私人公司和非公众公司的兼并与收购

1、TOPIC 12MERGERS AND ACQUSITIONS OF PRIVATE AND UNLISTED LIMITED COMPANIES私人公司和非公众公司的兼并与收购Part 1 Sale of Shares第一部分-股票交易 Share acquisition收购股份 A merger and acquisition exercise can take place with either acquisition of shares or assets.通过股份收购或资产收购，都可以达到收购的目的。Public limited companies can be listed and

2、 none listed. The takeover code does not apply to an unlisted public company. 公众有限公司可以是上市的，也可以是非上市的。公司收购法并不适用于非上市的公众公司。The legal documents start with pre-contractual documents such as a memorandum of understanding, a non disclosure agreement and conclude with a sale and purchase agreement.需要准备的法律文件包

3、括：预购合同、备忘谅解录、保密协议、购买协议。The Singapore Takeover Code applies to all listed companies and public non listed companies with assets exceeding $5m or more and with a shareholding of fifty or more. It does not apply to private limited companies whatsoever.所有的上市公司， 资产超过5百万元且由持股50%以上的大股东控制的公众非上市公司，都可以适用新加坡的公

4、司收购法令。其他的私人有限公司则不能适用该法。Value of the shares股票价值The value of the shares is a measurement of the rights and liabilities attached to their holders. They represent the legal rights of the shareholders to the assets of the target company. Legal documentation will have to cover the value of these assets le

5、ss liabilities and there must be provision for warranties, representations and indemnities.股票的价值是持股者所享有权利和责任的衡量标准。它象征着股东的合法权利，也代表了公司的资产。相关的法律文件必须涉及公司资产和负债的情况，而且必须有明确的条文来规定资产担保、代表以及保证等相关事项。As a consequence of this share acquisition, the new shareholder will have to assume all the legal liabilities of

6、 the target company.收购股份的结果之一，就是新的股东必须承担这一目标公司的法律责任。Stamp duty is payable in acquisition of shares, but is lower than with acquisition of assets.收购股份也是必须交付印花税的，但它比收购资产所缴纳的税要低。Change of control交付The sale of shares does not affect the assets and liabilities of the target company unless there are speci

7、fic “change of control” provisions. 如果没有特别的“控制权转移”条款，股份的转让并不影响目标公司的资产和负债情况。 The target company may have subsisting agreements which contain “change of control” provisions. “Change of control” provisions entitle third parties to terminate contractual agreements for lease of equipment, licenses to use

8、 intellectual property, land leases, trading agreements and others.目标公司可能会订立包含了“控制权转移”条款的协议。 这一条款赋予第三方以终止设备租赁合同、知识产权许可协议、土地租赁合同、贸易合同以及其他协议的权利。Interests of vendor and purchaser卖方与买方的权益The vendors will dispose off their shares in a tax efficient manner and to minimize their liabilities. They will set

9、a limitation on the amounts of their liabilities and also set a time period of their exposure.卖方可以用一种节税的方式抛售股票，从而最大限度的降低他们的责任。卖方会设定他们承担责任的限度，并设定一定的期间来公开他们的股份情况。Issues for the purchasers will be different. They will be concerned with the valuation for the price of the shares to be acquired from the t

10、arget company based on information provided by the vendors or their advisers.买方的情况则有所不同。基于卖方或者投资咨询师提供的目标公司的资料，买方会着重对他们即将购进的股份进行估价。The purchasers will have to carry out their due diligence and may not place too much reliance on the audited statements. The audited accounts may be relied if they are wa

11、rranted to the purchasers as true and fair view of the financial state of the target company.买方必须认真履行尽职调查，不能完全依赖审计报告。但如果审计师们向买方保证提供目标公司的真实财务报告，那么买方可以依赖于审计报告。There may be criminal sanctions for issuing misleading or false statements in order to induce any purchase of shares. S.404 of the Singapore Co

12、mpanies Act.如果为了诱导他人购买股票而提供了不真实的或让人产生误解的报告，那么这种行为可能受到刑事处罚。Financial advisers to the vendors卖方的金融顾问It is common for the vendors to engage a financial adviser to assist them with the structuring of the sale of their shares plus sourcing suitable buyers.就卖方而言，在出售股票的整个交易活动中聘请一个金融顾问是很常见的。他不仅可以（运用专业知识）完善交

