暴露新的問題，并獲得買方的關注。Share purchase agreement股份購買協(xié)議Parties合同方The vendors and the purchasers are the definite parties to the agreement. The target company is a le

29、gal person and can also be added as a party to the same agreement. The purchasers may have to enforce legal obligations arising from the agreement against the company or to seek indemnity from the company.賣方和買方當然是股份購買協(xié)議的當事方。目標公司作為法人，也可以成為這一協(xié)議的一方當事人。買方可以要求執(zhí)行該合同，促使目標公司履行法定義務，或者（如果它不履行義務）向它請求賠償。Key pro

30、visions關鍵條款There is a legal obligation on the part of the vendors to sell and one on the part of the purchasers to buy. The purchase price will be inserted. It is better to have a determinate price than a method of calculation based on some variables. 賣方有賣的義務，同時買方有買的義務。購買的價格也必須約定。購買價格也必須明確約定。就價格而言，最

31、好是能有一個確定的價格，而不是基于浮動因素的價格計算方法。Conditions precedent may be included and they may be important to both parties.關鍵條款中可能包含對合同雙方當事人都非常重要的先決條件。When there is a lapse of time between the execution of the share purchase agreement and the completion, the purchaser may have to provide a non refundable deposit.W

32、arranties are covered in a separate clause and the warranties are given to the purchasers by the vendors and the target company. A list is usually provided in a schedule to the agreement.如果股份購買協(xié)議的執(zhí)行和完成之間存在著時間上的延續(xù)，那么買方可能要提供不可償還的押金。公司的擔保通常有單獨的條款加以規(guī)定，并且也隨著股份的購買協(xié)議，由賣方和目標公司轉移給了買方。執(zhí)行購買協(xié)議的時間表通常會附在協(xié)議后面。Purc

33、hasers of shares in any company have no security and no effective legal recourse against the vendors for breaches of representations and warranties. One possible measure is to factor in a portion of the price consideration for future breaches of warranties. Another possibility is to obtain an indemn

34、ity from the parent company of the target company. 如果賣方不履行其擔?；虮ＷC義務，股份的買方不享有任何保障或者合法的追索權。一種解決問題的辦法是把將來可能的違規(guī)情形作為確定購買價格的因素之一加以考慮，令一個辦法就是從目標公司的母公司處獲取賠償。Goodwill is important to most businesses. It is important for the target company to maintain its business reputation and the vendors will have to ensure

35、 the preservation of good will with useful restrictive covenants.在幾乎所有的商業(yè)交易中，信譽都是很重要的。目標公司必須獲取良好的商業(yè)形象，賣方也必須用有效的限制性協(xié)議來維持其信譽。Representations and warranties代表和擔保General Principles基本原則Results of due diligence does not provide the purchasers with any legal protection.履行盡職調查的結果并不是給股份買方提供任何法律的保護。Representa

36、tions and warranties do provide purchasers with the usual remedies of damages and/or rescission.但代表和擔保則的確給買方提供了通常的損害賠償或者補償。A list of warranties is always contained in the schedule to the agreement. They include the following:擔保清單通常都會附在協(xié)議執(zhí)行的時間表里，包括如下內容：· Target companys legal status and objectiv

37、es.目標公司的法律地位和目標· Legal authority of the target company to execute the sale agreement.允許目標公司實施該股份購買協(xié)議的有權決議· Target company can be a party to the contract under its articles of association.在不違反公司章程的前提下，目標公司可以成為購買協(xié)議的合同一方· Target companys records and financial statements.目標公司的檔案記錄和財務文件

38、83; Associate and subsidiary companies of the target company.目標公司的關聯(lián)公司和子公司· Tax liabilities of the target company.目標公司的具體納稅責任· Legal compliance with relevant regulatory bodies and the applicable laws.遵循相關法律法規(guī)· Permits and licences for the target companys core business.目標公司核心業(yè)務的許可證和執(zhí)照&

39、#183; Legal claims and proceedings involving the target company.牽涉到目標公司的法律訴訟和程序· Target companys real estate property and other assets.目標公司的房地產和其他資產· Existing contracts with customers and suppliers.現(xiàn)存的與客戶、供應商訂立的合同· Inventory and receivables.財產清冊和應收款項· Intellectual property and re

40、gistration.知識產權和登記· Target companys machinery, equipment and other properties essential for its operations.目標公司的機器、設備和其他對其運作至關重要的財產· Types of insurance taken by the target company.目標公司購買的保險· Employees and officers of the target company.目標公司的管理層和員工· Conflict of interests cases inv

41、olving the target company and its directors and officers.目標公司與其股東或管理層之間的利益沖突案件· Full disclosure of material facts relevant to the business operations of the target company.與目標公司的商業(yè)經營相關聯(lián)的各類信息的全盤公開To enable the purchasers with viable legal remedies, the warranties will have to be given to the pur

42、chasers by all the beneficial owners of the shares of the target company on a joint and several basis. Small shareholders with no partipation in the business operations or management of the company may be exempted.為了向股份的買方提供可行的法律賠償，擔保必須由目標公司各個層面的持股受益人提出。不參加公司日常經營和管理的小股東可以排除在外。Damages and remedies損害和

43、救濟The standard damages will be the price difference of the value of the shares resulting from the breach and the value of the shares if there is no breach.一般的損害可能是由違反擔保而引起的股票價值的差價，或者，當沒有違反擔保的情況發(fā)生時的股票價值。A more creative method may be to include a clause for payment of an amount in order to restore the

