并购手册The mergers & Acquisitions Handbook

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TABLE OF CONTENTS   
Chapter1 The Mergers and Acquisitions Process ..........   1

Why Buyers Buy and Sellers Sell...................... 2
Elements of Value................................. 2
The Players...................................... 4
Acquisition Process................................ 5
Time and Responsibility Checklist..................... 6
Leveraging The Process............................ 7
Chapter2 Letters ofIntent & Term Sheets ................   9

LetterofIntent Pros and Cons........................ 10
Binding or Non-Binding............................. 10
Elements ofthe LetterofIntent....................... 11
Chapter3 The Nondisclosure Agreement .................   13

Understandingthe Scope of ConfidentialInformation....... 14
Use of ConfidentialInformation....................... 15
Non-Disclosure of Discussions........................ 15
Legally Required Disclosures......................... 16
Return or Destruction of Materials..................... 17
Non-Solicitation/Employment......................... 17
Term ........................................... 18
Remedies....................................... 18
Choice ofLaw/Forum .............................. 18
Chapter4 Legal Due Diligence   .........................   21

WhatIs Due Diligence and WhenIsIt Performed? ........ 21
What Arethe Objectives of Due Diligence?.............. 21
Overview ofthe Due Diligence Process................. 22
WhoIsInvolved andthe Necessity ofa Diverse Team of

Experts....................................... 24
Due Diligence RequestList.......................... 25
Responseto Due Diligence RequestList................ 27
Scope and Process of Review........................ 29
Results of Review ................................. 30
Chapter5 DealStructures .............................   33

PrincipalDealStructures............................ 33
Stock Purchase................................... 33
Asset Acquisition.................................. 34
Mergers......................................... 35
Considerationsin Choosing a Structure................. 39
Chapter6 Definitive Acquisition Agreement ...............   47

Definitions....................................... 48
Economic and StructuralProvisions.................... 48
Representations and Warranties...................... 52
Interim and Post-Closing Covenants................... 59

Employee Matters................................. 61
DealProtection Devices............................. 62
Conditionsto Closing............................... 63
Indemnification ................................... 67
Termination...................................... 67
Miscellaneous Provisions............................ 68
Chapter7Indemnification & Contribution   ................   69

WhyIndemnification? .............................. 69
Acquisitions of Publicly-Traded Targets ................. 70
Types ofIndemnified Matters......................... 71
DefinitionalLimitations onIndemnification............... 73
Monetary Limitations onIndemnification ................ 74
OtherLimitations onIndemnification................... 76
Sole and Exclusive Remedy.......................... 77
Indemnification Procedures;Dispute Resolution........... 77
Hold-Backs ofthe Purchase Price..................... 78
Contribution Agreements............................ 79
Chapter8 Fiduciary Duties of Board of Directors   ..........   81

Overview ofFiduciary Duties......................... 81
Heightened Fiduciary Duty........................... 89
Fiduciary DutyImplications of Certain M&A Transaction

Terms ........................................ 91
Voting Agreements................................ 94
Chapter9 Stockholder Approvals and Securities
Compliance .........................................   97

Obtaining Stockholder Approvals...................... 98
Registration Statements For Buyer’s Securities........... 104
Chapter10 The Role ofInvestment Bankersin M&A
Transactions ........................................   105

The EngagementLetter............................. 107
Fairness Opinions................................. 112
Chapter11 Hart-Scott-Rodino and Related Regulatory
Matters ............................................   115

Brief History and Purpose ofthe Act................... 115
HSR Notification Requirements....................... 115
Beyond Notification................................ 124
Beyondthe HSR Act — Government Challenges Outsidethe
Statutory Context................................ 126
Beyondthe HSR Act — InternationalPre-Merger Notification
Requirements................................... 126
Chapter12 Tax Considerations .........................   127

Taxable Transactions............................... 127

Tax-Free Reorganization............................ 128

Annex Section   ......................................   A-1

Annex 3-A MutualNondisclosure Agreement............. A-1
General......................................... A-1
Definitions....................................... A-1
Use ofEvaluation Material........................... A-2
Non-Disclosure of Discussions........................ A-2
Legally Required Disclosure ......................... A-2
Return or Destruction ofEvaluation Material............. A-3
No Solicitation/Employment.......................... A-3
Standstill........................................ A-3
Maintaining Privilege............................... A-5
Compliance with Securities Laws...................... A-5
Nota Transaction Agreement........................ A-5
No Representations or Warranties;No Obligationto Disclose... A-5
Modifications and Waiver............................ A-6
Remedies....................................... A-6
LegalFees ...................................... A-6
Governing Law ................................... A-6
Severability...................................... A-6
Construction..................................... A-7
Term ........................................... A-7
Entire Agreement................................. A-7
Counterparts..................................... A-7
Annex 3-B Summary Checklist....................... A-9
Definition of ConfidentialInformation................... A-9
Use of ConfidentialInformation....................... A-10
Non-Disclosure of Discussions........................ A-10
Legally Required Disclosures......................... A-11
Return or Destruction of Materials..................... A-11
Non-Solicitation/Employment......................... A-12
Term ........................................... A-12
Remedies....................................... A-13
Miscellaneous Provisions Applicableto Providers and
Recipients..................................... A-13
Annex 4 Sample Due Diligence Checklist............... A-15

Annex11 Certain HSR ExemptTransactions............. A-41

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