13、易程序，还可以提供合适的买家信息。The adviser is usually an investment bank, a securities broker or an independent financial adviser, usually an accountant.金融顾问通常是投资银行、证券经纪人或者独立的金融咨询师，通常会是会计师。The vendors will have to include a confidentiality clause in their letter of engagement with such financial advisers. They ar

14、e usually paid a success fee based on the actual closing of the deal or the execution of the sale agreements.卖方在与金融顾问订立雇佣合同的时候必须明确规定保密条款。金融顾问通常在交易完成之后或是股票购买合同开始执行后， 拿到约定的佣金。Financial advisers are adept in protecting their interests with exclusivity clause coupled a non circumvention clause. An exclu

15、sivity clause will prevent the vendors from engaging another financial adviser within a reasonable period of time.金融顾问擅于用排他性条款和禁止解雇条款来保护他们自己的权益。排他性条款可以防止卖方在一段合理的期间内再向其他金融顾问咨询。A non circumvention clause will protect the financial adviser if he is terminated after an introduction of a potential buyer.

16、 He will still be entitled to his commission within a specified time in the event of a successful deal involving a purchaser introduced by him.在出现了潜在的股份买家， 金融顾问被单方辞退的时候，禁止解雇条款可以保障金融顾问的权益。通过金融顾问介绍的买家，在与卖方谈妥交易之后的一段时间内，这一顾问仍然可以拿到他的佣金。The memorandum of understanding谅解备忘录A memorandum of understanding or

17、“MOU” is a non binding document. It captures the salient aspects of a preliminary agreement.谅解备忘录或者简称“MOU”是一份没有法律效力的文件。它的作用是进一步规定前期合同中提到的重要事项。There may be some exceptions. The parties may wish to make the “confidentiality” clauses of a MOU binding.但这里有一些例外。合同当事方可以赋予谅解备忘录中的保密条款一定的法律效力。The parties may

18、 also wish to include and make the exclusivity clause legally binding. This will protect the intended buyers as it will give them sufficient time to consider the pricing and to raise funds for the purchase. The normal time period is one month.It is quite common for the vendors to include a fee for t

19、he inclusion of an exclusivity clause as they are deprived of seeking other buyers during this one month period.合同当事方或许也愿意赋予排他性条款以法律效力，这样就可以提供充足的时间，让有购买意向的买家进一步协商价格、筹集资金。通常而言，这段时间是一个月。对于卖方而言，在这一个月的期限里，因为他们被剥夺了联系其他买家的权利，因此在与特定买家订立排他性条款的时候，通常都会包括一定的补偿费用。Due Diligence尽职调查There may be representations, w

20、arranties and indemnities in the sale agreement, but the purchasers will still have to obtain reliable and accurate data relating to the assets, real estate property, liabilities, contracts, employees and management structure of the target company.在股份销售合同中，可能会附带资产担保、代表以及保证等事项，但是，买方同样要获取目标公司的资产、房地产、负

21、债、合同、雇员和管理结构等方面的精确信息。It is crucial to know the creditworthiness of the company and its financial standing among its bankers.目标公司的信用和它在银行领域内的金融地位，也是非常重要的信息。It is common for the vendors to present a set of latest audited statements of the target company as a pre-requisite to due diligence on the part

22、of the purchasers.对于卖方来说，向买方提交目标公司最新的审计报告资料是其必要的先期尽职调查。The purchasers will have to execute a confidential agreement in the form of a non disclosure agreement; otherwise, the vendors will not be willing to divulge further information about the target company other than the latest audited statement.买方

23、必须用不公开协议的方式来执行保密协议。否则，除了最新的审计报告外，卖方就不会愿意继续公开目标公司的更多资料了。Arising from the non disclosure agreement, the purchasers will be restricted to any disclosure of information provided by the vendors other than to their financial advisers, bankers, auditors and solicitors.除了买方的金融顾问、投资银行、审计师和事务律师之外，不公开协议禁止买方向任何

