i Table of contents 463

Technology M&A 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		6
Contributed by George Casey, Linklaters		6
BELGIUM		11
Law and Practice		11
Contributed by Agio Legal		11
Trends and Developments		37
Contributed by Agio Legal		37
BULGARIA		42
Law and Practice		42
Contributed by BOYANOV & Co		42
CHINA		64
Law and Practice		64
Contributed by JunHe LLP		64
Trends and Developments		83
Contributed by DaHui Lawyers		83
COLOMBIA		90
Law and Practice		90
Contributed by Peña Mancero Abogados		90
Trends and Developments		108
Contributed by Peña Mancero Abogados		108
DENMARK		113
Law and Practice		113
Contributed by Bech-Bruun		113
Trends and Developments		136
Contributed by Bech-Bruun		136
EL SALVADOR		146
Law and Practice		146
Contributed by Torres Legal		146
Trends and Developments		161
Contributed by Torres Legal		161
GREECE		167
Law and Practice		167
Contributed by Zepos & Yannopoulos		167
Trends and Developments		188
Contributed by Zepos & Yannopoulos		188
INDIA		196
Law and Practice		196
Contributed by JSA		196
JAPAN		212
Trends and Developments		212
Contributed by Nagashima Ohno & Tsunematsu		212
NETHERLANDS		220
Law and Practice		220
Contributed by Greenberg Traurig, LLP		220
Trends and Developments		242
Contributed by Greenberg Traurig, LLP		242
PARAGUAY		250
Law and Practice		250
Contributed by Mascareño Vargas – Asesores		250
Trends and Developments		265
Contributed by Mascareño Vargas – Asesores		265
PORTUGAL		274
Law and Practice		274
Contributed by PLMJ		274
SINGAPORE		291
Law and Practice		291
Contributed by Rajah & Tann Singapore		291
Trends and Developments		318
Contributed by Rajah & Tann Singapore		318
SLOVAKIA		325
Law and Practice		325
Contributed by Ments s.r.o.		325
SWITZERLAND		344
Law and Practice		344
Contributed by Loyens & Loeff		344
Trends and Developments		365
Contributed by Loyens & Loeff		365
TAIWAN		373
Law and Practice		373
Contributed by Lee and Li Attorneys-at-Law		373
Trends and Developments		389
Contributed by Lee and Li Attorneys-at-Law		389
THAILAND		396
Trends and Developments		396
Contributed by Baker McKenzie		396
UK		403
Trends and Developments		403
Contributed by Preiskel & Co		403
UKRAINE		410
Law and Practice		410
Contributed by INTEGRITES		410
Trends and Developments		428
Contributed by INTEGRITES		428
USA		436
Law and Practice		436
Contributed by Linklaters LLP		436
Trends and Developments		459
Contributed by Linklaters LLP		459
1. Market Trends		14
1.1 Technology M&A Market		14
1.2 Key Trends		14
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		15
2.1 Establishing a New Company		15
2.2 Type of Entity		15
2.3 Early-Stage Financing		16
2.4 Venture Capital		17
2.5 Venture Capital Documentation		17
2.6 Change of Corporate Form or Migration		17
3. Initial Public Offering (IPO) as a Liquidity Event		18
3.1 IPO v Sale		18
3.2 Choice of Listing		18
3.3 Impact of the Choice of Listing on Future M&A Transactions		19
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		19
4.1 Liquidity Event: Sale Process		19
4.2 Liquidity Event: Transaction Structure		19
4.3 Liquidity Event: Form of Consideration		20
4.4 Liquidity Event: Certain Transaction Terms		20
5. Spin-Offs		20
5.1 Trends: Spin-Offs		20
5.2 Tax Consequences		21
5.3 Spin-Off Followed by a Business Combination		21
5.4 Timing and Tax Authority Ruling		21
6. Acquisitions of Public (Exchange-Listed) Technology Companies		21
6.1 Stakebuilding		21
6.2 Mandatory Offer		22
6.3 Transaction Structures		22
6.4 Consideration and Minimum Price		23
6.5 Common Conditions for a Takeover Offer/Tender Offer		23
6.6 Deal Documentation		23
6.7 Minimum Acceptance Conditions		24
6.8 Squeeze-Out Mechanisms		24
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		25
6.10 Types of Deal Protection Measures		25
6.11 Additional Governance Rights		25
6.12 Irrevocable Commitments		25
6.13 Securities Regulator’s or Stock Exchange Process		26
6.14 Timing of the Takeover Offer		26
7. Overview of Regulatory Requirements		26
7.1 Regulations Applicable to a Technology Company		26
7.2 Primary Securities Market Regulators		27
7.3 Restrictions on Foreign Investments		27
7.4 National Security Review/Export Control		28
7.5 Antitrust Regulations		28
7.6 Labour Law Regulations		29
7.7 Currency Control/Central Bank Approval		31
8. Recent Legal Developments		31
8.1 Significant Court Decisions or Legal Developments		31
9. Due Diligence/Data Privacy		32
9.1 Technology Company Due Diligence		32
9.2 Data Privacy		33
10. Disclosure		34
10.1 Making a Bid Public		34
10.2 Prospectus Requirements		35
10.3 Producing Financial Statements		35
10.4 Disclosure of Transaction Documents		35
11. Duties of Directors		35
11.1 Principal Directors’ Duties		35
11.2 Special or Ad Hoc Committees		36
11.3 Board’s Role		36
11.4 Independent Outside Advice		36
1. Market Trends		46
1.1 Technology M&A Market		46
1.2 Key Trends		46
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		46
2.1 Establishing a New Company		46
2.2 Type of Entity		46
2.3 Early-Stage Financing		46
2.4 Venture Capital		46
2.5 Venture Capital Documentation		47
2.6 Change of Corporate Form or Migration		47
3. Initial Public Offering (IPO) as a Liquidity Event		47
3.1 IPO v Sale		47
3.2 Choice of Listing		47
3.3 Impact of the Choice of Listing on Future M&A Transactions		48
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		48
4.1 Liquidity Event: Sale Process		48
4.2 Liquidity Event: Transaction Structure		48
