Bra
PARAGUAY
Bolivia
Brazil
Paraguay
Law and Practice Contributed by: Mauro Mascareño, Carlos Vargas and Rodrigo Gómez Sánchez Mascareño Vargas – Asesores
Asunción
Argentina
Contents 1. Market Trends p.253 1.1 Technology M&A Market p.253 1.2 Key Trends p.253 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.253 2.1 Establishing a New Company p.253 2.2 Type of Entity p.253 2.3 Early-Stage Financing p.254 2.4 Venture Capital p.254 2.5 Venture Capital Documentation p.254 2.6 Change of Corporate Form or Migration p.254 3. Initial Public Offering (IPO) as a Liquidity Event p.254 3.1 IPO v Sale p.254 3.2 Choice of Listing p.255 3.3 Impact of the Choice of Listing on Future M&A Transactions p.255 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.255 4.1 Liquidity Event: Sale Process p.255 5.1 Trends: Spin-Offs p.255 5.2 Tax Consequences p.256 5.3 Spin-Off Followed by a Business Combination p.256 5.4 Timing and Tax Authority Ruling p.256 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.256 6.1 Stakebuilding p.256 6.2 Mandatory Offer p.257 6.3 Transaction Structures p.257 6.4 Consideration and Minimum Price p.257 6.5 Common Conditions for a Takeover Offer/Tender Offer p.257 6.6 Deal Documentation p.257 4.2 Liquidity Event: Transaction Structure p.255 4.3 Liquidity Event: Form of Consideration p.255 4.4 Liquidity Event: Certain Transaction Terms p.255 5. Spin-Offs p.255
249 CHAMBERS.COM
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