跨境并購(gòu)之美國(guó)篇（中英文對(duì)照）

1、Cross-Border M&A跨境并購(gòu)(Seizing Current Opportunities in the U.S.A.)- 抓住美國(guó)當(dāng)前市場(chǎng)機(jī)會(huì),PPT 2001792,Part 1U.S. Legal System Background美國(guó)司法體系背景,Federal vs. States jurisdiction 聯(lián)邦法院司法管轄權(quán)與州法院司法管轄權(quán)Subject-matter 對(duì)事管轄權(quán)

2、Diversity 異州管轄權(quán)（多元管轄權(quán)）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(xí)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(zhēng)議解

3、決,2,3,3,Part 2Choice of Business Entities商業(yè)實(shí)體選擇,U.S. corporation 公司a separate legal entity 獨(dú)立法律實(shí)體Incorporated under state law 按州法設(shè)立Delaware, Nevada, other states 特拉華、內(nèi)華達(dá)等州注冊(cè)O(shè)rganization: shareholder(s) appoints the

4、 board 組織原則：股東指定董事會(huì)Board elects officers 董事會(huì)選舉官員Other board actions 其他董事會(huì)動(dòng)議Board oversight 董事會(huì)監(jiān)控職責(zé)Officers execute day-to-day operations 官員執(zhí)行日常運(yùn)營(yíng)Indemnification 免責(zé)賠償D&O insurance 董事和官員保險(xiǎn),4,Cho

5、ice of Business Entities (Continued)商業(yè)實(shí)體選擇,Limited Liability Companies (LLC) 有限責(zé)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(jīng)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(dú)股東有限責(zé)任公司Other formats: 其他類型limited partnership and limited liability partnership 有限合伙和有限責(zé)任合伙Branches (vs. subsidiaries) 分支機(jī)構(gòu)（對(duì)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(duì)私有企業(yè)收購(gòu)的剖析,How to get a deal? 如何獲得一份交易？Have a target 既有目標(biāo)Find a target 尋找目標(biāo)Investment bankers and/or lawyers 投資銀行家和/或律師What’s the cri

8、teria? 標(biāo)準(zhǔn)是什么？Strategic reasons? 戰(zhàn)略上的原因？Target size? 目標(biāo)公司的規(guī)模？A company wants you to buy/bid (auction). 通過(guò)競(jìng)拍中的購(gòu)買或出價(jià)投標(biāo),5,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)的剖析,How to start a deal? 如何開始一份交易？Conf

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

10、s and price format – the consideration 價(jià)格：公司價(jià)值，戰(zhàn)略分析，財(cái)務(wù)分析及價(jià)格構(gòu)成——對(duì)價(jià),6,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)的剖析,How to start a deal (Continued) 如何開始一份交易？Non-binding LOI 非強(qiáng)制性法律約束力的意向書Price and Considera

11、tion 價(jià)格和對(duì)價(jià)Transaction structure 交易結(jié)構(gòu)Condition to closing 完成交易的條件Due diligence 盡職調(diào)查Timing 時(shí)間跨度Approvals 審批Non-binding 無(wú)強(qiáng)制性法律約束力Confidentiality 保密義務(wù),7,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)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(jié)構(gòu)Merger vs. Stock vs. Asset 合并、股份交易與資產(chǎn)交易Tax analysis 稅務(wù)分析Liabilities of the target 目標(biāo)公司所承擔(dān)的責(zé)任Min

13、ority consent could be hurdle for a stock deal 少數(shù)股東同意批準(zhǔn)可能會(huì)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(zhǔn)可能會(huì)成為資產(chǎn)轉(zhuǎn)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(guò)戶／交割條件Remedies 賠償Termination: fee (2-3%) 解約費(fèi)用

15、（2-3%）Lock-up, no shop … earn-out, contingent payment 鎖定期，獨(dú)家鎖定期（排他性期間）…… 追加價(jià)款，有條件支付Price: Collar with a walkaway 價(jià)格浮動(dòng)限制,9,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)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(mào)易委員會(huì)和司法部報(bào)批：是否對(duì)美國(guó)經(jīng)濟(jì)造成負(fù)面影響Wait for approval 15/30 days 等待審批15/30天Transaction value $68.2MM 交易價(jià)為$68,200,000