4.3 Liquidity Event: Form of Consideration		49
4.4 Liquidity Event: Certain Transaction Terms		49
5. Spin-Offs		49
5.1 Trends: Spin-Offs		49
5.2 Tax Consequences		49
5.3 Spin-Off Followed by a Business Combination		49
5.4 Timing and Tax Authority Ruling		50
6. Acquisitions of Public (Exchange-Listed) Technology Companies		50
6.1 Stakebuilding		50
6.2 Mandatory Offer		51
6.3 Transaction Structures		51
6.4 Consideration and Minimum Price		51
6.5 Common Conditions for a Takeover Offer/Tender Offer		52
6.6 Deal Documentation		52
6.7 Minimum Acceptance Conditions		53
6.8 Squeeze-Out Mechanisms		53
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		53
6.10 Types of Deal Protection Measures		54
6.11 Additional Governance Rights		54
6.12 Irrevocable Commitments		54
6.13 Securities Regulator’s or Stock Exchange Process		54
6.14 Timing of the Takeover Offer		54
7. Overview of Regulatory Requirements		55
7.1 Regulations Applicable to a Technology Company		55
7.2 Primary Securities Market Regulators		55
7.3 Restrictions on Foreign Investments		55
7.4 National Security Review/Export Control		56
7.5 Antitrust Regulations		57
7.6 Labour Law Regulations		58
7.7 Currency Control/Central Bank Approval		58
8. Recent Legal Developments		59
8.1 Significant Court Decisions or Legal Developments		59
9. Due Diligence/Data Privacy		59
9.1 Technology Company Due Diligence		59
9.2 Data Privacy		59
10. Disclosure		60
10.1 Making a Bid Public		60
10.2 Prospectus Requirements		60
10.3 Producing Financial Statements		60
10.4 Disclosure of Transaction Documents		61
11. Duties of Directors		61
11.1 Principal Directors’ Duties		61
11.2 Special or Ad Hoc Committees		62
11.3 Board’s Role		62
11.4 Independent Outside Advice		62
1. Market Trends		67
1.1 Technology M&A Market		67
1.2 Key Trends		67
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		68
2.1 Establishing a New Company		68
2.2 Type of Entity		68
2.3 Early-Stage Financing		68
2.4 Venture Capital		68
2.5 Venture Capital Documentation		68
2.6 Change of Corporate Form or Migration		68
3. Initial Public Offering (IPO) as a Liquidity Event		69
3.1 IPO v Sale		69
3.2 Choice of Listing		69
3.3 Impact of the Choice of Listing on Future M&A Transactions		69
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		70
4.1 Liquidity Event: Sale Process		70
4.2 Liquidity Event: Transaction Structure		70
4.3 Liquidity Event: Form of Consideration		70
4.4 Liquidity Event: Certain Transaction Terms		70
5. Spin-Offs		71
5.1 Trends: Spin-Offs		71
5.2 Tax Consequences		71
5.3 Spin-Off Followed by a Business Combination		72
5.4 Timing and Tax Authority Ruling		72
6. Acquisitions of Public (Exchange-Listed) Technology Companies		72
6.1 Stakebuilding		72
6.2 Mandatory Offer		73
6.3 Transaction Structures		73
6.4 Consideration and Minimum Price		73
6.5 Common Conditions for a Takeover Offer/Tender Offer		74
6.6 Deal Documentation		74
6.7 Minimum Acceptance Conditions		74
6.8 Squeeze-Out Mechanisms		75
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		75
6.10 Types of Deal Protection Measures		75
6.11 Additional Governance Rights		75
6.12 Irrevocable Commitments		76
6.13 Securities Regulator’s or Stock Exchange Process		76
6.14 Timing of the Takeover Offer		76
7. Overview of Regulatory Requirements		76
7.1 Regulations Applicable to a Technology Company		76
7.2 Primary Securities Market Regulators		77
7.3 Restrictions on Foreign Investments		77
7.4 National Security Review/Export Control		77
7.5 Antitrust Regulations		78
7.6 Labour Law Regulations		79
7.7 Currency Control/Central Bank Approval		79
8. Recent Legal Developments		80
8.1 Significant Court Decisions or Legal Developments		80
9. Due Diligence/Data Privacy		80
9.1 Technology Company Due Diligence		80
9.2 Data Privacy		80
10. Disclosure		81
10.1 Making a Bid Public		81
10.2 Prospectus Requirements		81
10.3 Producing Financial Statements		81
10.4 Disclosure of Transaction Documents		81
11. Duties of Directors		81
11.1 Principal Directors’ Duties		81
11.2 Special or Ad Hoc Committees		82
11.3 Board’s Role		82
11.4 Independent Outside Advice		82
1. Market Trends		94
1.1 Technology M&A Market		94
1.2 Key Trends		94
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		94
2.1 Establishing a New Company		94
2.2 Type of Entity		95
2.3 Early-Stage Financing		95
2.4 Venture Capital		95
2.5 Venture Capital Documentation		96
2.6 Change of Corporate Form or Migration		96
3. Initial Public Offering (IPO) as a Liquidity Event		96
3.1 IPO v Sale		96
3.2 Choice of Listing		96
3.3 Impact of the Choice of Listing on Future M&A Transactions		97
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		97
4.1 Liquidity Event: Sale Process		97
4.2 Liquidity Event: Transaction Structure		97
4.3 Liquidity Event: Form of Consideration		97
4.4 Liquidity Event: Certain Transaction Terms		97
5. Spin-Offs		97
5.1 Trends: Spin-Offs		97
5.2 Tax Consequences		97
5.3 Spin-Off Followed by a Business Combination		98
5.4 Timing and Tax Authority Ruling		98
6. Acquisitions of Public (Exchange-Listed) Technology Companies		99
6.1 Stakebuilding		99
6.2 Mandatory Offer		99
6.3 Transaction Structures		99
6.4 Consideration and Minimum Price		99
6.5 Common Conditions for a Takeover Offer/Tender Offer		100
6.6 Deal Documentation		100
6.7 Minimum Acceptance Conditions		100
6.8 Squeeze-Out Mechanisms		100
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		101
6.10 Types of Deal Protection Measures		101
6.11 Additional Governance Rights		101
