BULGARIA
Romania
Serbia
Sofia
Bulgaria
Kosovo
Law and Practice Contributed by: Nikolay Zisov, Svetlina Kortenska, Deyan Terziev and Teodora Peycheva BOYANOV & Co
North Macedonia
Turkey
Greece
Contents 1. Market Trends p.45 1.1 Technology M&A Market p.45 1.2 Key Trends p.45 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.45 2.1 Establishing a New Company p.45 2.2 Type of Entity p.45 2.3 Early-Stage Financing p.45 2.4 Venture Capital p.45 2.5 Venture Capital Documentation p.46 2.6 Change of Corporate Form or Migration p.46 3. Initial Public Offering (IPO) as a Liquidity Event p.46 3.1 IPO v Sale p.46 3.2 Choice of Listing p.46 3.3 Impact of the Choice of Listing on Future M&A Transactions p.47 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.47 4.1 Liquidity Event: Sale Process p.47 5.1 Trends: Spin-Offs p.48 5.2 Tax Consequences p.48 5.3 Spin-Off Followed by a Business Combination p.48 5.4 Timing and Tax Authority Ruling p.49 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.49 6.1 Stakebuilding p.49 6.2 Mandatory Offer p.50 6.3 Transaction Structures p.50 6.4 Consideration and Minimum Price p.50 6.5 Common Conditions for a Takeover Offer/Tender Offer p.51 6.6 Deal Documentation p.51 4.2 Liquidity Event: Transaction Structure p.47 4.3 Liquidity Event: Form of Consideration p.48 4.4 Liquidity Event: Certain Transaction Terms p.48 5. Spin-Offs p.48
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