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The M&A Case Study Experiment - Part 1
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<blockquote data-quote="Ghana M." data-source="post: 129824" data-attributes="member: 5441"><p style="text-align: justify"><strong><span style="font-size: 12px">Why do you think Digion wants to buy Immersive?</span></strong></p> <ul> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Own monopolistic rights (i.e. could further license it) in terms of the patented cloud technology.</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Expand their growth in the online gaming industry and tap into the foreign emerging markets, i.e. Germany and Europe</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Reduce costs through its homegrown game development</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Combining both companies' talent may result in more innovative ideas, which could draw in high-quality work in the future </span></p> </li> </ul> <p style="text-align: justify"><span style="font-size: 12px"><strong>How would you advise Elena handle the situation with Tristan?</strong></span></p> <ul> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Maintaining a good rapport should be the priority here so Elena can remind Tristan about his implied duty to the agreement and HR policies <em>(if any)</em></span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Negotiate a non-compete clause in the service agreement</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">If Tristan resigns or Elena does not keep him on board, execute an NDA and see if there's a <em><span style="color: rgb(251, 160, 38)">golden</span> parachute clause</em> in the service agreement.</span></p> </li> </ul> <p style="text-align: justify"><span style="font-size: 12px"><strong>What is the purpose of Clause 5 in Document 3?</strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"></span></p> <p style="text-align: justify"><span style="font-size: 12px">Conditions are the backbone of the contract, and if not satisfied, there's no binding contract, so the sale won't be able to go ahead. <strong></strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"><strong></strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"><strong>In Clause 7, note the phrase, '<em>The Seller's liability under the warranties and indemnities shall be subject to limitations</em>.' Suppose you were the lawyers acting for the Seller, what could you do to limit the Seller's liabilities? Why is this important?</strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"></span></p> <p style="text-align: justify"><span style="font-size: 12px">Negotiate with the buyer's lawyers and insert the following clauses to limit Seller's liability;</span></p> <p style="text-align: justify"><span style="font-size: 12px"></span></p> <ul> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">De Minimis Clause (to have a minimum threshold for a claim)</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">No double recovery clause</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Time limit clause (sets a time limit on bringing certain actions)</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Entire agreement Clause</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Third-Party Recovery clause</span></p> </li> </ul> <p style="text-align: justify"><span style="font-size: 12px"> <em><strong>(</strong>Could also ask to include a Buyer's undertaking to return/destroy confidential information if the acquisition does not go through)</em><strong></strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"><strong></strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"><strong>Why could it be important to Digion that '<em>the courts of England have exclusive jurisdiction to settle any dispute</em>'?</strong></span></p> <p style="text-align: justify"><span style="font-size: 12px"></span></p> <ul> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">Always essential to specify the jurisdiction for dispute resolution if the acquisition has an international dimension.</span></p> </li> <li data-xf-list-type="ul"><p style="text-align: justify"><span style="font-size: 12px">The SPA will be governed by English law and will allow a high degree of certainty.</span></p> </li> </ul></blockquote><p></p>
[QUOTE="Ghana M., post: 129824, member: 5441"] [JUSTIFY][B][SIZE=3]Why do you think Digion wants to buy Immersive?[/SIZE][/B][/JUSTIFY] [LIST] [*][JUSTIFY][SIZE=3]Own monopolistic rights (i.e. could further license it) in terms of the patented cloud technology.[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Expand their growth in the online gaming industry and tap into the foreign emerging markets, i.e. Germany and Europe[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Reduce costs through its homegrown game development[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Combining both companies' talent may result in more innovative ideas, which could draw in high-quality work in the future [B][/B][/SIZE][/JUSTIFY] [/LIST] [JUSTIFY][SIZE=3][B]How would you advise Elena handle the situation with Tristan?[/B][/SIZE][/JUSTIFY] [LIST] [*][JUSTIFY][SIZE=3]Maintaining a good rapport should be the priority here so Elena can remind Tristan about his implied duty to the agreement and HR policies [I](if any)[/I][/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Negotiate[B] [/B]a non-compete clause in the service agreement[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]If Tristan resigns or Elena does not keep him on board, execute an NDA and see if there's a[COLOR=rgb(251, 160, 38)] [/COLOR][I][COLOR=rgb(251, 160, 38)]golden[/COLOR] parachute clause[/I] in the service agreement.[/SIZE][/JUSTIFY] [/LIST] [JUSTIFY][SIZE=3][B]What is the purpose of Clause 5 in Document 3?[/B] Conditions are the backbone of the contract, and if not satisfied, there's no binding contract, so the sale won't be able to go ahead. [B] In Clause 7, note the phrase, '[I]The Seller's liability under the warranties and indemnities shall be subject to limitations[/I].' Suppose you were the lawyers acting for the Seller, what could you do to limit the Seller's liabilities? Why is this important?[/B] Negotiate with the buyer's lawyers and insert the following clauses to limit Seller's liability; [/SIZE][/JUSTIFY] [LIST] [*][JUSTIFY][SIZE=3]De Minimis Clause (to have a minimum threshold for a claim)[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]No double recovery clause[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Time limit clause (sets a time limit on bringing certain actions)[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Entire agreement Clause[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]Third-Party Recovery clause[/SIZE][/JUSTIFY] [/LIST] [JUSTIFY][SIZE=3][B][I] [/I][/B][I][B]([/B]Could also ask to include a Buyer's undertaking to return/destroy confidential information if the acquisition does not go through)[/I][B] Why could it be important to Digion that '[I]the courts of England have exclusive jurisdiction to settle any dispute[/I]'?[/B] [/SIZE][/JUSTIFY] [LIST] [*][JUSTIFY][SIZE=3]Always essential to specify the jurisdiction for dispute resolution if the acquisition has an international dimension.[/SIZE][/JUSTIFY] [*][JUSTIFY][SIZE=3]The SPA will be governed by English law and will allow a high degree of certainty.[/SIZE][/JUSTIFY] [/LIST] [/QUOTE]
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