6.12 Irrevocable Commitments		102
6.13 Securities Regulator’s or Stock Exchange Process		102
6.14 Timing of the Takeover Offer		102
7. Overview of Regulatory Requirements		103
7.1 Regulations Applicable to a Technology Company		103
7.2 Primary Securities Market Regulators		103
7.3 Restrictions on Foreign Investments		103
7.4 National Security Review/Export Control		103
7.5 Antitrust Regulations		104
7.6 Labour Law Regulations		104
7.7 Currency Control/Central Bank Approval		105
8. Recent Legal Developments		105
8.1 Significant Court Decisions or Legal Developments		105
9. Due Diligence/Data Privacy		105
9.1 Technology Company Due Diligence		105
9.2 Data Privacy		105
10. Disclosure		106
10.1 Making a Bid Public		106
10.2 Prospectus Requirements		106
10.3 Producing Financial Statements		106
10.4 Disclosure of Transaction Documents		106
11. Duties of Directors		107
11.1 Principal Directors’ Duties		107
11.2 Special or Ad Hoc Committees		107
11.3 Board’s Role		107
11.4 Independent Outside Advice		107
1. Market Trends		117
1.1 Technology M&A Market		117
1.2 Key Trends		117
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		117
2.1 Establishing a New Company		117
2.2 Type of Entity		118
2.3 Early-Stage Financing		118
2.4 Venture Capital		118
2.5 Venture Capital Documentation		118
2.6 Change of Corporate Form or Migration		119
3. Initial Public Offering (IPO) as a Liquidity Event		119
3.1 IPO v Sale		119
3.2 Choice of Listing		119
3.3 Impact of the Choice of Listing on Future M&A Transactions		120
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		120
4.1 Liquidity Event: Sale Process		120
4.2 Liquidity Event: Transaction Structure		120
4.3 Liquidity Event: Form of Consideration		121
4.4 Liquidity Event: Certain Transaction Terms		121
5. Spin-Offs		121
5.1 Trends: Spin-Offs		121
5.2 Tax Consequences		122
5.3 Spin-Off Followed by a Business Combination		123
5.4 Timing and Tax Authority Ruling		123
6. Acquisitions of Public (Exchange-Listed) Technology Companies		123
6.1 Stakebuilding		123
6.2 Mandatory Offer		124
6.3 Transaction Structures		124
6.4 Consideration and Minimum Price		124
6.5 Common Conditions for a Takeover Offer/Tender Offer		125
6.6 Deal Documentation		125
6.7 Minimum Acceptance Conditions		126
6.8 Squeeze-Out Mechanisms		126
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		126
6.10 Types of Deal Protection Measures		127
6.11 Additional Governance Rights		127
6.12 Irrevocable Commitments		127
6.13 Securities Regulator’s or Stock Exchange Process		128
6.14 Timing of the Takeover Offer		128
7. Overview of Regulatory Requirements		128
7.1 Regulations Applicable to a Technology Company		128
7.2 Primary Securities Market Regulators		129
7.3 Restrictions on Foreign Investments		129
7.4 National Security Review/Export Control		130
7.5 Antitrust Regulations		130
7.6 Labour Law Regulations		130
7.7 Currency Control/Central Bank Approval		131
8. Recent Legal Developments		131
8.1 Significant Court Decisions or Legal Developments		131
9. Due Diligence/Data Privacy		131
9.1 Technology Company Due Diligence		131
9.2 Data Privacy		131
10. Disclosure		132
10.1 Making a Bid Public		132
10.2 Prospectus Requirements		132
10.3 Producing Financial Statements		133
10.4 Disclosure of Transaction Documents		133
11. Duties of Directors		134
11.1 Principal Directors’ Duties		134
11.2 Special or Ad Hoc Committees		134
11.3 Board’s Role		134
11.4 Independent Outside Advice		134
1. Market Trends		150
1.1 Technology M&A Market		150
1.2 Key Trends		150
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		150
2.1 Establishing a New Company		150
2.2 Type of Entity		151
2.3 Early-Stage Financing		151
2.4 Venture Capital		151
2.5 Venture Capital Documentation		151
2.6 Change of Corporate Form or Migration		151
3. Initial Public Offering (IPO) as a Liquidity Event		152
3.1 IPO v Sale		152
3.2 Choice of Listing		152
3.3 Impact of the Choice of Listing on Future M&A Transactions		152
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		152
4.1 Liquidity Event: Sale Process		152
4.2 Liquidity Event: Transaction Structure		152
4.3 Liquidity Event: Form of Consideration		153
4.4 Liquidity Event: Certain Transaction Terms		153
5. Spin-Offs		153
5.1 Trends: Spin-Offs		153
5.2 Tax Consequences		153
5.3 Spin-Off Followed by a Business Combination		153
5.4 Timing and Tax Authority Ruling		153
6. Acquisitions of Public (Exchange-Listed) Technology Companies		153
6.1 Stakebuilding		153
6.2 Mandatory Offer		153
6.3 Transaction Structures		154
6.4 Consideration and Minimum Price		154
6.5 Common Conditions for a Takeover Offer/Tender Offer		154
6.6 Deal Documentation		154
6.7 Minimum Acceptance Conditions		154
6.8 Squeeze-Out Mechanisms		154
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		155
6.10 Types of Deal Protection Measures		155
6.11 Additional Governance Rights		155
6.12 Irrevocable Commitments		155
6.13 Securities Regulator’s or Stock Exchange Process		156
6.14 Timing of the Takeover Offer		156
7. Overview of Regulatory Requirements		156
7.1 Regulations Applicable to a Technology Company		156
7.2 Primary Securities Market Regulators		157
7.3 Restrictions on Foreign Investments		157
7.4 National Security Review/Export Control		157
7.5 Antitrust Regulations		157
7.6 Labour Law Regulations		157
7.7 Currency Control/Central Bank Approval		157
8. Recent Legal Developments		158
8.1 Significant Court Decisions or Legal Developments		158
