公司并購(gòu)法律實(shí)務(wù)課程：第二講 LOI、保密協(xié)議和并購(gòu)財(cái)務(wù)基礎(chǔ)知識(shí)

,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,LOIorTermSheet,,1LOIorTermSheet,1.1定義,,,Letterofintent,termsheet,memorandumofunderstanding,headsoftermsareanagreementinprincipalbyapotentialbuyerandapotentialsellertofurtherconsidertheproprietyofdoingadeal.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.1Whiletheremaybecompellingreasonsfortheparties’decisiontoforegoaletterofintent,incomplexdealsthepartiesareoftenbetterservedbytakingtheextratimetonegotiateanLOI.Amongotherthings,aletterofintentprovidesthepartieswithastructuretotheirdiscussionsandmaysetouttheparties’expectationsastohowthedealnegotiationswillproceed.Moreover,awell-craftedLOImaystreamlinedraftingandnegotiationofthedefinitiveacquisitionagreementandasaresultactuallyreducetransactiontimeandexpense.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.2It’squickerandeasiertoprepareandthereforeeasiertoreadandmorereadilyunderstoodbytheclient,andcanassistthepartiesandcounselinavoidingmisunderstandingsatanearlystage.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.3Itsetsforththemajortermstobereflectedintheacquisitionagreementandcanthereforefacilitatethepreparationoftheagreement.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.4Thebuyermayneedaletterofintenttopursuefinancingasbanks,equityinvestors,andotherfinancialinstitutionssometimeswillnotproceedwithaninvestigationandthedesiredcommitmentletteruntilaletterofintenthasbeensigned.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.5Incertaintransactions,aletterofintentallowstheprocessofobtaininggovernmentapprovalsorclearancestobegin.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.6Oftenbuyersarereluctanttocommittosubstantialexpensesforduediligencewithouthavingasignedletterofintent.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.7Businesspeoplebelievesthatsellersandbuyers,eveniftheymaynotbelegallybound,feelagreatmoralobligationtoobservethetermsandconditionssetforthinaletterofintentatlaterstageintheacquisitionprocess.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.8EitherpartymaybereluctanttoenterintoanLOIforfearofconcedingaparticularpointthathasnotbeenfullyvetted.Thismaybelessofanissueforthebuyerbecauseinalllikelihoodthebuyerwillhaveonlyundertakenlimited,ifany,duediligenceuptothatpointandwilltypicallyreserveitsrightstomodifycertaindealtermsbasedontheresultsofitsduediligencereview.,,1LOIorTermSheet,1.2LOI:ProsandCons,,,1.2.9Oftentheletterofintentwillprovideforalimitedperiodofexclusivenegotiationbetweenthebuyerandseller.Thisisdisadvantageousfortheseller,butitisoneoftheprimaryreasonswhybuyersofteninsistthatthepartiesexecuteanLOI.,,1LOIorTermSheet,1.3BindingorNon-binding,,,1.3.1Generally,anLOIwillbenon-bindingwithrespecttoallbutafewcertainprovisions.Typically,thebindingprovisionsinanLOIwillinvolve:confidentialityobligationsoftheparties;therightofthebyertohaveaccesstotheseller;anexclusivityperiod(i.e.,noshop)whichprovidesaperiodoftimeinwhichthebuyerhastheexclusiverighttonegotiatewiththeseller;therightofthebuyertoreceiveaterminationorbreak-upfeeintheeventthesellerwalksawayfromthedeal;theresponsibilityofthepartiesforcertaincostsandexpenses;thenon-bindingnatureofalltheotherprovisions.,,1LOIorTermSheet,1.3BindingorNon-binding,,,1.3.2CareshouldbetakentoensurethattheLOIistrulynon-binding,exceptasnotedabove,anddoesnotinadvertentlycreateabinding“agreementtonegotiate”definitiveterms.Insomejurisdictionscourtshaveprescribedso-called“magic”languagethatexpresslyremovesanysuchimplicitdutytonegotiate..,,1LOIorTermSheet,1.3BindingorNon-binding,,,1.3.3(1)CaseStudy:Texaco,Inc.v.PennzoilCo:PennzoilhasnegotiatedwiththeGettyfamilyandtheGettyTrust,thecontrollingshareholdersofGettyOiltobuyacontrollinginterestinGettyOil.RepresentativesoftheGettyShareholdersenteredintoaMOUandissuedapressreleasethatstatedthatadefinitiveagreementwascontemplated.Neitherdocumentcontainedadisclaimerofabindingagreementorlegalobligation.Therewasalsoconsiderabledonedealtalkandconduct.,,1LOIorTermSheet,1.3BindingorNon-binding,,,1.3.3(2)CaseStudy:ThenextdayGettyannouncedanagreementtoselltoTexacoatahigherprice,whichindemnifiedGettyagainstliabilitytoPennzoil.ATexanjuryrenderedaverdictofandparallelnegotiationandabrupttermination.