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M&A実務ガイド 2017年版

M&A Practice Guide, 2017 Edition

Stephen I. Glover, Terrence R. Allen, et al., Gibson, Dunn & Crutcher (General Editors)

1 vol. Paper., 2017年9月刊(LexisNexis Practice Guide)

Matthew Bender (LexisNexis), USA. ISBN: 9781522138921

¥37,578

在庫あり

Gibson, Dunn & Crutcher法律事務所コーポレート部門の弁護士たちによる実践的なM&A実務ガイド。M&Aの各取引局面における戦略上のポイントや盲点などの実務上の重要な事項をCheck ListやSample Provisionを交えつつ、最新の傾向をふまえて具体的に解説。

【Table of Contents】

1. M&A overview / 2. Planning M&A transactions / 3. Corporate law issues / 4. Initial discussions and strategic considerations / 5. Preliminary agreements / 6. Due diligence / 7. Acquisition financing / 8-15. Acquisition agreement; purchase price, representations & warranties, covenants, closing conditions, termination rights & fees, claims & remedies, critical boilerplate / 16. Securities law issues / 17. Dealing with activist shareholders

【Table of Contents】

1. M&A overview

Part I: OVERVIEW

1.01 Introduction

1.02 Checklist: Topics to Be Covered in the Practice Guide

Part II: ANALYSIS

1.03 M&A Players

1.04 Overview of the M&A Process

1.05 Getting Started

Part III: PRACTICE RESOURCES

1.06 Sample Timelines

1.07 LexisNexis Practice Centers

1.08 Publications

2. Planning M&A Transactions

Part I: OVERVIEW

2.01 Overview

2.02. Checklist: Factors Affecting Transaction Planning

Part II: ANALYSIS

2.03 Review of General Planning Considerations

2.04 Selecting a Structure

2.05 Consideration

2.06 Sales of Divisions and Subsidiaries

2.07 Public Company vs. Private Company Transactions

2.08 Two-Step Transactions: First Step Tender Offer and Second Step Merger

2.09 Leveraged Buyouts

2.10 Going Private Transactions

2.11 Mergers of Equals

2.12 Hostile Transactions

2.13 Cross Border Transactions

2.14 Tax Consequences of the Transaction Structure

2.15 Antitrust and Other Regulatory Issues

2.16 Employee Issues

2.17 Creditors' Rights Issues

2.18 Distressed Companies

Part III: PRACTICE RESOURCES

2.19 LexisNexis Practice Centers

2.20 Publications

3. Corporate Law Issues

Part I: OVERVIEW

3.01 Introduction

3.02 Checklist: Questions and Issues Addressed in this Chapter

Part II: ANALYSIS

3.03 The Target Board's Fiduciary Duties

3.04 The Buying Board's Fiduciary Duties

3.05 Special Issues in Conflict of Interest Transaction

3.06 The Use of Special Committees

3.07 Fairness Opinions

3.08 Defensive Measures to Protect the Company or a Transaction

3.09 Stockholder Approval Requirements

3.10 Appraisal Rights

Part III: PRACTICE RESOURCES

3.11 LexisNexis Practice Centers

3.12 Publications

3.13 Cases

3.14 Statutes

3.15 LexisNexis Emerging Issues Analyses

4. Initial Discussions & Strategic Considerations

Part I: OVERVIEW

4.01 Introduction

Part II: ANALYSIS

4.02 Selecting the Method of Sale

4.03 Selecting the Method of Acquisition

Part III: PRACTICE RESOURCES

4.04 Sale Process

4.05 Acquisition Process

4.06 Further Bear Hug Letters Precedents

5. Preliminary Agreements

Part I: OVERVIEW

5.01 Introduction

5.02 Checklist: Preparing Preliminary Agreements

Part II: ANALYSIS

5.03 Confidentiality Agreements

5.04 Letters of Intent

5.05 Engagement Letters with Investment Bankers

Part III: PRACTICE RESOURCES

5.06 Confidentiality Agreements

5.07 Sample Standstill Agreements

5.08 Letters of Intent

5.09 Engagement Letters

6. Due Diligence

Part I: OVERVIEW

6.01 Introduction

6.02 Checklist: Basic Due Diligence Tasks for Buyer's Counsel

Part II: ANALYSIS

6.03 Confidentiality

6.04 Beginning Due Diligence

6.05 The Diligence Team

6.06 The Role of Seller's Counsel

6.07 The Role of Buyer's Counsel

6.08 Diligence in Public Company Transactions