9. Due Diligence/Data Privacy		158
9.1 Technology Company Due Diligence		158
9.2 Data Privacy		158
10. Disclosure		159
10.1 Making a Bid Public		159
10.2 Prospectus Requirements		159
10.3 Producing Financial Statements		159
10.4 Disclosure of Transaction Documents		159
11. Duties of Directors		160
11.1 Principal Directors’ Duties		160
11.2 Special or Ad Hoc Committees		160
11.3 Board’s Role		160
11.4 Independent Outside Advice		160
1. Market Trends		171
1.1 Technology M&A Market		171
1.2 Key Trends		171
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		171
2.1 Establishing a New Company		171
2.2 Type of Entity		172
2.3 Early-Stage Financing		172
2.4 Venture Capital		172
2.5 Venture Capital Documentation		173
2.6 Change of Corporate Form or Migration		173
3. Initial Public Offering (IPO) as a Liquidity Event		173
3.1 IPO v Sale		173
3.2 Choice of Listing		174
3.3 Impact of the Choice of Listing on Future M&A Transactions		174
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		174
4.1 Liquidity Event: Sale Process		174
4.2 Liquidity Event: Transaction Structure		174
4.3 Liquidity Event: Form of Consideration		174
4.4 Liquidity Event: Certain Transaction Terms		175
5. Spin-Offs		175
5.1 Trends: Spin-Offs		175
5.2 Tax Consequences		175
5.3 Spin-Off Followed by a Business Combination		175
5.4 Timing and Tax Authority Ruling		176
6. Acquisitions of Public (Exchange-Listed) Technology Companies		176
6.1 Stakebuilding		176
6.2 Mandatory Offer		176
6.3 Transaction Structures		176
6.4 Consideration and Minimum Price		177
6.5 Common Conditions for a Takeover Offer/Tender Offer		177
6.6 Deal Documentation		177
6.7 Minimum Acceptance Conditions		177
6.8 Squeeze-Out Mechanisms		177
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		178
6.10 Types of Deal Protection Measures		178
6.11 Additional Governance Rights		178
6.12 Irrevocable Commitments		178
6.13 Securities Regulator’s or Stock Exchange Process		178
6.14 Timing of the Takeover Offer		179
7. Overview of Regulatory Requirements		179
7.1 Regulations Applicable to a Technology Company		179
7.2 Primary Securities Market Regulators		180
7.3 Restrictions on Foreign Investments		180
7.4 National Security Review/Export Control		181
7.5 Antitrust Regulations		181
7.6 Labour Law Regulations		181
7.7 Currency Control/Central Bank Approval		182
8. Recent Legal Developments		182
8.1 Significant Court Decisions or Legal Developments		182
9. Due Diligence/Data Privacy		183
9.1 Technology Company Due Diligence		183
9.2 Data Privacy		183
10. Disclosure		184
10.1 Making a Bid Public		184
10.2 Prospectus Requirements		185
10.3 Producing Financial Statements		185
10.4 Disclosure of Transaction Documents		185
11. Duties of Directors		185
11.1 Principal Directors’ Duties		185
11.2 Special or Ad Hoc Committees		186
11.3 Board’s Role		186
11.4 Independent Outside Advice		186
1. Market Trends		199
1.1 Technology M&A Market		199
1.2 Key Trends		199
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		199
2.1 Establishing a New Company		199
2.2 Type of Entity		200
2.3 Early-Stage Financing		200
2.4 Venture Capital		200
2.5 Venture Capital Documentation		201
2.6 Change of Corporate Form or Migration		201
3. Initial Public Offering (IPO) as a Liquidity Event		201
3.1 IPO v Sale		201
3.2 Choice of Listing		201
3.3 Impact of the Choice of Listing on Future M&A Transactions		202
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		202
4.1 Liquidity Event: Sale Process		202
4.2 Liquidity Event: Transaction Structure		202
4.3 Liquidity Event: Form of Consideration		202
4.4 Liquidity Event: Certain Transaction Terms		202
5. Spin-Offs		203
5.1 Trends: Spin-Offs		203
5.2 Tax Consequences		203
5.3 Spin-Off Followed by a Business Combination		203
5.4 Timing and Tax Authority Ruling		203
6. Acquisitions of Public (Exchange-Listed) Technology Companies		204
6.1 Stakebuilding		204
6.2 Mandatory Offer		204
6.3 Transaction Structures		204
6.4 Consideration and Minimum Price		204
6.5 Common Conditions for a Takeover Offer/Tender Offer		205
6.6 Deal Documentation		205
6.7 Minimum Acceptance Conditions		205
6.8 Squeeze-Out Mechanisms		205
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		206
6.10 Types of Deal Protection Measures		206
6.11 Additional Governance Rights		206
6.12 Irrevocable Commitments		207
6.13 Securities Regulator’s or Stock Exchange Process		207
6.14 Timing of the Takeover Offer		207
7. Overview of Regulatory Requirements		207
7.1 Regulations Applicable to a Technology Company		207
7.2 Primary Securities Market Regulators		207
7.3 Restrictions on Foreign Investments		208
7.4 National Security Review/Export Control		208
7.5 Antitrust Regulations		208
7.6 Labour Law Regulations		208
7.7 Currency Control/Central Bank Approval		209
8. Recent Legal Developments		209
8.1 Significant Court Decisions or Legal Developments		209
9. Due Diligence/Data Privacy		209
9.1 Technology Company Due Diligence		209
9.2 Data Privacy		209
10. Disclosure		210
10.1 Making a Bid Public		210
10.2 Prospectus Requirements		210
10.3 Producing Financial Statements		210
10.4 Disclosure of Transaction Documents		210
11. Duties of Directors		210
11.1 Principal Directors’ Duties		210
11.2 Special or Ad Hoc Committees		210
11.3 Board’s Role		211
11.4 Independent Outside Advice		211
1. Market Trends		224
1.1 Technology M&A Market		224
1.2 Key Trends		224
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		224
2.1 Establishing a New Company		224
2.2 Type of Entity		224
