GIAO DCH MUA BN

DOANH NGHIP TI VIT NAM

Cc vn trnh by

1. Gii thiu chung v mt giao dch mua bn doanh nghip.

2. Thm nh php l cng ty: Qu trnh v mc ch.

3. Hp ng mua bn: Mc ch v mt s iu khon c bn.

Gii thiu chung v giao dch mua bn doanh nghip

MUA BN TI SN

Hp ng mua bn

Cng ty

ti sn

Bn mua

MUA BN C PHN/PHN VN GP
(gi chung l c phn)

C ng

Hp ng mua bn
c phn hin ti

Bn mua

100%

Cng ty

Gii thiu chung v giao dch mua bn doanh nghip

2 loi giao dch c bn: mua bn ti sn v mua bn c phn.

Vn

Ti sn

C phn

Trch nhim ca
ngi mua
vi bn th ba

C (mi trng,
cht lng sn phm, lao
ng, n)

Thng thng
khng trc tip

Chp thun cho

giao dch

C. Thng thng phc

tp hn ph thuc vo loi
ti sn mua bn

C. Thng thng n
gin hn

Thu

C. Thu chuyn nhng

ti sn

C. Thu chuyn
nhng c phn

Gii thiu chung v giao dch mua bn doanh nghip

Cc giao dch Vit Nam ch yu l giao dch mua bn c phn v d dng hn. Bi
trnh by ch yu tp trung vo giao dch mua bn c phn.

Mt giao dch mua bn c phn v c bn bao gm:

* chuyn nhng c phn.
* thanh ton tin mua c phn.

C phn c chuyn nhng c th l:

* c phn c ca c ng hin hu.
* c phn mi do cng ty pht hnh.

Mt giao dch mua bn c phn s dn n cc thay i v (i) quyn li kinh t (tin

bn c phn, c tc v cc khon phn phi khc t cng ty) v (ii) quyn li bu c
(i hi c ng, hi ng qun tr v ban kim sot).

Quyn li ca bn mua v bn bn l khc nhau v do vy vai tr ca lut s trong

vic bo v quyn li khch hng cng khc nhau.
5

Gii thiu chung v giao dch mua bn doanh nghip

Cc bc ca mt giao dch mua bn c phn

m phn cc tha thun ban u nh letter of intent (LOI)/memorandum of

understanding (MOU).

Thm nh php l.

m phn hp ng mua bn c phn v k hp ng mua bn c phn.

Hon tt cc iu kin tin quyt v hon tt giao dch.

Thm nh php l cng ty

L qu trnh lut s bn mua nghin cu tnh trng php l ca bn bn v chun b

bo co v cc vn php l ca bn bn.

2 mc ch:

bit v hot ng ca bn bn.

xc nh cc ri ro php l.

nhm xc nh c mua hay khng v mua vi gi no.

Ai tin hnh thm nh? Khc bit gia (i) thm nh php l ca cng ty lut, (ii) thm
nh ti chnh/k ton ca cng ty kim ton v (iii) thm nh v hot ng kinh doanh
ca bn mua.

Thm nh php l cng ty

Vai tr ca lut s bn mua:
xc nh phm vi thm nh php l.
tng hp thng tin tm hiu v bn bn.
xc nh cc ri ro php l.

Vai tr ca lut s bn bn:

thit lp phng d liu.
cc thc tip cn v bo mt thng tin.
c quyn.

Thm nh php l cng ty

Mt s bc cn tin hnh trc khi bt u thm nh php l:

Xc nh phm vi thm nh php l (due diligence checklist).

Cc thc tip cn thng tin (data room rules).

Cch thc bo mt thng tin (confidentiality agreement (CA)).

Tha thun c quyn (exclusivity).

Thm nh php l cng ty

Phm vi thm nh php l:

Vn bn thnh lp cng ty.

Cc giy php.

Bin bn, ngh quyt i hi ng c ng, hi ng qun tr, bn kim sot, v.v.

Hp ng quan trng.

Ti sn.

Lao ng.

S hu tr tu.

T tng.
10

Thm nh php l cng ty

Data room:

Phng d liu thc t (physical data room).

Phng d liu o (virtual/electronic data room).

Thi gian cho vic thc hin thm nh php l cng ty.

Cc cch thm nh php l:

c ti liu trong phng d liu.

