ISI Szakmai Forum Lanchidi Istvan, Weil

Apr 27, 2011Download as PPT, PDF0 likes287 views

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Hogyan tegyük eladhatóvá cégünket?

Néhány jogi szempont - Gondolatébresztő áttekintés

dr. Lánchidi István

2011. április 18.

Weil, Gotshal & Manges LLP

��ő��é��é��

￭ Mi az ügylet?

￭ Ki a Vevő?

￭ Hogyan adjuk el a céget?

￭ Mi a Vevő szándéka és célja a céggel?

Weil, Gotshal & Manges LLP 2

Jogi előkészületek

￭ Internal DD – checklist – jogi területek

￭ Mi alapján álljon össze a checklist?

￭ Mindent a Vevő, mint majdani tulajdonos szemszögéből kell nézni:

￭ Minden olyan jogi természetű körülményt, illetve akadályt meg kell határozni, ami a vevőt a
cég megvásárlása során, illetve tulajdonosaként hátráltathatja abban, hogy a céget a saját
elképzelései alapján működtesse, illetve integrálja a saját szervezetébe.

￭ Mi a teendő ezekkel, ha meghatároztuk őket?

Weil, Gotshal & Manges LLP 3

Checklist
Jogi kockázatok
￭ Magától értetődő kategória – vagy mégsem?
￭ Peres ügyek
￭ Change of control klauzulák – tranzakició kapcsán az egyik
legfontosabb!
￭ Kockázatos gyakorlat – pl. bátor jogértelmezésen alapuló, amit egy
multi tulajdonos nem tolerál (lásd megbízási szerződések)
￭ Minden olyan vagyontárgy, illetve jog, ami az üzlethez kell legyen a
cégé
￭ Profilidegen tevékenységek – pl. futballklub, sportkocsi gyűjtemény,
de a vevő szemében egyéb az üzlethez kapcsolódó tevékenységek
is ilyenek lehetnek – kockázatot jelentenek a vevő szemszögéből
￭ Általában „rendnek kell lenni” – írásba foglalás fehérítés, ha
szükséges

Weil, Gotshal & Manges LLP 4

Checklist – folytatás
Strukturális negativumok

￭ Olyan strukturális elemek, amelyek korlátozhatják a vevőt a cég működtetésében

￭ Pl: átláthatatlan, elaprózott tulajdonosi szerkezet, cégstruktúra elsőbbségi részvények
munkavállalók részére, vételi jog részvényeken, stb.
￭ ”Bebetonozott” munkavállalók,
￭ Indokolatlanul hosszú felmondási idejű szerződések,
￭ Egyéb nehezen vagy drágán megszüntethető kötelezettségek

￭ Eladói oldal tulajdonosi struktúra legyen kész- adótervezés!

￭ Az értékesítési folyamat során nem szerencsés megváltoztatni a tulajdoni struktúrát

￭ Alapítótól függetlenül működőképes management struktúra kialakítása

￭ Ne „one one man show” legyen

Weil, Gotshal & Manges LLP 5

Checklist - folytatás

￭ Nem transzparens vagy nem piaci jogviszonyok

￭ Kapcsolt szerződések

￭ Profilidegen tevékenységek

￭ Vitatható gyakorlat, pl. kreatív marketing vagy javadalmazási technikák

￭ Írásbeliség hiánya

￭ Titkos szóbeli háttérmegállapodások

Weil, Gotshal & Manges LLP 6

Lehetséges következmények

￭ Hátrányosabb, illetve bonyolultabb szerződések – hosszabb eladási folyamat

￭ több zárási feltétel – nő a zárás meghiúsulásának kockázata

￭ Megtérítési kötelezettségek

￭ Szavatossági igények kockázata

￭ Nagyobb összegű vételár visszatartása

￭ Árcsökkentő tételek

￭ Növekedhet a vevő bizalomvesztésének, illetve visszalépésének rizikója – a
jelen piaci környezetben különösképpen igaz ez!

Weil, Gotshal & Manges LLP 7

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Russia experienced a large private sector capital outflow of $84.2 billion in 2011, significantly exceeding forecasts due to an $37.8 billion outflow in the last quarter alone. Investors are wary of Russia's investment climate and political risks, preferring to invest elsewhere. While Russia's GDP grew 4.3% in 2011 due to high oil prices fueling exports, foreign investors do not see potential for growth outside of raw materials and are concerned about reliance on unpredictable oil prices and higher investment risks within Russia compared to abroad. Political and bureaucracy risks are also major drivers of capital outflows as investors wait to see the results of upcoming presidential elections and how the new political cycle may impact the business environment.