2.3 Early-Stage Financing		224
2.4 Venture Capital		225
2.5 Venture Capital Documentation		225
2.6 Change of Corporate Form or Migration		225
3. Initial Public Offering (IPO) as a Liquidity Event		225
3.1 IPO v Sale		225
3.2 Choice of Listing		226
3.3 Impact of the Choice of Listing on Future M&A Transactions		226
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		226
4.1 Liquidity Event: Sale Process		226
4.2 Liquidity Event: Transaction Structure		226
4.3 Liquidity Event: Form of Consideration		226
4.4 Liquidity Event: Certain Transaction Terms		226
5. Spin-Offs		227
5.1 Trends: Spin-Offs		227
5.2 Tax Consequences		227
5.3 Spin-Off Followed by a Business Combination		228
5.4 Timing and Tax Authority Ruling		228
6. Acquisitions of Public (Exchange-Listed) Technology Companies		229
6.1 Stakebuilding		229
6.2 Mandatory Offer		229
6.3 Transaction Structures		230
6.4 Consideration and Minimum Price		230
6.5 Common Conditions for a Takeover Offer/Tender Offer		230
6.6 Deal Documentation		230
6.7 Minimum Acceptance Conditions		231
6.8 Squeeze-Out Mechanisms		231
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		232
6.10 Types of Deal Protection Measures		232
6.11 Additional Governance Rights		232
6.12 Irrevocable Commitments		232
6.13 Securities Regulator’s or Stock Exchange Process		233
6.14 Timing of the Takeover Offer		233
7. Overview of Regulatory Requirements		233
7.1 Regulations Applicable to a Technology Company		233
7.2 Primary Securities Market Regulators		234
7.3 Restrictions on Foreign Investments		234
7.4 National Security Review/Export Control		235
7.5 Antitrust Regulations		235
7.6 Labour Law Regulations		236
7.7 Currency Control/Central Bank Approval		237
8. Recent Legal Developments		237
8.1 Significant Court Decisions or Legal Developments		237
9. Due Diligence/Data Privacy		237
9.1 Technology Company Due Diligence		237
9.2 Data Privacy		238
10. Disclosure		239
10.1 Making a Bid Public		239
10.2 Prospectus Requirements		239
10.3 Producing Financial Statements		239
10.4 Disclosure of Transaction Documents		239
11. Duties of Directors		240
11.1 Principal Directors’ Duties		240
11.2 Special or Ad Hoc Committees		240
11.3 Board’s Role		240
11.4 Independent Outside Advice		241
1. Market Trends		254
1.1 Technology M&A Market		254
1.2 Key Trends		254
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		254
2.1 Establishing a New Company		254
2.2 Type of Entity		254
2.3 Early-Stage Financing		255
2.4 Venture Capital		255
2.5 Venture Capital Documentation		255
2.6 Change of Corporate Form or Migration		255
3. Initial Public Offering (IPO) as a Liquidity Event		255
3.1 IPO v Sale		255
3.2 Choice of Listing		256
3.3 Impact of the Choice of Listing on Future M&A Transactions		256
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		256
4.1 Liquidity Event: Sale Process		256
4.2 Liquidity Event: Transaction Structure		256
4.3 Liquidity Event: Form of Consideration		256
4.4 Liquidity Event: Certain Transaction Terms		256
5. Spin-Offs		256
5.1 Trends: Spin-Offs		256
5.2 Tax Consequences		257
5.3 Spin-Off Followed by a Business Combination		257
5.4 Timing and Tax Authority Ruling		257
6. Acquisitions of Public (Exchange-Listed) Technology Companies		257
6.1 Stakebuilding		257
6.2 Mandatory Offer		258
6.3 Transaction Structures		258
6.4 Consideration and Minimum Price		258
6.5 Common Conditions for a Takeover Offer/Tender Offer		258
6.6 Deal Documentation		258
6.7 Minimum Acceptance Conditions		259
6.8 Squeeze-Out Mechanisms		259
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		259
6.10 Types of Deal Protection Measures		259
6.11 Additional Governance Rights		259
6.12 Irrevocable Commitments		260
6.13 Securities Regulator’s or Stock Exchange Process		260
6.14 Timing of the Takeover Offer		260
7. Overview of Regulatory Requirements		260
7.1 Regulations Applicable to a Technology Company		260
7.2 Primary Securities Market Regulators		260
7.3 Restrictions on Foreign Investments		260
7.4 National Security Review/Export Control		260
7.5 Antitrust Regulations		261
7.6 Labour Law Regulations		261
7.7 Currency Control/Central Bank Approval		261
8. Recent Legal Developments		262
8.1 Significant Court Decisions or Legal Developments		262
9. Due Diligence/Data Privacy		262
9.1 Technology Company Due Diligence		262
9.2 Data Privacy		262
10. Disclosure		263
10.1 Making a Bid Public		263
10.2 Prospectus Requirements		263
10.3 Producing Financial Statements		263
10.4 Disclosure of Transaction Documents		263
11. Duties of Directors		263
11.1 Principal Directors’ Duties		263
11.2 Special or Ad Hoc Committees		263
11.3 Board’s Role		263
11.4 Independent Outside Advice		264
1. Market Trends		278
1.1 Technology M&A Market		278
1.2 Key Trends		278
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		278
2.1 Establishing a New Company		278
2.2 Type of Entity		279
2.3 Early-Stage Financing		279
2.4 Venture Capital		279
2.5 Venture Capital Documentation		280
2.6 Change of Corporate Form or Migration		280
3. Initial Public Offering (IPO) as a Liquidity Event		280
3.1 IPO v Sale		280
3.2 Choice of Listing		280
3.3 Impact of the Choice of Listing on Future M&A Transactions		280
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		281
4.1 Liquidity Event: Sale Process		281
4.2 Liquidity Event: Transaction Structure		281
4.3 Liquidity Event: Form of Consideration		281
4.4 Liquidity Event: Certain Transaction Terms		281
5. Spin-Offs		281
