跨境并購之美國篇（中英文對照）

1、Cross-Border M&A跨境并購(Seizing Current Opportunities in the U.S.A.)- 抓住美國當前市場機會,PPT 2001792,Part 1U.S. Legal System Background美國司法體系背景,Federal vs. States jurisdiction 聯(lián)邦法院司法管轄權與州法院司法管轄權Subject-matter 對事管轄權

2、Diversity 異州管轄權（多元管轄權）Supremacy clause 至高優(yōu)先條款Legal traditions 司法傳統(tǒng)Statutory vs. common law 成文法與習慣法Choice of Law/Governing Law 法律適用Delaware Law, New York Law, Ohio Law… 特拉華州法律，紐約州法律，俄亥俄州法律……Dispute resolutions 爭議解

3、決,2,3,3,Part 2Choice of Business Entities商業(yè)實體選擇,U.S. corporation 公司a separate legal entity 獨立法律實體Incorporated under state law 按州法設立Delaware, Nevada, other states 特拉華、內華達等州注冊Organization: shareholder(s) appoints the

4、 board 組織原則：股東指定董事會Board elects officers 董事會選舉官員Other board actions 其他董事會動議Board oversight 董事會監(jiān)控職責Officers execute day-to-day operations 官員執(zhí)行日常運營Indemnification 免責賠償D&O insurance 董事和官員保險,4,Cho

5、ice of Business Entities (Continued)商業(yè)實體選擇,Limited Liability Companies (LLC) 有限責任公司More flexible format vs. corporation 更具靈活性Management: Member managed or manager managed 股東成員管理或經理管理Tax: as partnership vs. as corpor

6、ation 所得稅：按合伙或 公司Single member LLC 單獨股東有限責任公司Other formats: 其他類型limited partnership and limited liability partnership 有限合伙和有限責任合伙Branches (vs. subsidiaries) 分支機構（對比：下屬公司）JV and Strategic Alliances 合資／作和戰(zhàn)略聯(lián)盟Import

7、ant to follow formalities 遵循法律要求的形式,4,Part 3Anatomy of a Private Acquisition對私有企業(yè)收購的剖析,How to get a deal? 如何獲得一份交易？Have a target 既有目標Find a target 尋找目標Investment bankers and/or lawyers 投資銀行家和/或律師What’s the cri

8、teria? 標準是什么？Strategic reasons? 戰(zhàn)略上的原因？Target size? 目標公司的規(guī)模？A company wants you to buy/bid (auction). 通過競拍中的購買或出價投標,5,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,How to start a deal? 如何開始一份交易？Conf

9、identiality 保密義務Non-solicitation of employees 員工競業(yè)禁止條例Standstill (Public company seller) 暫停交易義務（如果賣方為上市公司）Survivability 持續(xù)有效條款Formulation an offer 規(guī)劃報價Price: valuation, strategic analysis, financial analysi

10、s and price format – the consideration 價格：公司價值，戰(zhàn)略分析，財務分析及價格構成——對價,6,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,How to start a deal (Continued) 如何開始一份交易？Non-binding LOI 非強制性法律約束力的意向書Price and Considera

11、tion 價格和對價Transaction structure 交易結構Condition to closing 完成交易的條件Due diligence 盡職調查Timing 時間跨度Approvals 審批Non-binding 無強制性法律約束力Confidentiality 保密義務,7,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,

12、How to start a deal (Continued) 如何開始一份交易？Negotiation: LOI as roadmap 談判：意向書猶如路線圖Identify the best structure 確定最佳結構Merger vs. Stock vs. Asset 合并、股份交易與資產交易Tax analysis 稅務分析Liabilities of the target 目標公司所承擔的責任Min

13、ority consent could be hurdle for a stock deal 少數(shù)股東同意批準可能會成為股票交易的障礙Third party consent could be hurdle to an asset deal 獲得第三方批準可能會成為資產轉讓的障礙Revise LOI if necessary 如需要，修改意向書,8,How to run a deal? 如何管理交易？Draft t

14、he Definitive Agreement 起草最終協(xié)議Almost complete freedom of contract 幾乎是完全的自由意志原則Reps and warranties 陳述和保證Disclosure Schedules 披露清單Covenants 保證Closing conditions 過戶／交割條件Remedies 賠償Termination: fee (2-3%) 解約費用

15、（2-3%）Lock-up, no shop … earn-out, contingent payment 鎖定期，獨家鎖定期（排他性期間）…… 追加價款，有條件支付Price: Collar with a walkaway 價格浮動限制,9,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,How to run a deal (Continued) 如

