BELGIUM Law and Practice Contributed by: Steven De Schrijver Allegiance Law
Netherlands
Brussels Belgium
Germany
Luxembourg
France
Contents 1. Market Trends p.13 1.1 Technology M&A Market p.13 1.2 Key Trends p.13 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.14 2.1 Establishing a New Company p.14 2.2 Type of Entity p.14 2.3 Early-Stage Financing p.15 2.4 Venture Capital p.16 2.5 Venture Capital Documentation p.16 2.6 Change of Corporate Form or Migration p.16 3. Initial Public Offering (IPO) as a Liquidity Event p.17 3.1 IPO v Sale p.17 3.2 Choice of Listing p.17 3.3 Impact of the Choice of Listing on Future M&A Transactions p.18 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.18 4.1 Liquidity Event: Sale Process p.18 5.1 Trends: Spin-Offs p.19 5.2 Tax Consequences p.20 5.3 Spin-Off Followed by a Business Combination p.20 5.4 Timing and Tax Authority Ruling p.20 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.20 6.1 Stakebuilding p.20 6.2 Mandatory Offer p.21 6.3 Transaction Structures p.21 6.4 Consideration and Minimum Price p.22 6.5 Common Conditions for a Takeover Offer/Tender Offer p.22 6.6 Deal Documentation p.22 4.2 Liquidity Event: Transaction Structure p.18 4.3 Liquidity Event: Form of Consideration p.19 4.4 Liquidity Event: Certain Transaction Terms p.19 5. Spin-Offs p.19
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