TAIWAN
China
Taipei
Taiwan
Law and Practice Contributed by: Eddie Chan, Derrick Yang, Winnie Lin and Yuan-Yuan Lo Lee and Li Attorneys-at-Law
Contents 1. Market Trends p.376 1.1 Technology M&A Market p.376 1.2 Key Trends p.376 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.376 2.1 Establishing a New Company p.376 2.2 Type of Entity p.376 2.3 Early-Stage Financing p.377 2.4 Venture Capital p.377 2.5 Venture Capital Documentation p.377 2.6 Change of Corporate Form or Migration p.377 3. Initial Public Offering (IPO) as a Liquidity Event p.377 3.1 IPO v Sale p.377 3.2 Choice of Listing p.377 3.3 Impact of the Choice of Listing on Future M&A Transactions p.378 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.378 4.1 Liquidity Event: Sale Process p.378 5.1 Trends: Spin-Offs p.379 5.2 Tax Consequences p.379 5.3 Spin-Off Followed by a Business Combination p.379 5.4 Timing and Tax Authority Ruling p.379 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.379 6.1 Stakebuilding p.379 6.2 Mandatory Offer p.380 6.3 Transaction Structures p.380 6.4 Consideration and Minimum Price p.380 6.5 Common Conditions for a Takeover Offer/Tender Offer p.380 6.6 Deal Documentation p.381 4.2 Liquidity Event: Transaction Structure p.378 4.3 Liquidity Event: Form of Consideration p.378 4.4 Liquidity Event: Certain Transaction Terms p.379 5. Spin-Offs p.379
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