24、其他人公开由卖方提供的相关信息。The scope of due diligence exercise varies from transaction to transaction. In a smaller acquisition, it may be confined to an extensive assessment of the target companys core assets. In a larger transaction, the due diligence exercise may even cover questioning of the management of

25、the target company.尽职调查的具体范围因交易而易。在规模较小的并购中，这一义务可能被限定在目标公司核心资产的评估方面。在规模较大的交易中，对目标公司管理层面的疑问都可能包含在尽职调查中。A limited due diligence exercise will cover a review of the public records from the Registry of Companies, financial books and records, perusal of legally binding contracts with third parties, espec

26、ially customers of the target company. If there are assets or real estate property, there must be an examination of their legal titles.尽职调查会涉及到一系列的公众资料，比如公开公司法、金融法规和档案等规定必须公开的文件、熟读涉及第三方且有法律约束力的合同，尤其是目标公司的客户资料。如果目标公司存在不动产或其他资产，则卖方必须核查这些资产的法律许可文 件。There is a two fold purpose in due diligence. Firstly,

27、 hidden liabilities may be discovered. There may be defects in the legal titles to some of the target companys assets and this will result in a re-negotiation of the sale price for the shares.尽职调查包含着两个重叠的目的。首先，隐藏的责任可能被发现。目标公司的某些资产可能在法律许可和确认上存在瑕疵或者问题，而这有可能导致股票销售价格的重新谈判。The sale agreement has a long l

28、ist of representations and warranties. The due diligence exercise may expose new concerns for the purchasers. 销售合同会附加一个长长的清单，列明各项资产担保和保证。尽职调查可能会暴露新的问题，并获得买方的关注。Share purchase agreement股份购买协议Parties合同方The vendors and the purchasers are the definite parties to the agreement. The target company is a le

29、gal person and can also be added as a party to the same agreement. The purchasers may have to enforce legal obligations arising from the agreement against the company or to seek indemnity from the company.卖方和买方当然是股份购买协议的当事方。目标公司作为法人，也可以成为这一协议的一方当事人。买方可以要求执行该合同，促使目标公司履行法定义务，或者（如果它不履行义务）向它请求赔偿。Key pro

30、visions关键条款There is a legal obligation on the part of the vendors to sell and one on the part of the purchasers to buy. The purchase price will be inserted. It is better to have a determinate price than a method of calculation based on some variables. 卖方有卖的义务，同时买方有买的义务。购买的价格也必须约定。购买价格也必须明确约定。就价格而言，最

31、好是能有一个确定的价格，而不是基于浮动因素的价格计算方法。Conditions precedent may be included and they may be important to both parties.关键条款中可能包含对合同双方当事人都非常重要的先决条件。When there is a lapse of time between the execution of the share purchase agreement and the completion, the purchaser may have to provide a non refundable deposit.W

32、arranties are covered in a separate clause and the warranties are given to the purchasers by the vendors and the target company. A list is usually provided in a schedule to the agreement.如果股份购买协议的执行和完成之间存在着时间上的延续，那么买方可能要提供不可偿还的押金。公司的担保通常有单独的条款加以规定，并且也随着股份的购买协议，由卖方和目标公司转移给了买方。执行购买协议的时间表通常会附在协议后面。Purc

33、hasers of shares in any company have no security and no effective legal recourse against the vendors for breaches of representations and warranties. One possible measure is to factor in a portion of the price consideration for future breaches of warranties. Another possibility is to obtain an indemn

34、ity from the parent company of the target company. 如果卖方不履行其担保或保证义务，股份的买方不享有任何保障或者合法的追索权。一种解决问题的办法是把将来可能的违规情形作为确定购买价格的因素之一加以考虑，令一个办法就是从目标公司的母公司处获取赔偿。Goodwill is important to most businesses. It is important for the target company to maintain its business reputation and the vendors will have to ensure

