NETHERLANDS Law and Practice Contributed by: Herald Jongen, Maarten de Boorder, Samuel Garcia Nelen and Jelmer Kalisvaart Greenberg Traurig, LLP
Amsterdam
Netherlands Germany
Belgium
Contents 1. Market Trends p.223 1.1 Technology M&A Market p.223 1.2 Key Trends p.223 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.223 2.1 Establishing a New Company p.223 2.2 Type of Entity p.223 2.3 Early-Stage Financing p.223 2.4 Venture Capital p.224 2.5 Venture Capital Documentation p.224 2.6 Change of Corporate Form or Migration p.224 3. Initial Public Offering (IPO) as a Liquidity Event p.224 3.1 IPO v Sale p.224 3.2 Choice of Listing p.225 3.3 Impact of the Choice of Listing on Future M&A Transactions p.225 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.225 4.1 Liquidity Event: Sale Process p.225 5.1 Trends: Spin-Offs p.226 5.2 Tax Consequences p.226 5.3 Spin-Off Followed by a Business Combination p.227 5.4 Timing and Tax Authority Ruling p.227 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.228 6.1 Stakebuilding p.228 6.2 Mandatory Offer p.228 6.3 Transaction Structures p.229 6.4 Consideration and Minimum Price p.229 6.5 Common Conditions for a Takeover Offer/Tender Offer p.229 6.6 Deal Documentation p.229 4.2 Liquidity Event: Transaction Structure p.225 4.3 Liquidity Event: Form of Consideration p.225 4.4 Liquidity Event: Certain Transaction Terms p.225 5. Spin-Offs p.226
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