Preface |
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ix | |
Dedication |
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xii | |
About the author |
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xiii | |
Abbreviations |
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xv | |
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xvii | |
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Table of Statutory Instruments |
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xxiii | |
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xxvii | |
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xxix | |
Downloadable precedents |
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521 | (1) |
Licence agreement |
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522 | |
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Part I The Seller's Perspective |
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1 | (84) |
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Chapter 1 An Overview of the Sale Process |
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3 | (4) |
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3 | (1) |
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1.2 Rationale for selling |
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4 | (3) |
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Chapter 2 Assessment of Marketability |
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7 | (2) |
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2.1 Appointment of a lead advisor |
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7 | (1) |
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2.2 Preliminary review of the target |
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7 | (1) |
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2.3 Appointment of the project team |
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8 | (1) |
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Chapter 3 Preparing for the Sale |
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9 | (38) |
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9 | (2) |
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11 | (9) |
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3.3 Tax planning on the sale of shares |
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20 | (19) |
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3.4 Tax planning on the sale of assets |
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39 | (5) |
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44 | (1) |
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45 | (2) |
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47 | (28) |
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47 | (1) |
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4.2 Preparation of the information memorandum |
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48 | (1) |
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4.3 Approach to prospective purchasers |
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49 | (1) |
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50 | (6) |
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4.5 Distribution of the information memorandum |
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56 | (11) |
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4.6 Data rooms (off or online) |
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67 | (8) |
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Chapter 5 Negotiation Process |
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75 | (10) |
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5.1 Selection of the preferred purchaser |
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75 | (1) |
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76 | (1) |
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5.3 Response to the purchaser's proposals |
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76 | (5) |
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5.4 Heads of agreement and exclusivity |
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81 | (2) |
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5.5 Response to due diligence enquiries |
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83 | (2) |
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Part II The Purchaser's Perspective |
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85 | (130) |
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Chapter 6 An Overview of the Acquisition Process |
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87 | (4) |
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Chapter 7 Acquisition Strategy |
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91 | (2) |
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91 | (1) |
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91 | (1) |
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92 | (1) |
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Chapter 8 The Search Process |
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93 | (4) |
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8.1 Identifying potential targets |
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93 | (1) |
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8.2 Selecting and evaluating potential targets |
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93 | (2) |
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8.3 Approaching potential targets |
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95 | (2) |
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97 | (44) |
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9.1 The negotiation process |
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97 | (1) |
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98 | (2) |
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100 | (1) |
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100 | (4) |
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9.5 Financing the acquisition |
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104 | (13) |
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117 | (20) |
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9.7 Tax issues for the purchaser |
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137 | (1) |
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9.8 Heads of agreement and exclusivity |
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138 | (3) |
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141 | (74) |
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141 | (2) |
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10.2 Matters requiring investigation |
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143 | (64) |
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10.3 Forms of due diligence |
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207 | (8) |
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Part III The Acquisition Agreement |
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215 | (96) |
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Chapter 11 General Principles |
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217 | (2) |
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217 | (1) |
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218 | (1) |
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Chapter 12 Share Purchase |
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219 | (62) |
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12.1 Share purchase agreement or offer document? |
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219 | (3) |
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12.2 Share purchase agreement |
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222 | (59) |
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Annex Competition and Markets Authority Mergers Guidance |
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273 | (8) |
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Chapter 13 Business Transfer Agreement |
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281 | (30) |
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281 | (1) |
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13.2 Business transfer agreement |
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281 | (30) |
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311 | (20) |
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Chapter 14 Announcements and Notifications |
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313 | (2) |
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14.1 Notification of aquisitions falling within competition law merger rules |
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313 | (1) |
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313 | (1) |
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14.3 Consumer credit licence approval -- FSMA 2000, s 178 notices and the FCA |
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314 | (1) |
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Chapter 15 Implementing Changes to the Workforce |
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315 | (8) |
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15.1 General considerations |
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315 | (1) |
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316 | (1) |
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15.3 Changes to terms and conditions of employment |
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317 | (1) |
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15.4 The implications of TUPE 2006 |
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317 | (1) |
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318 | (2) |
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15.6 Changes to the target's board of directors or senior management |
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320 | (3) |
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323 | (8) |
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323 | (1) |
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323 | (3) |
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326 | (2) |
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16.4 Paying stamp duty on shares |
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328 | (3) |
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Part V Special Situations |
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331 | (22) |
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333 | (8) |
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333 | (1) |
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17.2 Conflict of interests |
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334 | (1) |
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335 | (2) |
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337 | (1) |
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17.5 Financial assistance |
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337 | (1) |
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337 | (1) |
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17.7 Warranties/disclosure |
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338 | (2) |
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17.8 Assignability of warranty/indemnity claims |
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340 | (1) |
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Chapter 18 Buying and Selling Technology Businesses |
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341 | (12) |
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341 | (1) |
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18.2 Distinguishing features of the sale and purchase of a technology business |
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341 | (6) |
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347 | (3) |
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350 | (3) |
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353 | (152) |
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Precedent A Confidentiality letter |
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355 | (6) |
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Precedent B Data room rules |
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361 | (4) |
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Precedent C Offer letter: share purchase |
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365 | (6) |
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Precedent D Offer letter: business transfer |
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371 | (6) |
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Precedent E Due diligence request |
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377 | (14) |
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Precedent F Share purchase agreement |
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391 | (48) |
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Precedent G Limitations on warranty liability |
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439 | (6) |
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Precedent H Business transfer agreement |
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445 | (42) |
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Precedent I Disclosure letter |
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487 | (4) |
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Precedent J Completion agenda |
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491 | (2) |
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Precedent K Target board minutes |
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493 | (4) |
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Precedent L Power of attorney |
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497 | (2) |
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Precedent M Deed of contribution |
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499 | (6) |
Index |
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505 | |