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, School of Law


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Yale Law Journal:

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transferability?
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: Adams M. (1999). Cross-holdings in Germany. Journal of Institutional and Theoretical Economics, Vol. 1 / 155, pp. 80109.

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M&A

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M&A transaction at a glance
Looking for
Decision and targets / buyers
Preparatory definition of and approaching
phase scope parties

Draft teaser and Release vendor


Pre-due information Release DD reports on
Confidentiality
memorandum; set information the basis of
diligence agreements
up data room; memorandum release (and
phase vendor DD reliance) letter

Q&As /
Due management
1st phase due Binding offer /
diligence Letter of intent meetings / confir-
diligence final bid
phase matory DD

SPA, in Parallel Post-signing:


particular reps Signing: Notarial
agreements may prepare filings /
Negotiation & warranties recording may
be needed (eg. prepare transfers /
be necessary for
& signing indemnities, shareholders obtain funds
purchase price signing
agreement, etc.)

Pre-closing, Fulfilment of
closing Closing: Transfer Post-closing Post-closing
closing & of shares / assets
conditions restructuring convenants
post-closing