Phng vn.
Yu cu tr li cu hi hoc xc nhn thng tin.
Tm kim thng tin cng khai (Google, website S K Hoch u T, Trung
Tm ng K Giao Dch Bo m, Trung Tm Thng Tin Nh t, v.v.).

11

Thm nh php l cng ty

Mu bo co thm nh php l:
Gii thiu.

Cc gi nh (asumptions) v hn ch (qualifications).
Tm tt cc kt lun chnh (executive summary).
Mi chng mt vn .
Khng a ra kt lun v vic c nn hay khng nn mua, ch kt lun v tnh
trng php l.

Th no l mt bo co thm nh php l tt.

Khng ch trng vo vic tm tt, m t m tp trung vo vn quan trng i
vi giao dch.
C tm tt r rng v kt lun a ra trong phn executive summary.
Nu r nhng vn php l cn tn ti v gii php.
12

Hp ng mua bn c phn
Cc iu khon v c cu giao dch mua bn.
Cc iu khon quan trng v php l:

Cam oan v bo m (representations and warranties).

iu kin tin quyt (conditions precedent).
Cam kt (covenants).
Chm dt, bi hon v cc bin php khc phc khc.

Cc iu khon tiu chun.

13

Hp ng mua bn c phn

S kin
vi phm

K hp ng

Hon tt

S kin
vi phm

Kt thc giai
on bi
hon

Cam oan ng
Cam oan ng

Hon tt cc iu
kin tin quyt
Chm dt hp
ng v bi
hon

Mua c phn v
thanh ton tin

Tun th
cam kt

Chm dt
hp ng v
bi hon

14

Cc iu khon v c cu

Cc iu khon v c cu thng c tnh cht thng mi v thng

c cc bn tho thun trong tho thun s b ban u.
Bn mua v bn bn.
C phn c bn.

Gi bn c phn.

15

Cam oan v bo m

Mc ch ca cam oan v bo m v quan h vi vic thm nh php l:

Bo m cc s kin thc t quan trng l chnh xc.

Thng tin ly t vic thm nh php l.
Quan h gia gi mua v cam oan v bo m.

Thng tin c thm nh v thng tin cha c thm nh.

Disclosure schedules v vai tr lut s ca bn bn.

Cc loi cam oan v bo m tiu chun.

Ngy a ra cam oan v bo m.

16

iu kin tin quyt

C cu hon tt giao dch: k hp ng hon tt cc iu kin tin quyt hon tt

giao dch.

Mc ch ca iu kin tin quyt v quan h vi vic thm nh php l:

Bo m vic chuyn nhng c phn bn mua tr thnh ch s hu c phn.

Bo m bn bn nhn c tin.
Bo m x l nhng vn cn tn ti v php l trn c s thm nh php l.

Trnh nhng iu kin tin quyt m vic hon tt ph thuc hon ton vo mt bn.
Cc loi iu kin tin quyt tiu chun v iu khon MAC.
T b cc iu kin tin quyt.
Closing checklist/memorandum.
17

Cam kt
Mc ch ca cam kt v quan h vi vic thm nh php l:

Cc cam kt trc khi hon tt.

Cc cam kt sau khi hon tt (nhng g khng th a vo iu kin tin
quyt).
Thng tin ly t vic thm nh php l.

Ch nh thnh vin hi ng qun tr v ban kim sot.

Khng suy gim c phn (anti-dilution).
Khng sa i iu l.
Cam kt p dng vi bn mua:

Khng cnh tranh (non-compete).

Khng chuyn giao c phn trong mt giai on nht nh (lock-up).
18

Chm dt, bi hon, cc bin php khc phc

Chm dt trc thi im hon tt giao dch.

theo tha thun ca cc bn hoc do mt bn thng bo khi c vi phm

nghim trng.

tin t cc.

tip tc p dng mt s iu khon.

19

Chm dt, bi hon, cc bin php khc phc

Bi hon:

vi phm d thy nht l vi phm v cam oan v bo m.

giai on hiu lc ca cam oan v bo m.

gii hn trch nhim.

20

Chm dt, bi hon, cc bin php khc phc

Cc bin php khc phc khc.

Nhng bin php khc phc theo quy nh ca php lut.

Quan h vi nhng bin php khc phc .

21

Cc iu khon tiu chun

Lut p dng.

C quan gii quyt tranh chp.

Ngn ng.

22

TRN TRNG CM N!

23