公司并購(gòu)法律實(shí)務(wù)課程二

第二講LOI,保密協(xié)議和并購(gòu)財(cái)務(wù)基礎(chǔ)知識(shí)與財(cái)務(wù)相關(guān)的并購(gòu)條款并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)估值會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告保密協(xié)議LOIorTermSheet與財(cái)務(wù)相關(guān)的并購(gòu)條款并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)估值會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告保密協(xié)議LOIorTermSheet1LOIorTermSheet1.1 定義

Letterofintent,termsheet,memorandumofunderstanding,headsoftermsareanagreementinprincipalbyapotentialbuyerandapotentialsellertofurtherconsidertheproprietyofdoingadeal.1LOIorTermSheet1.2LOI:ProsandCons1.2.1Whiletheremaybecompellingreasonsfortheparties’decisiontoforegoaletterofintent,incomplexdealsthepartiesareoftenbetterservedbytakingtheextratimetonegotiateanLOI.Amongotherthings,aletterofintentprovidesthepartieswithastructuretotheirdiscussionsandmaysetouttheparties’expectationsastohowthedealnegotiationswillproceed.Moreover,awell-craftedLOImaystreamlinedraftingandnegotiationofthedefinitiveacquisitionagreementandasaresultactuallyreducetransactiontimeandexpense.1LOIorTermSheet1.2LOI:ProsandCons

1.2.2It’squickerandeasiertoprepareandthereforeeasiertoreadandmorereadilyunderstoodbytheclient,andcanassistthepartiesandcounselinavoidingmisunderstandingsatanearlystage.1LOIorTermSheet1.2LOI:ProsandCons

1.2.3Itsetsforththemajortermstobereflectedintheacquisitionagreementandcanthereforefacilitatethepreparationoftheagreement.1LOIorTermSheet1.2LOI:ProsandCons

1.2.4Thebuyermayneedaletterofintenttopursuefinancingasbanks,equityinvestors,andotherfinancialinstitutionssometimeswillnotproceedwithaninvestigationandthedesiredcommitmentletteruntilaletterofintenthasbeensigned.1LOIorTermSheet1.2LOI:ProsandCons

1.2.5Incertaintransactions,aletterofintentallowstheprocessofobtaininggovernmentapprovalsorclearancestobegin.1LOIorTermSheet1.2LOI:ProsandCons

1.2.6Oftenbuyersarereluctanttocommittosubstantialexpensesforduediligencewithouthavingasignedletterofintent.1LOIorTermSheet1.2LOI:ProsandCons

1.2.7Businesspeoplebelievesthatsellersandbuyers,eveniftheymaynotbelegallybound,feelagreatmoralobligationtoobservethetermsandconditionssetforthinaletterofintentatlaterstageintheacquisitionprocess.1LOIorTermSheet1.2LOI:ProsandCons

1.2.8EitherpartymaybereluctanttoenterintoanLOIforfearofconcedingaparticularpointthathasnotbeenfullyvetted.Thismaybelessofanissueforthebuyerbecauseinalllikelihoodthebuyerwillhaveonlyundertakenlimited,ifany,duediligenceuptothatpointandwilltypicallyreserveitsrightstomodifycertaindealtermsbasedontheresultsofitsduediligencereview.1LOIorTermSheet1.2LOI:ProsandCons

1.2.9Oftentheletterofintentwillprovideforalimitedperiodofexclusivenegotiationbetweenthebuyerandseller.Thisisdisadvantageousfortheseller,butitisoneoftheprimaryreasonswhybuyersofteninsistthatthepartiesexecuteanLOI.1LOIorTermSheet1.3BindingorNon-binding

1.3.1Generally,anLOIwillbenon-bindingwithrespecttoallbutafewcertainprovisions.Typically,thebindingprovisionsinanLOIwillinvolve:confidentialityobligationsoftheparties;therightofthebyertohaveaccesstotheseller;anexclusivityperiod(i.e.,noshop)whichprovidesaperiodoftimeinwhichthebuyerhastheexclusiverighttonegotiatewiththeseller;therightofthebuyertoreceiveaterminationorbreak-upfeeintheeventthesellerwalksawayfromthedeal;theresponsibilityofthepartiesforcertaincostsandexpenses;thenon-bindingnatureofalltheotherprovisions.1LOIorTermSheet1.3BindingorNon-binding1.3.2CareshouldbetakentoensurethattheLOIistrulynon-binding,exceptasnotedabove,anddoesnotinadvertentlycreateabinding“agreementtonegotiate”definitiveterms.Insomejurisdictionscourtshaveprescribedso-called“magic”languagethatexpresslyremovesanysuchimplicitdutytonegotiate..1LOIorTermSheet1.3BindingorNon-binding

