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The Law of Corporate Finance: General Principles and EU Law - Volume III: Funding, Exit, Takeovers
Table of Contents
5
1 Introduction
11
1.1 Cash Flow, Risk, Agency, Information, Investments
11
1.2 Funding, Exit, Acquisitions
11
1.3 Financial Crisis
12
2 Funding: Introduction
13
2.1 General Remarks
13
2.2 Separation of Investment and Funding Decisions?
13
2.3 Forms of Funding, Funding Mix, Ancillary Services
15
2.4 Legal Risks Inherent in Funding Transactions
23
2.5 Particular Remarks on the Subprime Mortgage Crisis
27
2.6 Funding Transactions and Community Law
29
3 Reduction of External Funding Needs
30
3.1 Introduction
30
3.2 Retained Earnings
31
3.3 Management of Capital Invested in Assets
31
3.3.1 Introduction
31
3.3.2 Excursion: IFRS and Derecognition
32
3.3.3 Leasing
34
3.3.4 Sale and Lease-back
44
3.3.5 Repos and Securities Lending
48
3.4 Management of Working Capital
48
3.4.1 General Remarks
48
3.4.2 Management of Accounts Payable
49
3.4.3 Management of Accounts Receivable
53
3.4.4 Particular Aspects of Securitisation
66
3.4.5 Cash Management
79
3.5 Excursion: Basel II
90
4 Debt
92
4.1 Introduction
92
4.2 Management of Risk: General Remarks
96
4.3 Particular Clauses in Loan Facility Agreements
107
4.4 Prospectus
120
4.5 Particular Remarks on Corporate Bonds
121
4.6 Particular Remarks on Securities in the Money Market
128
4.7 Particular Remarks on Syndicated Loans
134
5 Equity and Shareholders’ Capital
140
5.1 The Equity Technique, Different Perspectives
140
5.2 Share-based Equity and Equity That Is Not Share-based
147
5.3 The Legal Capital Regime
149
5.4 The Legal Capital Regime Under EU Company Law
154
5.5 Strategic Choices
167
5.6 Legal Aspects of Equity Provided by Shareholders
172
5.6.1 General Remarks
172
5.6.2 General Legal Aspects of Shares in Legal Entities
172
5.6.3 Shares in Partnerships
180
5.6.4 Shares in Limited Partnerships
181
5.6.5 Shares in Private Limited-liability Companies
182
5.7 Private Placements
189
5.8 Shares Admitted to Trading on a Regulated Market
192
5.9 Listing and the Information Management Regime
194
5.9.1 Introduction
194
5.9.2 Listing Conditions
202
5.9.3 Prospectus
208
5.9.4 Periodic and Ongoing Disclosure Obligations
214
5.9.5 Disclosure of Risk
216
5.9.6 Disclosure of Corporate Governance Matters
217
5.9.7 Prohibition of Market Abuse
218
5.9.8 Enforcement
224
5.9.9 Delisting
227
5.10 Shares as a Source of Cash
231
5.10.1 General Remarks
231
5.10.2 Management of Risk
233
5.10.3 Internal Corporate Action
243
5.11 Shares as a Means of Payment
245
5.11.1 Introduction
245
5.11.2 Community Law: General Remarks
246
5.11.3 Mergers and Share Exchanges
248
5.11.4 Mergers and Company Law
253
5.11.5 Share Exchanges and Company Law
265
5.11.6 Share Exchanges and Securities Markets Law
269
5.11.7 Fairness, Price, Existence of a Market
277
5.12 Shares as a Means to Purchase Other Goods
287
5.13 Share-based Executive Incentive Programmes
290
6 Mezzanine
292
6.1 Introduction
292
6.2 Example: Venture Capital Transactions
298
6.3 Loan-based Mezzanine Instruments
301
6.3.1 General Remarks
301
6.3.2 Structural Subordination of Debts
302
6.3.3 Repayment Schedules as a Form of Subordination
302
6.3.4 Statutory Subordination
303
6.3.5 Contractual Subordination of Debts
303
6.3.6 Contractual Subordination of Collateral
307
6.3.7 Structural Subordination of Collateral
309
6.3.8 Participation in Profits
309
6.4 Share-based Mezzanine Instruments
311
6.5 Profit-sharing Arrangements
315
7 Chain Structures and Control
317
7.1 General Remarks
317
7.2 Examples of Cases
317
7.3 Legal Risks
319
7.3.1 Parent
319
7.3.2 Companies Lower Down in the Chain
320
8 Exit: Introduction
322
8.1 General Remarks
322
8.2 Exit from the Perspective of the Investor
323
8.3 General Remarks on the Management of Risk
325
8.3.1 Introduction
325
8.3.2 Replacement Risk and Refinancing Risk
325
8.3.3 Risks Relating to Ownership Structure and Control
327
8.3.4 Counterparty Risks (Agency) in General
328
8.3.5 Information and Reputational Risk
328
9 Exit of Different Classes of Investors
331
9.1 General Remarks
331
9.2 Exit of Asset Investors
331