5.1 Trends: Spin-Offs		281
5.2 Tax Consequences		281
5.3 Spin-Off Followed by a Business Combination		282
5.4 Timing and Tax Authority Ruling		282
6. Acquisitions of Public (Exchange-Listed) Technology Companies		282
6.1 Stakebuilding		282
6.2 Mandatory Offer		282
6.3 Transaction Structures		282
6.4 Consideration and Minimum Price		282
6.5 Common Conditions for a Takeover Offer/Tender Offer		283
6.6 Deal Documentation		283
6.7 Minimum Acceptance Conditions		283
6.8 Squeeze-Out Mechanisms		283
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		283
6.10 Types of Deal Protection Measures		284
6.11 Additional Governance Rights		284
6.12 Irrevocable Commitments		284
6.13 Securities Regulator’s or Stock Exchange Process		284
6.14 Timing of the Takeover Offer		284
7. Overview of Regulatory Requirements		284
7.1 Regulations Applicable to a Technology Company		284
7.2 Primary Securities Market Regulators		285
7.3 Restrictions on Foreign Investments		285
7.4 National Security Review/Export Control		286
7.5 Antitrust Regulations		286
7.6 Labour Law Regulations		287
7.7 Currency Control/Central Bank Approval		287
8. Recent Legal Developments		287
8.1 Significant Court Decisions or Legal Developments		287
9. Due Diligence/Data Privacy		287
9.1 Technology Company Due Diligence		287
9.2 Data Privacy		288
10. Disclosure		288
10.1 Making a Bid Public		288
10.2 Prospectus Requirements		288
10.3 Producing Financial Statements		289
10.4 Disclosure of Transaction Documents		289
11. Duties of Directors		289
11.1 Principal Directors’ Duties		289
11.2 Special or Ad Hoc Committees		289
11.3 Board’s Role		289
11.4 Independent Outside Advice		290
1. Market Trends		295
1.1 Technology M&A Market		295
1.2 Key Trends		295
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		296
2.1 Establishing a New Company		296
2.2 Type of Entity		296
2.3 Early-Stage Financing		296
2.4 Venture Capital		297
2.5 Venture Capital Documentation		297
2.6 Change of Corporate Form or Migration		298
3. Initial Public Offering (IPO) as a Liquidity Event		298
3.1 IPO v Sale		298
3.2 Choice of Listing		298
3.3 Impact of the Choice of Listing on Future M&A Transactions		298
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		299
4.1 Liquidity Event: Sale Process		299
4.2 Liquidity Event: Transaction Structure		299
4.3 Liquidity Event: Form of Consideration		299
4.4 Liquidity Event: Certain Transaction Terms		299
5. Spin-Offs		299
5.1 Trends: Spin-Offs		299
5.2 Tax Consequences		300
5.3 Spin-Off Followed by a Business Combination		301
5.4 Timing and Tax Authority Ruling		301
6. Acquisitions of Public (Exchange-Listed) Technology Companies		302
6.1 Stakebuilding		302
6.2 Mandatory Offer		303
6.3 Transaction Structures		303
6.4 Consideration and Minimum Price		304
6.5 Common Conditions for a Takeover Offer/Tender Offer		304
6.6 Deal Documentation		305
6.7 Minimum Acceptance Conditions		305
6.8 Squeeze-Out Mechanisms		306
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		306
6.10 Types of Deal Protection Measures		306
6.11 Additional Governance Rights		307
6.12 Irrevocable Commitments		307
6.13 Securities Regulator’s or Stock Exchange Process		307
6.14 Timing of the Takeover Offer		308
7. Overview of Regulatory Requirements		309
7.1 Regulations Applicable to a Technology Company		309
7.2 Primary Securities Market Regulators		309
7.3 Restrictions on Foreign Investments		309
7.4 National Security Review/Export Control		309
7.5 Antitrust Regulations		310
7.6 Labour Law Regulations		311
7.7 Currency Control/Central Bank Approval		313
8. Recent Legal Developments		313
8.1 Significant Court Decisions or Legal Developments		313
9. Due Diligence/Data Privacy		313
9.1 Technology Company Due Diligence		313
9.2 Data Privacy		314
10. Disclosure		315
10.1 Making a Bid Public		315
10.2 Prospectus Requirements		315
10.3 Producing Financial Statements		316
10.4 Disclosure of Transaction Documents		316
11. Duties of Directors		316
11.1 Principal Directors’ Duties		316
11.2 Special or Ad Hoc Committees		316
11.3 Board’s Role		317
11.4 Independent Outside Advice		317
1. Market Trends		328
1.1 Technology M&A Market		328
1.2 Key Trends		328
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		329
2.1 Establishing a New Company		329
2.2 Type of Entity		330
2.3 Early-Stage Financing		330
2.4 Venture Capital		331
2.5 Venture Capital Documentation		331
2.6 Change of Corporate Form or Migration		331
3. Initial Public Offering (IPO) as a Liquidity Event		332
3.1 IPO v Sale		332
3.2 Choice of Listing		332
3.3 Impact of the Choice of Listing on Future M&A Transactions		333
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		333
4.1 Liquidity Event: Sale Process		333
4.2 Liquidity Event: Transaction Structure		333
4.3 Liquidity Event: Form of Consideration		333
4.4 Liquidity Event: Certain Transaction Terms		334
5. Spin-Offs		334
5.1 Trends: Spin-Offs		334
5.2 Tax Consequences		334
5.3 Spin-Off Followed by a Business Combination		335
5.4 Timing and Tax Authority Ruling		335
6. Acquisitions of Public (Exchange-Listed) Technology Companies		335
6.1 Stakebuilding		335
6.2 Mandatory Offer		336
6.3 Transaction Structures		336
6.4 Consideration and Minimum Price		336
6.5 Common Conditions for a Takeover Offer/Tender Offer		337
6.6 Deal Documentation		337
6.7 Minimum Acceptance Conditions		337
6.8 Squeeze-Out Mechanisms		337
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		338
6.10 Types of Deal Protection Measures		338