35、 the preservation of good will with useful restrictive covenants.在几乎所有的商业交易中，信誉都是很重要的。目标公司必须获取良好的商业形象，卖方也必须用有效的限制性协议来维持其信誉。Representations and warranties代表和担保General Principles基本原则Results of due diligence does not provide the purchasers with any legal protection.履行尽职调查的结果并不是给股份买方提供任何法律的保护。Representa

36、tions and warranties do provide purchasers with the usual remedies of damages and/or rescission.但代表和担保则的确给买方提供了通常的损害赔偿或者补偿。A list of warranties is always contained in the schedule to the agreement. They include the following:担保清单通常都会附在协议执行的时间表里，包括如下内容：· Target companys legal status and objectiv

37、es.目标公司的法律地位和目标· Legal authority of the target company to execute the sale agreement.允许目标公司实施该股份购买协议的有权决议· Target company can be a party to the contract under its articles of association.在不违反公司章程的前提下，目标公司可以成为购买协议的合同一方· Target companys records and financial statements.目标公司的档案记录和财务文件

38、83; Associate and subsidiary companies of the target company.目标公司的关联公司和子公司· Tax liabilities of the target company.目标公司的具体纳税责任· Legal compliance with relevant regulatory bodies and the applicable laws.遵循相关法律法规· Permits and licences for the target companys core business.目标公司核心业务的许可证和执照&

39、#183; Legal claims and proceedings involving the target company.牵涉到目标公司的法律诉讼和程序· Target companys real estate property and other assets.目标公司的房地产和其他资产· Existing contracts with customers and suppliers.现存的与客户、供应商订立的合同· Inventory and receivables.财产清册和应收款项· Intellectual property and re

40、gistration.知识产权和登记· Target companys machinery, equipment and other properties essential for its operations.目标公司的机器、设备和其他对其运作至关重要的财产· Types of insurance taken by the target company.目标公司购买的保险· Employees and officers of the target company.目标公司的管理层和员工· Conflict of interests cases inv

41、olving the target company and its directors and officers.目标公司与其股东或管理层之间的利益冲突案件· Full disclosure of material facts relevant to the business operations of the target company.与目标公司的商业经营相关联的各类信息的全盘公开To enable the purchasers with viable legal remedies, the warranties will have to be given to the pur

42、chasers by all the beneficial owners of the shares of the target company on a joint and several basis. Small shareholders with no partipation in the business operations or management of the company may be exempted.为了向股份的买方提供可行的法律赔偿，担保必须由目标公司各个层面的持股受益人提出。不参加公司日常经营和管理的小股东可以排除在外。Damages and remedies损害和

43、救济The standard damages will be the price difference of the value of the shares resulting from the breach and the value of the shares if there is no breach.一般的损害可能是由违反担保而引起的股票价值的差价，或者，当没有违反担保的情况发生时的股票价值。A more creative method may be to include a clause for payment of an amount in order to restore the

44、 target company to a position had there been no breach of such a warranty.还有一种更有新意的方法，是通过约定一定数额的支付条款，使目标公司回复到没有遭受违反担保的状态。Damages are paid to the purchasers. They can also be paid to the target company when there is a breach of warranties made by the vendors in matters related to the company.损害赔偿应赔付给

45、买方。同样，当卖方在从事与公司有关的事务时违反担保，则目标公司将获得损害赔偿。If there has been a material breach of a warranty and there is a time gap between execution of the agreement and completion, the purchasers make elect to rescind the agreement.如果有实际违反担保的情况发生，且协议的执行与完成之间存在时间上的间断，买方享有是否取消协议的选择权。The purchasers can also opt for a r

46、ectification by the vendors arising from a breach of warranties and right to re-negotiate for the price of the sale price of the shares.买方也可以因卖方违反担保而选择让卖方改正其行为，并且行使与卖方就股票售价进行重新谈判的权利。DISCLOSURE LETTER披露函The vendors have provided information to the purchasers and their advisers. They can include such

47、information in a disclosure letter, which contains a list of relevant documents provided to the purchasers up to the execution of the sale agreement.卖方将信息提供给买方及其顾问。他们可以根据销售协议把一份提供给买方的相关文件的清单包括在提供信息的披露函里。Such a disclosure letter will restrict the ability of the purchasers to bring legal actions again

