PORTUGAL
Portugal
Spain
Law and Practice Contributed by: Duarte Schmidt Lino, Raquel Azevedo, Alexander Ehlert and Leonor Melo Bento PLMJ
Lisbon
Contents 1. Market Trends p.277 1.1 Technology M&A Market p.277 1.2 Key Trends p.277 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.277 2.1 Establishing a New Company p.277 2.2 Type of Entity p.278 2.3 Early-Stage Financing p.278 2.4 Venture Capital p.278 2.5 Venture Capital Documentation p.279 2.6 Change of Corporate Form or Migration p.279 3. Initial Public Offering (IPO) as a Liquidity Event p.279 3.1 IPO v Sale p.279 3.2 Choice of Listing p.279 3.3 Impact of the Choice of Listing on Future M&A Transactions p.279 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.280 4.1 Liquidity Event: Sale Process p.280 5.1 Trends: Spin-Offs p.280 5.2 Tax Consequences p.280 5.3 Spin-Off Followed by a Business Combination p.281 5.4 Timing and Tax Authority Ruling p.281 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.281 6.1 Stakebuilding p.281 6.2 Mandatory Offer p.281 6.3 Transaction Structures p.281 6.4 Consideration and Minimum Price p.281 6.5 Common Conditions for a Takeover Offer/Tender Offer p.282 4.2 Liquidity Event: Transaction Structure p.280 4.3 Liquidity Event: Form of Consideration p.280 4.4 Liquidity Event: Certain Transaction Terms p.280 5. Spin-Offs p.280
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