44、 target company to a position had there been no breach of such a warranty.還有一種更有新意的方法，是通過約定一定數(shù)額的支付條款，使目標公司回復到沒有遭受違反擔保的狀態(tài)。Damages are paid to the purchasers. They can also be paid to the target company when there is a breach of warranties made by the vendors in matters related to the company.損害賠償應賠付給

45、買方。同樣，當賣方在從事與公司有關的事務時違反擔保，則目標公司將獲得損害賠償。If there has been a material breach of a warranty and there is a time gap between execution of the agreement and completion, the purchasers make elect to rescind the agreement.如果有實際違反擔保的情況發(fā)生，且協(xié)議的執(zhí)行與完成之間存在時間上的間斷，買方享有是否取消協(xié)議的選擇權。The purchasers can also opt for a r

46、ectification by the vendors arising from a breach of warranties and right to re-negotiate for the price of the sale price of the shares.買方也可以因賣方違反擔保而選擇讓賣方改正其行為，并且行使與賣方就股票售價進行重新談判的權利。DISCLOSURE LETTER披露函The vendors have provided information to the purchasers and their advisers. They can include such

47、information in a disclosure letter, which contains a list of relevant documents provided to the purchasers up to the execution of the sale agreement.賣方將信息提供給買方及其顧問。他們可以根據(jù)銷售協(xié)議把一份提供給買方的相關文件的清單包括在提供信息的披露函里。Such a disclosure letter will restrict the ability of the purchasers to bring legal actions again

48、st the vendors for breach of warranties.這種披露函將限制買方在賣方違反擔保時采取相應法律行為的能力。VENDORS PROTECTION對賣方的保護They can include provisions which limit their liability in terms of amount and time.此項可包括從數(shù)量和時間方面對其責任進行限制的規(guī)定。De minimis rule concept can also be used. Vendors will not be liable for marginal infringement of

49、 the warranties. 微量規(guī)則也可以被采用。賣方不因對擔保的輕微違反而承擔責任。Limitation period for contractual or commercial claims in most common law jurisdictions will not exceed six years. It is unlikely that the vendors are able to insist on a period longer than six years before defects are discovered by the purchasers after

50、taking over the running the company from the vendors.在大多數(shù)普通法管轄中，合同性或商業(yè)性請求的訴訟時效不超過六年。賣方不可能主張說，買方從其手中接管公司之后，在六年的時間內還尚未發(fā)現(xiàn)收購時的缺陷。The vendors may also want to restrict the purchasers from making any claim for breach of warranties resulting from information which ought to be known to the purchasers. Infor

51、mation may be easily accessible from public records, such as searches at either the Registry of Companies or the Land Registry.如果買方基于其應當知道的信息而主張賣方違反擔保義務，賣方也可以做出限制（因為）信息可以較為容易地從公共記錄中獲取，比如去公司登記部門或者土地登記部門查詢。Vendors can reduce their exposure with statements such as “as far as the vendors are aware” or “

52、to the best of the knowledge, information and belief of the vendors”.賣方可以通過做出“就賣方所知”或者“盡賣方的知識、信息和信念”等陳述來減少對自己的披露。Sometimes, the purchasers may require the vendors to provide warranties not only at the time of the execution but at completion. The vendors will remain liable for any breach of a warrant

53、y between this time gap. The vendors can circumvent it by providing another disclosure letter at the time of the completion.有時，買方可能要求賣方不僅在協(xié)議實行實施時提供擔保，而且還要在協(xié)議完成時提供擔保。在此期間，賣方將一直對所有對擔保的違反承擔責任。賣方可通過在完成時提供另一披露函來繞開此項要求。Vendors may seek release of a guarantee provided by them for obligations of the target

54、company. It can be a condition precedent under the agreement.賣方可為了目標公司的責任而尋求由其提供的保證。這種保證可作為協(xié)議中的前提條件。The purchasers have to pay the purchase price for the shares in the target company. If the purchaser is a limited liability special purpose vehicle with little assets, then a guarantee ought to be giv

55、en by either a parent company of the purchaser or another credit worthy entity. The guarantor can be a party to the sale agreement in lieu of a separate deed of guarantee.買方應以購買價格購買目標公司的股份。如果買方是幾乎沒有資產的有限責任特殊目的機構，那么買方的母公司或其他有信譽的實體應為此提供保證。保證人可以成為購買協(xié)議的一方當事人，而其行為將不被視作單獨的保證行為。THE PRICE價格If the state of t

56、he company is not as warranted by the vendors after due diligence by the purchasers, then the purchasers can resort to remedial measures. The common measure is to re-negotiate for the price of the shares before closing. A more drastic remedy is to rescind the agreement and ask for damages.在買方完成盡職調查之

57、后，如果公司狀況與賣方所做的保證不符，則買方可尋求補救措施。通常的做法是在交易結束前對所購買股份的價格再次進行談判。一種更為強有力的做法是取消協(xié)議并要求損害賠償。The purchasers can make satisfactory due diligence result as a condition precedent for closing.買方可以將令人滿意的盡職調查結果作為結束交易的前提條件。The price is determined by a series of factors. It can be based on past profitability, net asset

58、 value of the target company on completion or even based on the vendors profit forecast.價格由一系列因素決定，可以基于過去的盈利狀況，完成股份銷售交易事目標公司的凈資產值，甚至賣方對盈利的預期來決定。It is common for the purchasers to make a substantial payment of the purchase price on the date of completion and leave a portion in the retention account.買方于停業(yè)日期對購買價格進行實際支付，并在保管賬戶中保留一部份是通常的支付方法RETENTION ACCOUNT保管賬戶A prudent adviser to the purchasers will demand part of the purchase price to be paid into a retention account. It represents part of the purchase price that has been ret