9.3 Exit of Debt Investors
333
9.4 Exit of Shareholders
334
10 Exit of Shareholders
335
10.1 Introduction
335
10.2 Cash Payments by the Company
335
10.2.1 General Remarks
335
10.2.2 Dividends and Other Distributions
337
10.2.3 Redemption of the Subscribed Capital
340
10.2.4 Share Buy-backs
341
10.2.5 Redeemable Shares
346
10.2.6 Withdrawal of Shares Otherwise
348
10.3 Third Party as a Source of Remuneration
348
10.3.1 Introduction
348
10.3.2 Clean Exit, Private Sale, Auction, IPO, Bids
349
10.3.3 Termination of a Joint-Venture
368
10.3.4 Privatisation
371
10.4 Mergers and Divisions
376
10.4.1 General Remarks
376
10.4.2 Mergers
376
10.4.3 Formation of a Holding SE
383
10.4.4 Divisions
384
10.5 Private Equity and Refinancing
389
10.6 Walking Away
394
10.7 Liquidation
395
11 Takeovers: Introduction
396
11.1 General Remarks, Parties
396
11.2 Structures
397
11.3 Consideration and Funding
403
11.4 Process
404
11.5 Contents of the Sales Contract
406
11.6 Summary
408
12 Acquisition of Shares in a Privately-owned Company for Cash
409
12.1 Introduction
409
12.2 Confidentiality
411
12.3 Preliminary Understanding
412
12.4 Ensuring Exclusivity, Deal Protection Devices
414
12.4.1 General Remarks
414
12.4.2 Exclusivity Clauses
415
12.4.3 Ensuring Exclusivity v Company Law
418
12.5 Signing, Conditions Precedent to Closing
421
12.6 Employee Issues
425
13 Due Diligence and Disclosures
431
13.1 General Remarks
431
13.2 Due Diligence in Practice
432
13.3 Legal Requirements and Legal Constraints
436
13.3.1 General Remarks
436
13.3.2 Vendor Due Diligence, Vendor’s Perspective
437
13.3.3 Buyer Due Diligence, Vendor’s Perspective
437
13.3.4 Buyer Due Diligence, Target’s Board
440
13.3.5 Buyer Due Diligence, Buyer’s Perspective
444
13.3.6 Buyer Due Diligence, Buyer’s Board
446
13.4 Particular Remarks on External Fairness Opinions
447
14 Excursion: Merger Control
450
14.1 General Remarks
450
14.2 Jurisdiction
452
14.3 Complying with Community Law
455
14.4 National Merger Control
461
15 Excursion: Sovereign Wealth Funds
462
15.1 General Remarks
462
15.2 Community Law
463
16 Key Provisions of the Acquisition Agreement
465
16.1 General Remarks
465
16.2 The Specifications of the Object
465
16.3 Excursion: Non-Competition Clauses
472
16.4 Remedies (Indemnities)
474
16.5 Purchase Price and the Payment Method
480
16.5.1 General Remarks
480
16.5.2 Choice of the Payment Method
481
16.5.3 Adjustment of Consideration
483
16.6 Buyer Due Diligence After Closing, Claims
488
16.7 Excursion: Auction Sale
489
17 Duties of the Board in the Context of Takeovers
492
17.1 General Remarks
492
17.2 In Whose Interests Shall Board Members Act?
492
17.3 Duty to Obtain Advice or to Give Advice
497
17.4 Takeover Defences and the Interests of the Firm
499
18 Takeover Defences
504
18.1 General Remarks
504
18.2 Pre-Bid Defences Well in Advance
507
18.3 Structural Takeover Defences, Control
507
18.4 Price-increasing Defences
508
18.5 Keeping Assets Away from the Acquirer
509
18.6 Securities Lending
510
18.7 The White Knight Defence
511
18.8 Poison Pills, Shareholder Rights Plans
512
18.9 Greenmail and Other Targeted Repurchase Actions
513
18.10 Tactical Litigation, Administrative Constraints
514
18.11 Example: Arcelor and Mittal
515
19 A Listed Company as the Target
520
19.1 General Remarks
520
19.2 Information Management: Secrecy v Disclosure
522
19.3 Toehold, Creeping Takeover, Major Holdings
525
19.4 Selective Disclosure Internally
532
19.5 Selective Disclosure to Lenders
534
19.6 Selective Disclosure to Outsiders by the Acquirer
534
19.7 Selective Disclosure to Outsiders by the Target
536
19.8 Disclosure to the Public
540
19.9 Acting in Concert, Acting in a Certain Capacity
542
19.10 Public Takeover Offers
544
20 Acquisition Finance
549
20.1 Introduction
549
20.2 Funding Mix
552
20.3 Particular Remarks on Securities Lending
555
20.4 Financial Assistance
556
20.5 Debt
564
20.5.1 General Remarks
564
20.5.2 Commitment of Banks
567
20.5.3 Many Legal Entities on the Side of the Borrower
570
20.5.4 Internal Coherence of Contracts
576
20.6 Shareholders’ Capital
579
20.7 Mezzanine
580
References
583
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