6.11 Additional Governance Rights		338
6.12 Irrevocable Commitments		338
6.13 Securities Regulator’s or Stock Exchange Process		338
6.14 Timing of the Takeover Offer		338
7. Overview of Regulatory Requirements		339
7.1 Regulations Applicable to a Technology Company		339
7.2 Primary Securities Market Regulators		339
7.3 Restrictions on Foreign Investments		339
7.4 National Security Review/Export Control		340
7.5 Antitrust Regulations		340
7.6 Labour Law Regulations		340
7.7 Currency Control/Central Bank Approval		340
8. Recent Legal Developments		341
8.1 Significant Court Decisions or Legal Developments		341
9. Due Diligence/Data Privacy		341
9.1 Technology Company Due Diligence		341
9.2 Data Privacy		341
10. Disclosure		341
10.1 Making a Bid Public		341
10.2 Prospectus Requirements		341
10.3 Producing Financial Statements		342
10.4 Disclosure of Transaction Documents		342
11. Duties of Directors		342
11.1 Principal Directors’ Duties		342
11.2 Special or Ad Hoc Committees		343
11.3 Board’s Role		343
11.4 Independent Outside Advice		343
1. Market Trends		347
1.1 Technology M&A Market		347
1.2 Key Trends		347
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		348
2.1 Establishing a New Company		348
2.2 Type of Entity		348
2.3 Early-Stage Financing		348
2.4 Venture Capital		349
2.5 Venture Capital Documentation		349
2.6 Change of Corporate Form or Migration		349
3. Initial Public Offering (IPO) as a Liquidity Event		349
3.1 IPO v Sale		349
3.2 Choice of Listing		350
3.3 Impact of the Choice of Listing on Future M&A Transactions		350
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		350
4.1 Liquidity Event: Sale Process		350
4.2 Liquidity Event: Transaction Structure		350
4.3 Liquidity Event: Form of Consideration		350
4.4 Liquidity Event: Certain Transaction Terms		351
5. Spin-Offs		351
5.1 Trends: Spin-Offs		351
5.2 Tax Consequences		351
5.3 Spin-Off Followed by a Business Combination		351
5.4 Timing and Tax Authority Ruling		352
6. Acquisitions of Public (Exchange-Listed) Technology Companies		353
6.1 Stakebuilding		353
6.2 Mandatory Offer		353
6.3 Transaction Structures		354
6.4 Consideration and Minimum Price		354
6.5 Common Conditions for a Takeover Offer/Tender Offer		354
6.6 Deal Documentation		355
6.7 Minimum Acceptance Conditions		355
6.8 Squeeze-Out Mechanisms		356
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		356
6.10 Types of Deal Protection Measures		356
6.11 Additional Governance Rights		357
6.12 Irrevocable Commitments		357
6.13 Securities Regulator’s or Stock Exchange Process		357
6.14 Timing of the Takeover Offer		358
7. Overview of Regulatory Requirements		358
7.1 Regulations Applicable to a Technology Company		358
7.2 Primary Securities Market Regulators		358
7.3 Restrictions on Foreign Investments		358
7.4 National Security Review/Export Control		359
7.5 Antitrust Regulations		359
7.6 Labour Law Regulations		359
7.7 Currency Control/Central Bank Approval		360
8. Recent Legal Developments		360
8.1 Significant Court Decisions or Legal Developments		360
9. Due Diligence/Data Privacy		361
9.1 Technology Company Due Diligence		361
9.2 Data Privacy		361
10. Disclosure		362
10.1 Making a Bid Public		362
10.2 Prospectus Requirements		362
10.3 Producing Financial Statements		362
10.4 Disclosure of Transaction Documents		362
11. Duties of Directors		362
11.1 Principal Directors’ Duties		362
11.2 Special or Ad Hoc Committees		363
11.3 Board’s Role		363
11.4 Independent Outside Advice		364
1. Market Trends		377
1.1 Technology M&A Market		377
1.2 Key Trends		377
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		377
2.1 Establishing a New Company		377
2.2 Type of Entity		377
2.3 Early-Stage Financing		378
2.4 Venture Capital		378
2.5 Venture Capital Documentation		378
2.6 Change of Corporate Form or Migration		378
3. Initial Public Offering (IPO) as a Liquidity Event		378
3.1 IPO v Sale		378
3.2 Choice of Listing		378
3.3 Impact of the Choice of Listing on Future M&A Transactions		379
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		379
4.1 Liquidity Event: Sale Process		379
4.2 Liquidity Event: Transaction Structure		379
4.3 Liquidity Event: Form of Consideration		379
4.4 Liquidity Event: Certain Transaction Terms		380
5. Spin-Offs		380
5.1 Trends: Spin-Offs		380
5.2 Tax Consequences		380
5.3 Spin-Off Followed by a Business Combination		380
5.4 Timing and Tax Authority Ruling		380
6. Acquisitions of Public (Exchange-Listed) Technology Companies		380
6.1 Stakebuilding		380
6.2 Mandatory Offer		381
6.3 Transaction Structures		381
6.4 Consideration and Minimum Price		381
6.5 Common Conditions for a Takeover Offer/Tender Offer		381
6.6 Deal Documentation		382
6.7 Minimum Acceptance Conditions		382
6.8 Squeeze-Out Mechanisms		382
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		382
6.10 Types of Deal Protection Measures		382
6.11 Additional Governance Rights		382
6.12 Irrevocable Commitments		382
6.13 Securities Regulator’s or Stock Exchange Process		383
6.14 Timing of the Takeover Offer		383
7. Overview of Regulatory Requirements		383
7.1 Regulations Applicable to a Technology Company		383
7.2 Primary Securities Market Regulators		383
7.3 Restrictions on Foreign Investments		384
7.4 National Security Review/Export Control		384
7.5 Antitrust Regulations		385
7.6 Labour Law Regulations		385
7.7 Currency Control/Central Bank Approval		386
8. Recent Legal Developments		386
8.1 Significant Court Decisions or Legal Developments		386
