DENMARK
Sweden
Denmark
Copenhagen
Law and Practice Contributed by: Simon Milthers, Thomas Bøgedal Kristiansen, Mikkel Friis Rossa and Emil Steenberg Bech-Bruun
Germany
Contents 1. Market Trends p.116 1.1 Technology M&A Market p.116 1.2 Key Trends p.116 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.116 2.1 Establishing a New Company p.116 2.2 Type of Entity p.117 2.3 Early-Stage Financing p.117 2.4 Venture Capital p.117 2.5 Venture Capital Documentation p.117 2.6 Change of Corporate Form or Migration p.118 3. Initial Public Offering (IPO) as a Liquidity Event p.118 3.1 IPO v Sale p.118 3.2 Choice of Listing p.118 3.3 Impact of the Choice of Listing on Future M&A Transactions p.119 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.119 4.1 Liquidity Event: Sale Process p.119 5.1 Trends: Spin-Offs p.120 5.2 Tax Consequences p.121 5.3 Spin-Off Followed by a Business Combination p.122 5.4 Timing and Tax Authority Ruling p.122 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.122 6.1 Stakebuilding p.122 6.2 Mandatory Offer p.123 6.3 Transaction Structures p.123 6.4 Consideration and Minimum Price p.123 6.5 Common Conditions for a Takeover Offer/Tender Offer p.124 6.6 Deal Documentation p.124 4.2 Liquidity Event: Transaction Structure p.119 4.3 Liquidity Event: Form of Consideration p.120 4.4 Liquidity Event: Certain Transaction Terms p.120 5. Spin-Offs p.120
112 CHAMBERS.COM
Powered by FlippingBook