SWITZERLAND Law and Practice Contributed by: Marco Toni, Gilles Pitschen and Leonard Baumann Loyens & Loeff
Germany
France
Bern
Switzerland
Italy
Contents 1. Market Trends p.346 1.1 Technology M&A Market p.346 1.2 Key Trends p.346 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.347 2.1 Establishing a New Company p.347 2.2 Type of Entity p.347 2.3 Early-Stage Financing p.347 2.4 Venture Capital p.348 2.5 Venture Capital Documentation p.348 2.6 Change of Corporate Form or Migration p.348 3. Initial Public Offering (IPO) as a Liquidity Event p.348 3.1 IPO v Sale p.348 3.2 Choice of Listing p.349 3.3 Impact of the Choice of Listing on Future M&A Transactions p.349 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.349 4.1 Liquidity Event: Sale Process p.349 5.1 Trends: Spin-Offs p.350 5.2 Tax Consequences p.350 5.3 Spin-Off Followed by a Business Combination p.350 5.4 Timing and Tax Authority Ruling p.351 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.352 6.1 Stakebuilding p.352 6.2 Mandatory Offer p.352 6.3 Transaction Structures p.353 6.4 Consideration and Minimum Price p.353 6.5 Common Conditions for a Takeover Offer/Tender Offer p.353 6.6 Deal Documentation p.354 4.2 Liquidity Event: Transaction Structure p.349 4.3 Liquidity Event: Form of Consideration p.349 4.4 Liquidity Event: Certain Transaction Terms p.350 5. Spin-Offs p.350
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