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,Tosomeextent,thetermsoftheLOIwillmirrorwhatonewouldexpecttofindinthedefinitiveacquisitionagreement,onlywithlessspecificity.AtypicalLOIwilllikelyaddressatleastthefollowing:,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.1Assets/Stock—descriptionoftheassets(whichmaysimplybedescribedas“allorsubstantiallyall”oftheseller’sassets),orcapitalstocktobeacquired.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.2AcquisitionConsideration—considerationtobepaidbythebuyerinrespectoftheassetsorstockoftheseller(e.g.,cash,stock,earn-out,etc.),,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.3ClosingConditions—specifiescertainkeyclosingconditions,suchasvotingagreements(andproxies),votes/consentsrequired,requiredregulatoryapprovals,andrequiredthirdpartyconsents.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.4ClosingDate—generaltimetableforcompletingthetransaction.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.5CorporateApprovals—whetherstockholderconsentsarerequiredorwhetherastockholdermeetingwillbecalled.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.6DueDiligence—theparties’respectiveaccesstothebooksandrecordsoftheotherparty.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.7Escrow—amountofacquisitionconsiderationtobeescrowedorheld-backtobackstopindemnificationorotherpost-closingobligationsoftheseller.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.8GoverningLaw—legaljurisdictiongoverningthetermsofthetransaction,includingtheLOI.,,1LOIorTermSheet,1.4ElementsoftheLetterofIntent,,,1.4.9Representations,,3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告,3.3,,,Revenue,Goodwill,AccountsReceivables;Inventories;accountingisanartandnotascience;,,3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告,3.4“購(gòu)買法“，goodwill被作為買方的資產(chǎn),,,Theexcessofthecostoftheacquiredbusinessoverthesumoftheamountsassignedtoidentifiableassetsacquiredattheirfairvaluelesstheliabilitiesassumed.Impairmentandwrittendowniftheirfairvaluedeclinesbelowtheamountsonthebooks;,,3會(huì)計(jì)準(zhǔn)則和財(cái)務(wù)報(bào)告,3.5FinancialStatements,,,BalanceSheetisasnapshotasofaparticulardateoftheassets,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),LOIorTermSheet,,4并購(gòu)中常用的財(cái)務(wù)術(shù)語(yǔ),4.1Liquiditymeasures,,,Workingcapital: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),4.2AccrualsandDeferrals,,,Accrualismadewhenaneventshouldberecordedforaccountingpurposesduringacurrentperiodeventhoughpaymentwillnotbemadeuntilsomefutureperiod(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),4.3,,,DepreciationforthetangibleassetsandAmortizationfortheintangibleassets.,,,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),LOIorTermSheet,,5與財(cái)務(wù)相關(guān)等并購(gòu)條款,5.1,,,PurchasePriceAdjustment(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)BooksofAccount:“completeandcorrect”vs“completeandcorrectinallmaterialrespects”;,,5與財(cái)務(wù)相關(guān)等并購(gòu)條款,5.2Representations,,,(iii)AbsenceofLiabilities:“noliabilitiesexceptforthosereflectedorreservedinthemostrecentbalancesheet”vs“materialityorknowledgequalifierorinaccordancewithGAAP”;(iv)AccountsReceivable:“willbecollectedorareatleastcollectiblewithinaparticularperiodfollowingclosing,failingwhichthebuyerwouldbereimbursedandtheuncollectedamountswillbereassignedtotargetorseller;,,,5與財(cái)務(wù)相關(guān)等并購(gòu)條款,5.2Representations,,(v)inventories:allitemsofinventoryconsistofaqualityanquantityuseable,andwithrespecttofinishedgoods,saleableintheordinarycourseofbusiness;,,,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),LOIorTermSheet,,,6估值,6.1,,GoingConcernValuevsLiquidationValue,,,6估值,6.2估值方法,,DCF；ComparableCompaniesandComparableTransactions,,,6估值,6.3影響估值的因素,,(i)theextentofrepresentationsandscopeofindemnification;(ii)theallocationbetweenthesellerandthebuyersofsynergisticbenefits,theopportunityforwhichwillvaryfromonepotentialbuyertoanother;(iii)reliabilityofthehistoricalandprojectedfinancialstatements;(iv)overpaymentresultingfrominadequateduediligence;(v)overbiddinginauctionsituation:(vi)dealstructure,includingtaxissues;(vii)thenegotiationskilloftheparties.,,謝謝！,,,