EL SALVADOR
Guatemala
Honduras
San Salvador El Salvador
Law and Practice Contributed by: Héctor Torres, Annette Herrera, Daniel Leiva and Raquel Santos Torres Legal
Contents 1. Market Trends p.149 1.1 Technology M&A Market p.149 1.2 Key Trends p.149 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.149 2.1 Establishing a New Company p.149 2.2 Type of Entity p.150 2.3 Early-Stage Financing p.150 2.4 Venture Capital p.150 2.5 Venture Capital Documentation p.150 2.6 Change of Corporate Form or Migration p.150 3. Initial Public Offering (IPO) as a Liquidity Event p.151 3.1 IPO v Sale p.151 3.2 Choice of Listing p.151 3.3 Impact of the Choice of Listing on Future M&A Transactions p.151 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.151 4.1 Liquidity Event: Sale Process p.151 5.1 Trends: Spin-Offs p.152 5.2 Tax Consequences p.152 5.3 Spin-Off Followed by a Business Combination p.152 5.4 Timing and Tax Authority Ruling p.152 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.152 6.1 Stakebuilding p.152 6.2 Mandatory Offer p.152 6.3 Transaction Structures p.153 6.4 Consideration and Minimum Price p.153 6.5 Common Conditions for a Takeover Offer/Tender Offer p.153 4.2 Liquidity Event: Transaction Structure p.151 4.3 Liquidity Event: Form of Consideration p.152 4.4 Liquidity Event: Certain Transaction Terms p.152 5. Spin-Offs p.152
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