6.09 Antitrust Concerns

6.10 Review of Contracts

6.11 Financial and Accounting Diligence

6.12 Review of Corporate Records

6.13 Real Property Diligence

6.14 Labor and Employment Diligence

6.15 Intellectual Property Due Diligence

6.16 Environmental Due Diligence

6.17 Litigation Due Diligence

6.18 Tax Due Diligence

6.19 Cybersecurity Due Diligence

Part III: PRACTICE RESOURCES

6.20 Sample Due Diligence Checklist Items

6.21 LexisNexis Practice Centers

6.22 Publications

7. Acquisition Financing

Part I: OVERVIEW

7.01 Introduction

Part II: ANALYSIS

7.02 Types of Debt Financing

7.03 Structuring Issues

7.04 Terms Included in Commitment Papers

7.05 Other Commitment Paper Considerations

Part III: PRACTICE RESOURCES

7.06 Statutes

7.07 "Business Mac" Case Law

7.08 Treatises

8. Acquisition Agreement Overview

Part I: OVERVIEW

8.01 Introduction

8.02 Checklist: Contents of Acquisition Agreement

Part II: ANALYSIS

8.03 Comparison of Merger Agreement, Stock Purchase Agreement and Asset Acquisition Agreement

8.04 Public Company Deals vs. Private Company Deals

8.05 Private Equity Deals

8.06 Description of Purchase Price

8.07 Closing Mechanics

8.08 Stockholder Approval Mechanics

8.09 Representations & Warranties

8.10 Covenants

8.11 Conditions

8.12 Termination

8.13 Indemnification

8.14 Other Remedy Provisions

8.15 Boilerplate

Part III: PRACTICE RESOURCES

8.16 LexisNexis Practice Centers

8.17 Publications

9. Acquisition Agreement: Purchase Price

Part I: OVERVIEW

9.01 Introduction

8.02 Survey of Consideration Types

9.03 Checklist: Purchase Price Provisions

Part II: ANALYSIS

9.04 Cash Consideration

9.05 Stock Consideration

9.06 Purchase Price Protection: Fixed Exchange Rations, Floating Exchange Ratios, Caps and Collars

9.07 Stock-Cash Deals

9.08 Purchase Price Adjustments

9.09 Payment Mechanics in Public Company Deals

9.10 Earn-Outs and Other Contingent Consideration Arrangements

Part III: PRACTICE RESOURCES

9.11 Legal Reference Materials

10. Acquisition agreement: Representations & Warranties

Part I: OVERVIEW

10.01 Introduction

Part II: ANALYSIS

10.02 Public Company Transactions v. Private Company Transactions

10.03 Comparing Buyer Representations and Warranties with Seller Representations and Warranties

10.04 Knowledge Qualifiers

10.05 Materiality Qualifiers

10.06 Anti-Sandbagging Provisions

10.07 Representations & Warranties Insurance

Part III: PRACTICE RESOURCES

10.08 LexisNexis Practice Centers

10.09 Publications

11. Acquisition Agreement: Covenants

Part I: OVERVIEW

11.01 Covenants Defined

11.02 Relationship Between Covenants and Representations

11.03 Relationship Between Covenants and Conditions

11.04 Implied Covenants

11.05 Remedies for Breach of Covenants

11.06 A Taxonomy of Covenants

Part II: ANALYSIS

11.07 Pre-Closing Covenants to Preserve the Status Quo

11.08 Pre-Closing Covenants to Facilitate Closing

11.09 Post-Closing Transitional Covenants

11.10 Post-Closing Protective Covenants

11.11 Negotiating and Drafting Covenants

Part III: PRACTICE RESOURCES

11.12 LexisNexis Practice Centers

11.13 Treatises

12. Acquisition Agreement: Closing Conditions

Part I: OVERVIEW

12.01 Importance of Conditions

12.02 Public Transactions vs. Private Transactions

Part II: ANALYSIS

12.03 Accuracy of Representations and Warranties and Related Conditions

12.04 Absence of Material Adverse Change (MAC)

12.05 Regulatory Compliance

12.06 No Injunction

12.07 Third-Party Consents

12.08 Financing Conditions

12.09 Other Conditions

Part III: PRACTICE RESOURCES

12.10 Closing Conditions in General

12.11 European Merger Control Law

13. Acquisition Agreement: Termination Rights & Fees