9. Due Diligence/Data Privacy		386
9.1 Technology Company Due Diligence		386
9.2 Data Privacy		387
10. Disclosure		387
10.1 Making a Bid Public		387
10.2 Prospectus Requirements		387
10.3 Producing Financial Statements		387
10.4 Disclosure of Transaction Documents		387
11. Duties of Directors		387
11.1 Principal Directors’ Duties		387
11.2 Special or Ad Hoc Committees		388
11.3 Board’s Role		388
11.4 Independent Outside Advice		388
1. Market Trends		414
1.1 Technology M&A Market		414
1.2 Key Trends		414
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		415
2.1 Establishing a New Company		415
2.2 Type of Entity		415
2.3 Early-Stage Financing		415
2.4 Venture Capital		416
2.5 Venture Capital Documentation		416
2.6 Change of Corporate Form or Migration		416
3. Initial Public Offering (IPO) as a Liquidity Event		417
3.1 IPO v Sale		417
3.2 Choice of Listing		417
3.3 Impact of the Choice of Listing on Future M&A Transactions		417
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		417
4.1 Liquidity Event: Sale Process		417
4.2 Liquidity Event: Transaction Structure		417
4.3 Liquidity Event: Form of Consideration		418
4.4 Liquidity Event: Certain Transaction Terms		418
5. Spin-Offs		418
5.1 Trends: Spin-Offs		418
5.2 Tax Consequences		418
5.3 Spin-Off Followed by a Business Combination		418
5.4 Timing and Tax Authority Ruling		419
6. Acquisitions of Public (Exchange-Listed) Technology Companies		419
6.1 Stakebuilding		419
6.2 Mandatory Offer		419
6.3 Transaction Structures		420
6.4 Consideration and Minimum Price		420
6.5 Common Conditions for a Takeover Offer/Tender Offer		420
6.6 Deal Documentation		420
6.7 Minimum Acceptance Conditions		421
6.8 Squeeze-Out Mechanisms		421
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		421
6.10 Types of Deal Protection Measures		421
6.11 Additional Governance Rights		421
6.12 Irrevocable Commitments		422
6.13 Securities Regulator’s or Stock Exchange Process		422
6.14 Timing of the Takeover Offer		422
7. Overview of Regulatory Requirements		422
7.1 Regulations Applicable to a Technology Company		422
7.2 Primary Securities Market Regulators		422
7.3 Restrictions on Foreign Investments		423
7.4 National Security Review/Export Control		423
7.5 Antitrust Regulations		423
7.6 Labour Law Regulations		424
7.7 Currency Control/Central Bank Approval		424
8. Recent Legal Developments		425
8.1 Significant Court Decisions or Legal Developments		425
9. Due Diligence/Data Privacy		425
9.1 Technology Company Due Diligence		425
9.2 Data Privacy		425
10. Disclosure		426
10.1 Making a Bid Public		426
10.2 Prospectus Requirements		426
10.3 Producing Financial Statements		426
10.4 Disclosure of Transaction Documents		426
11. Duties of Directors		426
11.1 Principal Directors’ Duties		426
11.2 Special or Ad Hoc Committees		427
11.3 Board’s Role		427
11.4 Independent Outside Advice		427
1. Market Trends		440
1.1 Technology M&A Market		440
1.2 Key Trends		440
2. Establishing a New Company, Early-Stage Financing and Venture Capital Financing of a New Technology Company		441
2.1 Establishing a New Company		441
2.2 Type of Entity		441
2.3 Early-Stage Financing		441
2.4 Venture Capital		442
2.5 Venture Capital Documentation		442
2.6 Change of Corporate Form or Migration		442
3. Initial Public Offering (IPO) as a Liquidity Event		442
3.1 IPO v Sale		442
3.2 Choice of Listing		443
3.3 Impact of the Choice of Listing on Future M&A Transactions		443
4. Sale as a Liquidity Event (Sale of a Privately Held Venture Capital-Financed Company)		443
4.1 Liquidity Event: Sale Process		443
4.2 Liquidity Event: Transaction Structure		443
4.3 Liquidity Event: Form of Consideration		443
4.4 Liquidity Event: Certain Transaction Terms		443
5. Spin-Offs		444
5.1 Trends: Spin-Offs		444
5.2 Tax Consequences		444
5.3 Spin-Off Followed by a Business Combination		445
5.4 Timing and Tax Authority Ruling		445
6. Acquisitions of Public (Exchange-Listed) Technology Companies		446
6.1 Stakebuilding		446
6.2 Mandatory Offer		446
6.3 Transaction Structures		447
6.4 Consideration and Minimum Price		447
6.5 Common Conditions for a Takeover Offer/Tender Offer		447
6.6 Deal Documentation		448
6.7 Minimum Acceptance Conditions		448
6.8 Squeeze-Out Mechanisms		448
6.9 Requirement to Have Certain Funds/Financing to Launch a Takeover Offer		448
6.10 Types of Deal Protection Measures		448
6.11 Additional Governance Rights		449
6.12 Irrevocable Commitments		449
6.13 Securities Regulator’s or Stock Exchange Process		449
6.14 Timing of the Takeover Offer		450
7. Overview of Regulatory Requirements		450
7.1 Regulations Applicable to a Technology Company		450
7.2 Primary Securities Market Regulators		450
7.3 Restrictions on Foreign Investments		450
7.4 National Security Review/Export Control		451
7.5 Antitrust Regulations		452
7.6 Labour Law Regulations		453
7.7 Currency Control/Central Bank Approval		454
8. Recent Legal Developments		454
8.1 Significant Court Decisions or Legal Developments		454
9. Due Diligence/Data Privacy		455
9.1 Technology Company Due Diligence		455
9.2 Data Privacy		456
10. Disclosure		456
10.1 Making a Bid Public		456
10.2 Prospectus Requirements		456
10.3 Producing Financial Statements		457
10.4 Disclosure of Transaction Documents		457
11. Duties of Directors		457
11.1 Principal Directors’ Duties		457
11.2 Special or Ad Hoc Committees		457
11.3 Board’s Role		458
11.4 Independent Outside Advice		458

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