17、以上Exon Florio: CFIUS review (CNOOC, Huawei) 艾克森·芙羅瑞修正案：美國(guó)外國(guó)投資委員會(huì)復(fù)審（中國(guó)海洋石油總公司、華為集團(tuán)等未批準(zhǔn)案例）,10,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)的剖析,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)的剖析,How to r

18、un a deal (Continued) 如何運(yùn)行一份交易？Due Diligence 盡職調(diào)查L(zhǎng)egal (team: corp.，tax, IP, employment & benefits & environmental…) 法務(wù)（團(tuán)隊(duì)：公司、稅務(wù)、知識(shí)產(chǎn)權(quán)、雇用和福利、環(huán)境……）Tax and Financial 稅務(wù)和財(cái)務(wù)Business 經(jīng)營(yíng)Disclosure schedules

19、披露清單Virtual data room 虛擬盡職調(diào)查文件庫(kù),11,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)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(shí)盡快處理盡職調(diào)查發(fā)現(xiàn)的相關(guān)問(wèn)題Closing checkl

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

21、 交易后問(wèn)題：為什么并購(gòu)失敗？People (Planning and execution) 相關(guān)人員（策劃者及執(zhí)行者）Business 運(yùn)營(yíng)Finance (Case flow) (Overpaid) 財(cái)政情況（資金流動(dòng)）（超額支付）Competitor 競(jìng)爭(zhēng)者Transition service agreements and executive employment agreement

22、s 過(guò)渡期服務(wù)協(xié)議和管理層雇傭合同Earn-outs 交易后追加價(jià)款,13,Anatomy of a Private Acquisition (Continued)對(duì)私有企業(yè)收購(gòu)的剖析,14,Part 4Real Estate Acquisitions不動(dòng)產(chǎn)收購(gòu),Site location 選址Economic incentives from governments 政府激勵(lì)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(wèn)題Real estate as investment 不動(dòng)產(chǎn)作為投資Structure of ownership 所有權(quán)結(jié)構(gòu)Commercial vs. residential

24、商業(yè)還是住宅,14,15,Real Estate (Continued)不動(dòng)產(chǎn),Due Diligence Inspections 盡職調(diào)查檢驗(yàn)Structural/mechanical (including HVAC) inspections 結(jié)構(gòu)／機(jī)械（包括空調(diào)通風(fēng)）檢驗(yàn)Title inspections/Survey review 產(chǎn)權(quán)檢驗(yàn)／審核測(cè)量結(jié)果Zoning/Use inspection 規(guī)劃分區(qū)／使用限制的

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

26、）,16,Part 5Immigration Issues移民相關(guān)問(wèn)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(guó)人進(jìn)入美國(guó)須聯(lián)邦政府批準(zhǔn)。States have very limited control over immigration issues. 州政府的移民相關(guān)

27、管轄非常有限B-1 visitor for business visa classification 商務(wù)訪問(wèn)簽證Seeking admission to engage a legitimate business activity 為從事合法商務(wù)活動(dòng)而尋求準(zhǔn)入Attending conventions，Conferences 參會(huì)Consultations，Business meetings，Negotiating contra

28、cts 咨詢、商務(wù)會(huì)議、商談合同Other business 其他商務(wù)事項(xiàng),16,17,Immigration (Continued)移民法,L-1 Intra-Company transferee classification 跨國(guó)公司人員Worked outside of the U.S. for at least one year in the preceding three years; 過(guò)去三年里為外國(guó)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(guó)公司的關(guān)聯(lián)關(guān)系（母公司、派駐、子公司、關(guān)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(shí)（保持相同類別）U.S. and foreign company must be doing business. 公司間業(yè)務(wù)往來(lái)。 New Office requirements. 新設(shè)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(gè)全職工作、投資100萬(wàn)或50萬(wàn)美元I-526 + I-485: 6 Mo. to 1 yr to receive conditional green card for family. 移民申請(qǐng)：6個(gè)月到1年取得條件綠卡No w