1.3.3(1)CaseStudy:Texaco,Inc.v.PennzoilCo:PennzoilhasnegotiatedwiththeGettyfamilyandtheGettyTrust,thecontrollingshareholdersofGettyOiltobuyacontrollinginterestinGettyOil.RepresentativesoftheGettyShareholdersenteredintoaMOUandissuedapressreleasethatstatedthatadefinitiveagreementwascontemplated.Neitherdocumentcontainedadisclaimerofabindingagreementorlegalobligation.Therewasalsoconsiderabledonedealtalkandconduct.1LOIorTermSheet1.3BindingorNon-binding

1.3.3(2)CaseStudy:ThenextdayGettyannouncedanagreementtoselltoTexacoatahigherprice,whichindemnifiedGettyagainstliabilitytoPennzoil.ATexanjuryrenderedaverdictof&7.53billionincontractdamagesand$3billioninpunitivedamagesinfavorofPennzoilagainstTexacoatatimewhenTexaco’sentirenetworthwasonly&9.5billion.Thecaseremainsthemostnotedletterofintentcaseandfeaturesmanyoftheissuesfoundinsuchcase:bindingeffectofpreliminarydocuments;referencetolaterdefinitiveagreement;donedealsyndrome;andparallelnegotiationandabrupttermination.1LOIorTermSheet1.4ElementsoftheLetterofIntentTosomeextent,thetermsoftheLOIwillmirrorwhatonewouldexpecttofindinthedefinitiveacquisitionagreement,onlywithlessspecificity.AtypicalLOIwilllikelyaddressatleastthefollowing:1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.1Assets/Stock—descriptionoftheassets(whichmaysimplybedescribedas“allorsubstantiallyall”oftheseller’sassets),orcapitalstocktobeacquired.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.2AcquisitionConsideration—considerationtobepaidbythebuyerinrespectoftheassetsorstockoftheseller(e.g.,cash,stock,earn-out,etc.)1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.3ClosingConditions—specifiescertainkeyclosingconditions,suchasvotingagreements(andproxies),votes/consentsrequired,requiredregulatoryapprovals,andrequiredthirdpartyconsents.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.4ClosingDate—generaltimetableforcompletingthetransaction.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.5CorporateApprovals—whetherstockholderconsentsare?requiredorwhetherastockholdermeetingwillbecalled.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.6DueDiligence—theparties’respectiveaccesstothebooksandrecordsoftheotherparty.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.7Escrow—amountofacquisitionconsiderationtobeescrowedorheld-backtobackstopindemnificationorotherpost-closingobligationsoftheseller.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.8GoverningLaw—legaljurisdictiongoverningthetermsofthetransaction,includingtheLOI.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.9 Representations&Warranties—scopeoftheseller’srepresentationsandwarranties(Note:becauseoftheabbreviatednatureofthetypicalLOI,partiesoftensimplyprovidefor“customary”representationsandwarranties,whichmaysetthestagefordisagreementduringnegotiationofthedefinitiveacquisitionagreement).1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.10Structure—whetherthetransactionwillbestructuredasamerger,assetacquisitionorstockpurchase.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.11Survival—lengthoftimeafterclosingthattheparties’representationsandwarrantieswillsurvive.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.12BoardRepresentation—whetherthesellerwouldretainanypost-closingrepresentationontheboardoftheacquiredentity.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.13EmploymentAgreements—ifthebuyeristoretaincertainkeymembersofmanagement,theLOImayconditionclosingofthedealonthebuyer’sabilitytonegotiatesatisfactoryemploymentagreementswithsuchmanagementmembers.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.14FeesandExpenses—anyspecialfeearrangementsamongtheparties.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.15Options—treatmentofoutstandingemployeestockoptionsuponconsummationofthetransaction(Note:termsoftheoptionplanandapplicableoptionagreementswillneedtobeconsidered).1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.16Publicity—whethereitherpartyispermittedtoannouncethetransaction(typicallythepartieswillagreetokeeptheLOIandproposedtransactionconfidential).1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.17Registration

Rights—buyer’sobligationtoregisteranyofitssecuritiesusedasacquisitionconsideration.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.17Registration

