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United States of America
Washington DC
Law and Practice Contributed by: George Casey, Heiko Schiwek, Elena Rubinov, Pierre-Emmanuel Perais, Clara Pang and Gregory Gewirtz Linklaters LLP Contents 1. Market Trends p.439 1.1 Technology M&A Market p.439 1.2 Key Trends p.439 2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company p.440 2.1 Establishing a New Company p.440 2.2 Type of Entity p.440 2.3 Early-Stage Financing p.440 2.4 Venture Capital p.441 2.5 Venture Capital Documentation p.441 2.6 Change of Corporate Form or Migration p.441 3. Initial Public Offering (IPO) as a Liquidity Event p.441 3.1 IPO v Sale p.441 3.2 Choice of Listing p.442 3.3 Impact of the Choice of Listing on Future M&A Transactions p.442 4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital- Financed Company) p.442 4.1 Liquidity Event: Sale Process p.442 5.1 Trends: Spin-Offs p.443 5.2 Tax Consequences p.443 5.3 Spin-Off Followed by a Business Combination p.444 5.4 Timing and Tax Authority Ruling p.444 6. Acquisitions of Public (Exchange-Listed) Technology Companies p.445 6.1 Stakebuilding p.445 6.2 Mandatory Offer p.445 6.3 Transaction Structures p.446 6.4 Consideration and Minimum Price p.446 6.5 Common Conditions for a Takeover Offer/Tender Offer p.446 6.6 Deal Documentation p.447 4.2 Liquidity Event: Transaction Structure p.442 4.3 Liquidity Event: Form of Consideration p.442 4.4 Liquidity Event: Certain Transaction Terms p.442 5. Spin-Offs p.443
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