SINGAPORE
Malaysia
Singapore
Law and Practice Contributed by: Terence Quek, Benjamin Cheong, Hoon Chi Tern and Favian Tan Rajah & Tann Singapore
Indonesia
Contents 1. Market Trends p.294 1.1 Technology M&A Market p.294 1.2 Key Trends p.294 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.295 2.1 Establishing a New Company p.295 2.2 Type of Entity p.295 2.3 Early-Stage Financing p.295 2.4 Venture Capital p.296 2.5 Venture Capital Documentation p.296 2.6 Change of Corporate Form or Migration p.297 3. Initial Public Offering (IPO) as a Liquidity Event p.297 3.1 IPO v Sale p.297 3.2 Choice of Listing p.297 3.3 Impact of the Choice of Listing on Future M&A Transactions p.297 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.298 4.1 Liquidity Event: Sale Process p.298 5.1 Trends: Spin-Offs p.298 5.2 Tax Consequences p.299 5.3 Spin-Off Followed by a Business Combination p.300 5.4 Timing and Tax Authority Ruling p.300 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.301 6.1 Stakebuilding p.301 6.2 Mandatory Offer p.302 6.3 Transaction Structures p.302 6.4 Consideration and Minimum Price p.303 6.5 Common Conditions for a Takeover Offer/Tender Offer p.303 6.6 Deal Documentation p.304 4.2 Liquidity Event: Transaction Structure p.298 4.3 Liquidity Event: Form of Consideration p.298 4.4 Liquidity Event: Certain Transaction Terms p.298 5. Spin-Offs p.298
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