16、何管理交易？Hart-Scott-Rodino Act: 哈特·斯科特·羅迪諾法案FTC and DOJ filings: adversely affect U.S. Commerce 向聯(lián)邦貿易委員會和司法部報批：是否對美國經濟造成負面影響Wait for approval 15/30 days 等待審批15/30天Transaction value $68.2MM 交易價為$68,200,000

17、以上Exon Florio: CFIUS review (CNOOC, Huawei) 艾克森·芙羅瑞修正案：美國外國投資委員會復審（中國海洋石油總公司、華為集團等未批準案例）,10,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,How to r

18、un a deal (Continued) 如何運行一份交易？Due Diligence 盡職調查Legal (team: corp.，tax, IP, employment & benefits & environmental…) 法務（團隊：公司、稅務、知識產權、雇用和福利、環(huán)境……）Tax and Financial 稅務和財務Business 經營Disclosure schedules

19、披露清單Virtual data room 虛擬盡職調查文件庫,11,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,How to close a deal? 如何完成一份交易？Addressing due diligence issues as soon as they arise 隨時盡快處理盡職調查發(fā)現(xiàn)的相關問題Closing checkl

20、ist (a draft ASAP) — obtain items as soon as possible 完成交易所需事項清單（盡早擬寫）——盡早獲取相關內容Wire instruction 匯款指示Post closing issues 交易完成后事項,12,How to make a deal work? 如何使交易順利進行？Post closing issues: Why M&A fail?

21、 交易后問題：為什么并購失?。縋eople (Planning and execution) 相關人員（策劃者及執(zhí)行者）Business 運營Finance (Case flow) (Overpaid) 財政情況（資金流動）（超額支付）Competitor 競爭者Transition service agreements and executive employment agreement

22、s 過渡期服務協(xié)議和管理層雇傭合同Earn-outs 交易后追加價款,13,Anatomy of a Private Acquisition (Continued)對私有企業(yè)收購的剖析,14,Part 4Real Estate Acquisitions不動產收購,Site location 選址Economic incentives from governments 政府激勵Geographic location (tr

23、ansportation, human resources, costs) 地理位置（交通、人力資源、成本）Buy or lease? 買還是租？Any outside financing? 外部融資Environmental issues? 環(huán)境問題Real estate as investment 不動產作為投資Structure of ownership 所有權結構Commercial vs. residential

24、商業(yè)還是住宅,14,15,Real Estate (Continued)不動產,Due Diligence Inspections 盡職調查檢驗Structural/mechanical (including HVAC) inspections 結構／機械（包括空調通風）檢驗Title inspections/Survey review 產權檢驗／審核測量結果Zoning/Use inspection 規(guī)劃分區(qū)／使用限制的

25、檢驗Environmental inspection (Phase I) 環(huán)境檢驗 (一級檢驗）Other important issues 其他重要事項Lease 租約Fully understand the lease before signing. 購買前一定要充分理解租約條款。Rent and other fees 租金和其他繳費Finance (mortgage) from local bank 當?shù)劂y行貸款（抵押

26、）,16,Part 5Immigration Issues移民相關問題,Immigration is federal law: 移民為聯(lián)邦法律管轄Foreigners entering the U.S. need permission from the U.S.外國人進入美國須聯(lián)邦政府批準。States have very limited control over immigration issues. 州政府的移民相關

27、管轄非常有限B-1 visitor for business visa classification 商務訪問簽證Seeking admission to engage a legitimate business activity 為從事合法商務活動而尋求準入Attending conventions，Conferences 參會Consultations，Business meetings，Negotiating contra

28、cts 咨詢、商務會議、商談合同Other business 其他商務事項,16,17,Immigration (Continued)移民法,L-1 Intra-Company transferee classification 跨國公司人員Worked outside of the U.S. for at least one year in the preceding three years; 過去三年里為外國公司工作一年以上

29、；Foreign company must be “related” to the U.S. company (Parent or branch or subsidiary or affiliate); 與美國公司的關聯(lián)關系（母公司、派駐、子公司、關聯(lián)企業(yè)）Only for executive, managerial positions or involving specialized knowledge and keep the

30、same or similar position; 類型：管理層或特別知識（保持相同類別）U.S. and foreign company must be doing business. 公司間業(yè)務往來。 New Office requirements. 新設分支。,Immigration (Continued)移民法,EB-5 immigration visa 投資移民Regional center program vs.

31、direct investment 地區(qū)中心與直接投資Basic requirements: 10 full time jobs and $1MM or $0.5MM investments 基本要求：10個全職工作、投資100萬或50萬美元I-526 + I-485: 6 Mo. to 1 yr to receive conditional green card for family. 移民申請：6個月到1年取得條件綠卡No w