{"id":2437,"date":"2020-04-10T06:53:47","date_gmt":"2020-04-10T06:53:47","guid":{"rendered":"https:\/\/www.rtpr.ro\/uncategorized-ro\/ma-adapting-to-the-covid-19-outbreak-food-for-thought-episode-3\/"},"modified":"2022-06-27T13:34:25","modified_gmt":"2022-06-27T13:34:25","slug":"ma-adapting-to-the-covid-19-outbreak-food-for-thought-episode-3","status":"publish","type":"post","link":"https:\/\/www.rtpr.ro\/ro\/rtpr-emergency-journal\/ma-adapting-to-the-covid-19-outbreak-food-for-thought-episode-3\/","title":{"rendered":"Adaptarea pie\u021bei de M&#038;A la r\u0103sp\u00e2ndirea Covid-19. C\u00e2teva aspecte de avut \u00een vedere (Episodul 3)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2437\" class=\"elementor elementor-2437 elementor-1513\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4371c1d4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4371c1d4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7eaa351c\" data-id=\"7eaa351c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-91db0c1 elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"91db0c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1521\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1521\" aria-expanded=\"false\">Rom\u00e2n\u0103<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1521\" aria-expanded=\"false\">Rom\u00e2n\u0103<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1521\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1521\" tabindex=\"0\" hidden=\"false\"><p><span style=\"color: #b23400;\"><strong>Episodul 3: Documentele tranzac\u021bionale \u2013 cum va fi afectat\u0103 structurarea tranzac\u021biei?<\/strong><\/span><\/p>\n<p>Este de la sine \u00een\u021beles c\u0103 cele mai multe preocup\u0103ri \u00een leg\u0103tur\u0103 cu o tranzac\u021bie de M&amp;A aflat\u0103 \u00een plin\u0103 desf\u0103\u0219urare zilele acestea vor fi privitoare la capacitatea societ\u0103\u021bii de a dep\u0103\u0219i consecin\u021bele pandemiei, aspect care ar putea impacta, la r\u00e2ndul s\u0103u, evaluarea pe care cump\u0103r\u0103torii vor fi dispu\u0219i s\u0103 o ofere. Pe de alt\u0103 parte, este posibil ca v\u00e2nz\u0103torii s\u0103 \u00eentrevad\u0103 o poten\u021bial\u0103 oportunitate semnificativ\u0103 de cre\u0219tere pentru societate \u00een viitorul apropiat \u0219i, \u00een acest context, s\u0103 \u00ee\u0219i doreasc\u0103 s\u0103 includ\u0103 \u00een documenta\u021bia tranzac\u021bional\u0103 un mecanism prin care s\u0103 valorifice o asemenea cre\u0219tere. \u00cen episodul de ast\u0103zi, ne vom concentra asupra poten\u021bialelor m\u0103suri de structurare a tranzac\u021biei care ar putea fi implementate pentru a aborda aceste aspecte.<\/p>\n<p><span style=\"color: #b23400;\"><strong><em>Continuitatea managementului.<\/em><\/strong><\/span> Printre pu\u021binele certitudini pe care mediul de business le are zilele acestea se num\u0103r\u0103 faptul c\u0103 acesta este implicat \u00een schimb\u0103ri continue. \u00cen acest context, continuitatea managementului societ\u0103\u021bii ar putea fi crucial pentru a asigura capacitatea societ\u0103\u021bii de a se adapta foarte rapid la mediul \u00een schimbare \u0219i pentru a evita orice \u00eent\u00e2rzieri cauzate de nevoia unei noi echipe de management de a se familiariza cu particularit\u0103\u021bile businessului societ\u0103\u021bii. Prin urmare, ne a\u0219tept\u0103m s\u0103 \u00eent\u00e2lnim mai multe tranzac\u021bii de M&amp;A \u00een care cump\u0103r\u0103torii s\u0103 insiste pentru p\u0103strarea\/ includerea managementului ca parte \u00een structura ac\u021bionariatului societ\u0103\u021bii post-tranzac\u021bie, fie prin achizi\u021bionarea doar a unui pachet majoritar (\u00een cazul \u00een care managementul este deja parte a structurii ac\u021bionariatului societ\u0103\u021bii) \u0219i prin implementarea (\u00een anumite cazuri) a unui pact de op\u021biune de v\u00e2nzare ori de cump\u0103rare (\u00een limba englez\u0103, <em>put option<\/em>, respectiv <em>call option<\/em>) exercitabil \u00een viitor cu privire la pachetul minoritar ori prin implementarea unor diverse scheme de bonusare a managementului prin intermediul c\u0103rora un pachet minoritar \u00een structura ac\u021bionariatului societ\u0103\u021bii este acordat managementului (cu includerea unor prevederi privind acordarea efectiv\u0103 a dreptului \u0219i sub rezerva \u00eendeplinirii unor indicatori de performan\u021b\u0103).