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ISI Szakmai Forum Lanchidi Istvan, Weil

1. Hogyan tegyük eladhatóvá cégünket? Néhány jogi szempont - Gondolatébresztő áttekintés dr. Lánchidi István 2011. április 18. Weil, Gotshal & Manges LLP

2. ��ő��é��é�� ￭ Mi az ügylet? ￭ Ki a Vevő? ￭ Hogyan adjuk el a céget? ￭ Mi a Vevő szándéka és célja a céggel? Weil, Gotshal & Manges LLP 2

3. Jogi előkészületek ￭ Internal DD – checklist – jogi területek ￭ Mi alapján álljon össze a checklist? ￭ Mindent a Vevő, mint majdani tulajdonos szemszögéből kell nézni: ￭ Minden olyan jogi természetű körülményt, illetve akadályt meg kell határozni, ami a vevőt a cég megvásárlása során, illetve tulajdonosaként hátráltathatja abban, hogy a céget a saját elképzelései alapján működtesse, illetve integrálja a saját szervezetébe. ￭ Mi a teendő ezekkel, ha meghatároztuk őket? Weil, Gotshal & Manges LLP 3

4. Checklist Jogi kockázatok ￭ Magától értetődő kategória – vagy mégsem? ￭ Peres ügyek ￭ Change of control klauzulák – tranzakició kapcsán az egyik legfontosabb! ￭ Kockázatos gyakorlat – pl. bátor jogértelmezésen alapuló, amit egy multi tulajdonos nem tolerál (lásd megbízási szerződések) ￭ Minden olyan vagyontárgy, illetve jog, ami az üzlethez kell legyen a cégé ￭ Profilidegen tevékenységek – pl. futballklub, sportkocsi gyűjtemény, de a vevő szemében egyéb az üzlethez kapcsolódó tevékenységek is ilyenek lehetnek – kockázatot jelentenek a vevő szemszögéből ￭ Általában „rendnek kell lenni” – írásba foglalás fehérítés, ha szükséges Weil, Gotshal & Manges LLP 4

5. Checklist – folytatás Strukturális negativumok ￭ Olyan strukturális elemek, amelyek korlátozhatják a vevőt a cég működtetésében ￭ Pl: átláthatatlan, elaprózott tulajdonosi szerkezet, cégstruktúra elsőbbségi részvények munkavállalók részére, vételi jog részvényeken, stb. ￭ ”Bebetonozott” munkavállalók, ￭ Indokolatlanul hosszú felmondási idejű szerződések, ￭ Egyéb nehezen vagy drágán megszüntethető kötelezettségek ￭ Eladói oldal tulajdonosi struktúra legyen kész- adótervezés! ￭ Az értékesítési folyamat során nem szerencsés megváltoztatni a tulajdoni struktúrát ￭ Alapítótól függetlenül működőképes management struktúra kialakítása ￭ Ne „one one man show” legyen Weil, Gotshal & Manges LLP 5

6. Checklist - folytatás ￭ Nem transzparens vagy nem piaci jogviszonyok ￭ Kapcsolt szerződések ￭ Profilidegen tevékenységek ￭ Vitatható gyakorlat, pl. kreatív marketing vagy javadalmazási technikák ￭ Írásbeliség hiánya ￭ Titkos szóbeli háttérmegállapodások Weil, Gotshal & Manges LLP 6

7. Lehetséges következmények ￭ Hátrányosabb, illetve bonyolultabb szerződések – hosszabb eladási folyamat ￭ több zárási feltétel – nő a zárás meghiúsulásának kockázata ￭ Megtérítési kötelezettségek ￭ Szavatossági igények kockázata ￭ Nagyobb összegű vételár visszatartása ￭ Árcsökkentő tételek ￭ Növekedhet a vevő bizalomvesztésének, illetve visszalépésének rizikója – a jelen piaci környezetben különösképpen igaz ez! Weil, Gotshal & Manges LLP 7

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ISI Szakmai Forum Lanchidi Istvan, Weil

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