Mergers And Acquisitions Presentation 2 Li

Mergers and Acquisitions In 2010 C. Craig Lilly [email_address] 650-843-3232

Acquisitions: Three Types ,[object Object],[object Object],[object Object]

Asset Purchase STOCKHOLDERS TARGET STOCKHOLDERS BUYER $$ ASSETS + LIABILITIES

Asset Purchase ,[object Object],[object Object],[object Object]

Asset Purchase (cont’d) ,[object Object],[object Object],[object Object],[object Object]

Stock Purchase STOCKHOLDERS TARGET STOCKHOLDERS STOCK STOCKHOLDERS TARGET STOCKHOLDERS BUYER $$ + STOCK

Stock Purchase ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Merger ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Variations ,[object Object],[object Object]

[object Object],Reverse Triangular Merger STOCKHOLDERS TARGET STOCKHOLDERS BUYER $$ MERGES INTO TARGET

[object Object],[object Object],Forward Triangular Merger STOCKHOLDERS TARGET STOCKHOLDERS Buyer STOCK MERGES INTO BUYER $$

M&A Transaction Stages ,[object Object],[object Object],[object Object],[object Object]

M&A Overview: Stage 1 ,[object Object],[object Object],Find Target Engage Ibanker Financial Analysis Preliminary Due Diligence Negotiate Basic Terms Target NDA IBanker Engage-ment Letter Due Diligence List Regulatory Strategy Business Deal Documents Regulatory

Stage 1: Through the Letter of Intent ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 1: The Letter of Intent ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 1: Letter of Intent-Other Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 1: The Letter of Intent – Binding Terms ,[object Object],[object Object],[object Object]

Stage 1: The Letter of Intent ,[object Object],[object Object],[object Object]

Stage 1: Due Diligence ,[object Object],[object Object],[object Object],[object Object]

Stage 1: Initial Questions for Buyer’s Legal Due Diligence Team ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 1: Initial Issues for Seller’s Legal Team ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 1: Regulatory Matters ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Regulatory Approvals – When to Begin the Process? ,[object Object],[object Object],[object Object],[object Object]

M&A Overview: Stage 2 ,[object Object],[object Object],Find Target Engage Ibanker Financial Analysis Preliminary Due Diligence Negotiate Basic Terms Target NDA IBanker Engage-ment Letter Due Diligence List Due Diligence Negotiate Detailed Terms Negotiate Ancillary Agreements, e.g., Employment Agreements Purchase Agreement Ancillary Agreements Press Release Regulatory Strategy/ Applications Documents Business Deal Regulatory Regulatory Strategy

Stage 2: Through the Definitive Purchase Agreement ,[object Object],[object Object],[object Object]

Stage 2: Due Diligence ,[object Object],[object Object],[object Object],[object Object]

Stage 2: Due Diligence – Legal Review ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 2: Due Diligence – Accounting Review ,[object Object],[object Object],[object Object],[object Object]

Stage 2: Due Diligence – Specialists ,[object Object],[object Object],[object Object]

Due Diligence: Data Room ,[object Object],[object Object],[object Object],[object Object]

Due Diligence: Buyer’s Approach to Data Room Review ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Due Diligence: How to Conduct Review ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 2: The Definitive Agreement ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 2: Definitive Agreement- Representations and Warranties ,[object Object],[object Object],[object Object]

Stage 2: Definitive Agreement: Standard Reps and Warranties ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Disclosure Schedule (a.k.a. Schedule of Exceptions) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Considerations Regarding R&Ws ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 2: The Definitive Agreement ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 2: The Definitive Agreement –Ancillary Documents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 2: Regulatory Approvals ,[object Object]

M&A Overview: Stage 3 ,[object Object],[object Object],Find Target Engage Ibanker Financial Analysis Preliminary Due Diligence Negotiate Basic Terms Target NDA IBanker Engage-ment Letter Due Diligence List Due Diligence Negotiate Detailed Terms Negotiate Ancillary Agreements, e.g., Employment Agreements Purchase Agreement Ancillary Agreements Press Release Proxy Statement Transition Preparation Closing Preparation Final Due Diligence Third Party Consents Closing Certificates Press Release Regulatory Applications/ Approvals Documents Business Deal Regulatory Regulatory Strategy Regulatory Strategy/ Applications

Stage 3: To the Closing ,[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 3: The Closing Documentation ,[object Object],[object Object],[object Object]

Stage 3: Closing: Exchange of Documents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stage 3: Regulatory Matters ,[object Object],[object Object]

M&A Overview: After the Closing ,[object Object],[object Object],Find Target Engage Ibanker Financial Analysis Preliminary Due Diligence Negotiate Basic Terms Due Diligence Negotiate Detailed Terms Negotiate Ancillary Agreements, e.g., Employment Agreements Proxy Statement Transition Preparation Closing Preparation Final Due Diligence Complete Transition Deal with any problems Target NDA IBanker Engage-ment Letter Due Diligence List Purchase Agreement Ancillary Agreements Press Release Third Party Consents Closing Certificates Press Release Closing Filings Certificates Regulatory Strategy Documents Business Deal Regulatory Regulatory Strategy/ Applications Regulatory Applications/ Approvals Regulatory Approval

Stage 4: After the Closing ,[object Object],[object Object]

Disclaimer ,[object Object],[object Object]

C. Craig Lilly 650.843.3232 [email_address] This presentation is intended only as a general discussion and should not be regarded as legal advice. For more information, please contact Craig Lilly at 650.843.3232.

Mergers And Acquisitions Presentation 2 Li

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