Rights—buyer’sobligationtoregisteranyofitssecuritiesusedasacquisitionconsideration.1LOIorTermSheet1.4ElementsoftheLetterofIntent1.4.18TaxTreatment—whetherthepartiesintendforthetransactiontoreceiveacertaintaxtreatment(i.e.,taxfreereorganization)?Whiletheremaybestrategicortacticalconsiderationsfortheparties’decisiontoforegoanLOI,ifthoughtfullyconsidered,aletterofintentmayprovidethepartiesanearlyindicatorofwhetherthereisindeedadealtobedone.與財(cái)務(wù)相關(guān)的并購(gòu)條款并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)估值會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告保密協(xié)議LOIorTermSheet2.1 保密信息的范圍和定義（residual)；2.2 競(jìng)爭(zhēng)對(duì)方之間的信息披露；2.3 保密信息的正當(dāng)使用和披露范圍（是否獲得授權(quán)）；2.4 關(guān)于正在進(jìn)行磋商的討論（上市公司披露問(wèn)題）。2保密協(xié)議2.5 法定披露事項(xiàng)；2.6 歸還和銷(xiāo)毀保密信息；2.7 禁止挖角和聘用人員及其例外情形；2.8 保密期限和Standstill條款2保密協(xié)議與財(cái)務(wù)相關(guān)的并購(gòu)條款并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)估值會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告保密協(xié)議LOIorTermSheet3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告3.1GAAPGenerallyacceptedaccountingprinciple3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告3.2PreparationoffinancialstatementsinconformitywithGAAPrequiresmanyestimates,judgmentsandassumptionsbymanagement.Absolute,mathematicalprecisionisneitherexpectednorachievableinfinancialstatements,whetherauditedorunaudited.Afairpresentationofthefinancialinformationinallmaterialrespectisthegoal;3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告3.3Revenue,Goodwill,AccountsReceivables;Inventories;accountingisanartandnotascience;3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告3.4“購(gòu)買(mǎi)法“，goodwill被作為買(mǎi)方的資產(chǎn)

Theexcessofthecostoftheacquiredbusinessoverthesumoftheamountsassignedtoidentifiableassetsacquiredattheirfairvaluelesstheliabilitiesassumed.Impairmentandwrittendowniftheirfairvaluedeclinesbelowtheamountsonthebooks;3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告3.5FinancialStatementsBalanceSheetisasnapshotasofaparticulardateoftheassets,liabilitiesandnetworthofabusiness;IncomeStatementreflectstheoperatingprofitorlossofabusinessoveraperiodoftime,itshowsallincomeandexpenseaccounts,measuresprofitabilityofthebusiness;StatementofCashFlows:(i)cashprovidedbyoperation;(ii)cashprovidedbyinvestment;(iii)cashprovidedbyfinancingactivities;3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告3.6財(cái)務(wù)報(bào)表注釋透露的信息與財(cái)務(wù)相關(guān)的并購(gòu)條款并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)估值會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告并購(gòu)中律師必須要具備基礎(chǔ)的財(cái)務(wù)知識(shí)LOIorTermSheet4并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)4.1LiquiditymeasuresWorkingcapital:currentassets(cashandcashequivalents)-currentliabilities(withinoneyear);currentratio:currentassets/currentliabilities;networth:totalassets–totalliabilities;4并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)4.2AccrualsandDeferralsAccrualismadewhenaneventshouldberecordedforaccountingpurposesduringacurrentperiodeventhoughpaymentwillnotbemadeuntilsomefutureperiod(預(yù)提)，例如：預(yù)提所得稅、財(cái)務(wù)費(fèi)用或者訴訟費(fèi)用；adeferralismadewhenaneventshouldnotberecordedforaccountingpurposesuntilalaterperiodevenifthepaymentismadeinthecurrentperiod（遞延）,例如預(yù)付款或者定金等，包括遞延收入。4并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)4.3DepreciationforthetangibleassetsandAmortizationfortheintangibleassets.與財(cái)務(wù)相關(guān)的并購(gòu)條款并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ)估值會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告并購(gòu)中律師必須要具備基礎(chǔ)的財(cái)務(wù)知識(shí)LOIorTermSheet5與財(cái)務(wù)相關(guān)等并購(gòu)條款5.1PurchasePriceAdjustment(balancesheetorientedandbasedonchangesinnetworthorworkingcapital)andEarnout(IncomeStatementdrivenandbaseduponpost-closingresultsofoperation);5與財(cái)務(wù)相關(guān)等并購(gòu)條款5.2Representations

(i)FinancialStatement“fairlypresent”,inallmaterialrespects,thefinancialpositionandresultsofoperationofthetargetasoftherespectivedatesandfortheperiodsendingonsuchdates,allinaccordancewithGAAP.“Fairlypresent”meansthatthefinancialstatements,takenasawhole,aremateriallyaccurate”,butnotperfect;(ii)Booksof