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ACC ISRAEL ANNUAL CONFERENCE. Identifying Concerns and Overcoming Risk in European M&A Opportunities Marc Fredj Simmons & Simmons Tel Aviv, Israel 16 June 2010. Identifying Concern and Overcoming Risk. Identifying concern: Access to information Identifying Concern: Due Diligence

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ACC ISRAEL ANNUAL CONFERENCE

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Acc israel annual conference l.jpg

ACC ISRAEL ANNUAL CONFERENCE

Identifying Concerns and Overcoming Risk in European M&A Opportunities

Marc Fredj

Simmons & Simmons Tel Aviv, Israel 16 June 2010


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Identifying Concern and Overcoming Risk

  • Identifying concern: Access to information

  • Identifying Concern: Due Diligence

  • Identifying Concern: Disclosure

  • Overcoming Risk: Conditions Precedent

  • Overcoming Risk: MAC Clauses

  • Overcoming Risk: Price Adjustments

  • Overcoming Risks: Earn Outs

  • Overcoming Risk: Indemnities

  • Overcoming Risk: Warranties


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Identifying concern: Access to information

  • Auctions vs exclusivity situations

  • Private vs listed targets

  • NDAs

    • Signatories

    • Vendor protection

  • Timing of disclosure


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Identifying concern: Due Diligence

  • General purpose

  • Specific purpose

  • Types of due diligence – coordinating

  • Scope


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Identifying concern: Due Diligence

  • Materiality

  • Vendor due diligence

  • Data Rooms

  • Communicating results


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Identifying concern: Disclosure

  • Legal duty – contractual obligation

  • General vs Specific

  • Fair disclosure

  • Qualifications (materiality, knowledge)

  • Management’s position


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Overcoming risk: Withdrawing from transaction

  • Pre-contractual stage:

    • good faith

    • break fees

  • Contractual stage:

    • conditions precedent (validity; benefit)

  • MAC Clauses

  • Breach of warranties


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Overcoming risk: Adjusting value

  • Price Adjustment:

    • price determinable

    • recourse to experts

    • recovery: claims, escrow, deferred payments


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Overcoming risk: Adjusting value

  • Earn Outs:

    • determination

    • neutralizing certain changes

    • tax treatment


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Overcoming risk: Allocating identified and unidentified risks

  • Weaknesses of legal protections:

    • misrepresentation

    • eviction

    • hidden defects


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Overcoming risk: Allocating identified and unidentified risks

  • Indemnities:

    • when to use

    • difference with warranties


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Overcoming risk: Allocating identified and unidentified risks

  • Warranties

    • Scope

    • Indemnification:

      • net assets

      • loss

      • beneficiary and tax impact

    • Vendor protections


Any questions please contact marc fredj@simmons simmons com l.jpg

Any questions please contact:[email protected]


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