48、st the vendors for breach of warranties.这种披露函将限制买方在卖方违反担保时采取相应法律行为的能力。VENDORS PROTECTION对卖方的保护They can include provisions which limit their liability in terms of amount and time.此项可包括从数量和时间方面对其责任进行限制的规定。De minimis rule concept can also be used. Vendors will not be liable for marginal infringement of

49、 the warranties. 微量规则也可以被采用。卖方不因对担保的轻微违反而承担责任。Limitation period for contractual or commercial claims in most common law jurisdictions will not exceed six years. It is unlikely that the vendors are able to insist on a period longer than six years before defects are discovered by the purchasers after

50、taking over the running the company from the vendors.在大多数普通法管辖中，合同性或商业性请求的诉讼时效不超过六年。卖方不可能主张说，买方从其手中接管公司之后，在六年的时间内还尚未发现收购时的缺陷。The vendors may also want to restrict the purchasers from making any claim for breach of warranties resulting from information which ought to be known to the purchasers. Infor

51、mation may be easily accessible from public records, such as searches at either the Registry of Companies or the Land Registry.如果买方基于其应当知道的信息而主张卖方违反担保义务，卖方也可以做出限制（因为）信息可以较为容易地从公共记录中获取，比如去公司登记部门或者土地登记部门查询。Vendors can reduce their exposure with statements such as “as far as the vendors are aware” or “

52、to the best of the knowledge, information and belief of the vendors”.卖方可以通过做出“就卖方所知”或者“尽卖方的知识、信息和信念”等陈述来减少对自己的披露。Sometimes, the purchasers may require the vendors to provide warranties not only at the time of the execution but at completion. The vendors will remain liable for any breach of a warrant

53、y between this time gap. The vendors can circumvent it by providing another disclosure letter at the time of the completion.有时，买方可能要求卖方不仅在协议实行实施时提供担保，而且还要在协议完成时提供担保。在此期间，卖方将一直对所有对担保的违反承担责任。卖方可通过在完成时提供另一披露函来绕开此项要求。Vendors may seek release of a guarantee provided by them for obligations of the target

54、company. It can be a condition precedent under the agreement.卖方可为了目标公司的责任而寻求由其提供的保证。这种保证可作为协议中的前提条件。The purchasers have to pay the purchase price for the shares in the target company. If the purchaser is a limited liability special purpose vehicle with little assets, then a guarantee ought to be giv

55、en by either a parent company of the purchaser or another credit worthy entity. The guarantor can be a party to the sale agreement in lieu of a separate deed of guarantee.买方应以购买价格购买目标公司的股份。如果买方是几乎没有资产的有限责任特殊目的机构，那么买方的母公司或其他有信誉的实体应为此提供保证。保证人可以成为购买协议的一方当事人，而其行为将不被视作单独的保证行为。THE PRICE价格If the state of t

56、he company is not as warranted by the vendors after due diligence by the purchasers, then the purchasers can resort to remedial measures. The common measure is to re-negotiate for the price of the shares before closing. A more drastic remedy is to rescind the agreement and ask for damages.在买方完成尽职调查之

57、后，如果公司状况与卖方所做的保证不符，则买方可寻求补救措施。通常的做法是在交易结束前对所购买股份的价格再次进行谈判。一种更为强有力的做法是取消协议并要求损害赔偿。The purchasers can make satisfactory due diligence result as a condition precedent for closing.买方可以将令人满意的尽职调查结果作为结束交易的前提条件。The price is determined by a series of factors. It can be based on past profitability, net asset

58、 value of the target company on completion or even based on the vendors profit forecast.价格由一系列因素决定，可以基于过去的盈利状况，完成股份销售交易事目标公司的净资产值，甚至卖方对盈利的预期来决定。It is common for the purchasers to make a substantial payment of the purchase price on the date of completion and leave a portion in the retention account.买方于停业日期对购买价格进行实际支付，并在保管账户中保留一部份是通常的支付方法RETENTION ACCOUNT保管账户A prudent adviser to the purchasers will demand part of the purchase price to be paid into a retention account. It represents part of the purchase price that has been ret