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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xxv | |
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xxvii | |
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Part I The Seller's Perspective |
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1 | (80) |
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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 | (4) |
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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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8 | (1) |
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2.3 Appointment of the project team |
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8 | (3) |
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Chapter 3 Preparing For The Sale |
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11 | (34) |
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11 | (2) |
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13 | (8) |
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3.3 Tax planning on the sale of shares |
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21 | (16) |
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3.4 Tax planning on the sale of assets |
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37 | (5) |
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42 | (2) |
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44 | (1) |
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45 | (26) |
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45 | (1) |
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4.2 Preparation of the information memorandum |
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46 | (1) |
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4.3 Approach to prospective purchasers |
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47 | (1) |
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48 | (7) |
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4.5 Distribution of the information memorandum |
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55 | (9) |
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64 | (7) |
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Chapter 5 Negotiation Process |
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71 | (10) |
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5.1 Selection of the preferred purchaser |
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71 | (1) |
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72 | (1) |
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5.3 Response to the purchaser's proposals |
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72 | (5) |
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5.4 Heads of agreement and exclusivity |
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77 | (3) |
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5.5 Response to due diligence enquiries |
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80 | (1) |
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Part II The Purchaser's Perspective |
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81 | (118) |
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Chapter 6 An Overview Of The Acquisition Process |
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83 | (4) |
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Chapter 7 Acquisition Strategy |
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87 | (4) |
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87 | (1) |
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88 | (1) |
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88 | (3) |
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Chapter 8 The Search Process |
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91 | (4) |
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8.1 Identifying potential targets |
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91 | (1) |
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8.2 Selecting and evaluating potential targets |
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91 | (2) |
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8.3 Approaching potential targets |
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93 | (2) |
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95 | (38) |
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9.1 The negotiation process |
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95 | (1) |
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96 | (2) |
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98 | (1) |
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99 | (3) |
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9.5 Financing the acquisition |
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102 | (14) |
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116 | (12) |
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9.7 Tax issues for the purchaser |
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128 | (2) |
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9.8 Heads of agreement and exclusivity |
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130 | (3) |
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133 | (66) |
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133 | (2) |
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10.2 Matters requiring investigation |
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135 | (56) |
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10.3 Forms of due diligence |
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191 | (8) |
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Part III The Acquisition Agreement |
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199 | (86) |
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Chapter 11 General Principles |
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201 | (2) |
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201 | (1) |
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202 | (1) |
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Chapter 12 Share Purchase |
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203 | (52) |
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12.1 Share purchase agreement or offer document? |
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203 | (3) |
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12.2 Share purchase agreement |
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206 | (49) |
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Chapter 13 Business Transfer Agreement |
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255 | (30) |
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255 | (1) |
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13.2 Business transfer agreement |
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255 | (30) |
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285 | (18) |
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Chapter 14 Announcements And Notifications |
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287 | (2) |
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14.1 Notification of aquisitions falling within the EC merger rules to the EC commission |
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287 | (1) |
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287 | (2) |
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Chapter 15 Implementing Changes To The Workforce |
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289 | (8) |
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15.1 General considerations |
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289 | (1) |
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290 | (1) |
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15.3 Changes to terms and conditions of employment |
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291 | (1) |
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15.4 The implications of TUPE 2006 |
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291 | (1) |
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292 | (1) |
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15.6 Changes to the target's board of directors or senior management |
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293 | (4) |
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297 | (6) |
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297 | (1) |
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297 | (2) |
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299 | (4) |
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Part V Special Situations |
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303 | (20) |
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305 | (8) |
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305 | (1) |
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17.2 Conflict of interests |
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306 | (1) |
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307 | (1) |
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308 | (1) |
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17.5 Financial assistance |
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308 | (1) |
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309 | (1) |
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17.7 Warranties/disclosure |
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310 | (2) |
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17.8 Assignability of warranty/indemnity claims |
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312 | (1) |
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Chapter 18 Buying And Selling Technology Businesses |
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313 | (10) |
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313 | (1) |
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18.2 Distinguishing features of the sale and purchase of a technology business |
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313 | (5) |
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318 | (4) |
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322 | (1) |
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323 | (168) |
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Precedent A Confidentiality letter |
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325 | (8) |
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Precedent B Data room rules |
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333 | (6) |
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Precedent C Offer letter: share purchase |
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339 | (6) |
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Precedent D Offer letter: business transfer |
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345 | (6) |
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Precedent E Due diligence request |
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351 | (14) |
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Precedent F Share purchase agreement |
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365 | (56) |
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Precedent G Limitations on warranty liability |
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421 | (6) |
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Precedent H Business transfer agreement |
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427 | (46) |
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Precedent I Disclosure letter |
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473 | (4) |
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Precedent J Completion agenda |
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477 | (2) |
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Precedent K Target board minutes |
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479 | (4) |
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Precedent L Power of attorney |
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483 | (2) |
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Precedent M Deed of contribution |
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485 | (6) |
Index |
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491 | |