Part I: OVERVIEW

13.01 Introduction

13.02 Checklist: Types of Termination Provisions

Part II: ANALYSIS

13.03 Injunction, Order or Law Prohibiting the Transaction

13.04 Breach of Representation, Warranty or Covenant

13.05 Target's Fiduciary Out Right

13.06 Acquirer's Right to Terminate in the Event of a Competing Bid Favored by the Target's Board

13.07 Right to Terminate Upon Stockholder "No" Vote

13.08 Termination Upon Specified Date

13.09 Related Remedies: Termination Fees

13.10 Related Remedies. Reverse Termination Fees

Part III: PRACTICE RESOURCES

13.11 LexisNexis Practice Centers

13.12 Treatises

13.13 Cases

13.14 Law Journal Publications

14. Acquisition Agreement: Claims & Remedies

Part I: OVERVIEW - INDEMNIFICATION

14.01 Introduction

14.02 Parties Covered by Indemnification Provisions

14.03 Scope of Indemnification

14.04 Limitations on Indemnification

14.05 Indemnification Procedures

14.06 Securing Payment of Claims

Part II: ANALYSIS - STATUTORY AND COMMON LAW CLAIMS AND REMEDIES

14.07 Introduction

14.08 General Claim for Breach of Contract

14.09 Equitable Remedies

14.10 Limitations on Statutory and Common Law Claims and Remedies

Part III: PRACTICE RESOURCES

14.11 LexisNexis Practice Centers

14.12 Treatises

14.13 Cases

15. Acquisition Agreement: Critical Boilerplate

Part I: OVERVIEW

15.01 Introduction

15.02 Checklist: Typical Boilerplate Provisions

Part II: ANALYSIS

15.03 Fees and Expenses

15.04 Entire Agreement

15.05 Amendments and Modification

15.06 Waivers

15.07 Notices

15.08 Severability

15.09 Interpretation

15.10 Governing Law

15.11 Submission to Jurisdiction

15.12 Assignment; Successors

15.13 No Third-Party Beneficiaries

15.14 Enforcement; Remedies Cumulative

15.15 No Presumption Against Drafting Party

15.16 Time of the Essence

15.17 Waiver of Jury Trial

15.18 Alternative Dispute Resolution

Part III: PRACTICE RESOURCES

15.19 LexisNexis Practice Centers

15.20 Publications

16. Securities Law Issues

Part I: OVERVIEW

16.01 Introduction

16.02 Checklist: Identifying Securities Law Issues

Part II: ANALYSIS

16.03 Securities Law Basics

16.04 Public Company vs. Private Company Targets

16.05 Disclosing Preliminary Merger Negotiations

16.06 Announcing the Signed Deal

16.07 Filing Obligations upon Completion of a Transaction under Form 8-K and Section 16

16.08 Complying with the Proxy Rules When a Target or Buyer Stockholder Vote is Required

16.09 Complying with Communications Rules in M&A Transactions

16.10 Complying with the Tender Offer Rules

16.11 Registering the Buyer's Securities in a Stock Deal

16.12 Private Placement and Other Exemptions in Stock Deals

16.13 Listing and Delisting

16.14 Complying with Going Private Rules

16.15 Securities Law Issues in Hostile Deals

16.16 State Law Disclosure Obligations

Part III: PRACTICE RESOURCES

16.17 LexisNexis Practice Centers

16.18 Treatises

16.19 Cases

16.20 Statutes

16.21 Securities Act Forms

16.22 Securities Exchange Act Forms

16.23 Securities Exchange Act Schedules

16.24 Securities Act Regulations

16.25 Securities Exchange Act Regulations

16.26 Securities & Exchange Commission Materials

16.27 Other

17. Dealing with Activist Shareholders

Part I: OVERVIEW

17.01 Introductions

Part II: ANALYSIS

17.02 Changing Environments

17.03 Threats and Tactics Generally

17.04 Operational Activism

17.05 Corporate Governance

17.06 Proxy Fights

17.07 Sale of the Company

17.08 Opposition to Negotiated Transactions - Holding Up and Acquisition

17.09 Proactive Planning

17.10 Strategies for Responding to Activist Shareholders

17.11 Protecting Your Deal

Part III: PRACTICE RESOURCES

17.12 Cases

17.13 Treatises

INDEX