<\/p>\n<p><span style=\"color: #b23400;\"><strong><em>Mecanismul de stabilire a pre\u021bului.<\/em><\/strong> <\/span>Ceea ce devine foarte clar zilele acestea este faptul c\u0103 nicio persoan\u0103 nu poate anticipa cu adev\u0103rat evolu\u021bia r\u0103sp\u00e2ndirii Covid-19. Prin urmare, pentru a asigura men\u021binerea la un nivel minim a oric\u0103ror ajust\u0103ri ale pre\u021bului, astfel \u00eenc\u00e2t at\u00e2t v\u00e2nz\u0103torii, c\u00e2t \u0219i cump\u0103r\u0103torii s\u0103 fie dispu\u0219i \u00een continuare s\u0103 aduc\u0103 tranzac\u021bia la \u00eendeplinire, anumite tipuri de mecanisme de stabilire a pre\u021bului s-ar putea s\u0103 devin\u0103 mai atractive dec\u00e2t altele, permi\u021b\u00e2nd v\u00e2nz\u0103torilor s\u0103 beneficieze de o evaluare mai bun\u0103 \u00een cazul \u00een care evolu\u021bia este una pozitiv\u0103, dar \u0219i protec\u021bia cump\u0103r\u0103torilor \u00een cazul \u00een care evolu\u021bia este una negativ\u0103. \u00cen primul r\u00e2nd, \u00een ceea ce prive\u0219te mecanismul de determinare a pl\u0103\u021bii datorate la finalizarea tranzac\u021biei, cele mai multe tranzac\u021bii vor face probabil trecerea la pl\u0103\u021bi pe baza situa\u021biilor financiare la data finaliz\u0103rii tranzac\u021biei (\u00een limba englez\u0103, <em>completion accounts<\/em>) \u00een schimbul pl\u0103\u021bilor pe baza situa\u021biei financiare a societ\u0103\u021bii la o dat\u0103 anterioar\u0103 tranzac\u021biei (\u00een limba englez\u0103, <em>locked box<\/em>). Vor exista, cu siguran\u021b\u0103, anumite tranzac\u021bii foarte competitive \u00een cadrul c\u0103rora, pentru a c\u00e2\u0219tiga un avantaj, anumi\u021bi ofertan\u021bi \u00ee\u0219i vor asuma riscul privitor la evolu\u021bia societ\u0103\u021bii \u00eentre momentul semn\u0103rii tranzac\u021biei \u0219i momentul finaliz\u0103rii acesteia \u0219i vor accepta o plat\u0103 pe baza situa\u021biilor financiare ale societ\u0103\u021bii la o dat\u0103 anterioar\u0103 tranzac\u021biei (\u00een limba englez\u0103, <em>locked box<\/em>), dar ca regul\u0103 general\u0103 ne a\u0219tept\u0103m la o respingere ferm\u0103 de c\u0103tre cump\u0103r\u0103tori a oric\u0103ror asemenea structuri.\u00a0\u00a0<\/p>\n<p><span style=\"color: #b23400;\"><strong><em>Earn-out.<\/em><\/strong><\/span> Cu toate acestea, structurile men\u021bionate mai sus abordeaz\u0103 doar schimb\u0103rile de natur\u0103 financiar\u0103 survenite \u00eentre momentul semn\u0103rii tranzac\u021biei \u0219i momentul finaliz\u0103rii acesteia. Cu privire la poten\u021biale schimb\u0103ri survenite ulterior finaliz\u0103rii tranzac\u021biei, este de a\u0219teptat ca aten\u021bia p\u0103r\u021bilor s\u0103 fie captat\u0103 de formule de pre\u021b care s\u0103 implice mecanisme de tip earn-out sau de alte forme de ajust\u0103ri ulterioare finaliz\u0103rii tranzac\u021biei care s\u0103 depind\u0103 de rezultatele viitoare ale societ\u0103\u021bii. Orice asemenea prevederi vor trebui negociate cu aten\u021bie pentru a asigura un echilibru corespunz\u0103tor \u00eentre dreptul cump\u0103r\u0103torilor de a lua decizii cu privire la conducerea viitoare a activit\u0103\u021bii societ\u0103\u021bii \u0219i nevoia de a proteja interesele v\u00e2nz\u0103torilor \u0219i de a evita orice artificii de care cump\u0103r\u0103torii s-ar putea folosi pentru a influen\u021ba \u00een mod artificial valoarea earn-out-ului\/ ajust\u0103rii de pre\u021b.<\/p>\n<p>Pe l\u00e2ng\u0103 structurarea \u0219i evaluarea unei tranzac\u021bii de M&amp;A, ar putea exista a\u0219tept\u0103ri ca incertitudinea creat\u0103 de Covid-19 s\u0103 influen\u021beze, de asemenea, aten\u021bia acordat\u0103 de p\u0103r\u021bi altor sec\u021biuni ale documentelor tranzac\u021bionale, precum condi\u021biile suspensive \u0219i, \u00een mod special, clauzele privind schimb\u0103rile adverse semnificative (clauzele MAC), pe care le vom aborda \u00een urm\u0103toarele episoade. <span style=\"color: #b23400;\"><strong>R\u0103m\u00e2ne\u021bi aproape.<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p><em>*Aceast\u0103 ePublica\u021bie este furnizat\u0103 de Radu T\u0103r\u0103cil\u0103 P\u0103durari Retevoescu SCA \u00een scop exclusiv de informare \u0219i nu reprezint\u0103 asisten\u021b\u0103 juridic\u0103 sau o ofert\u0103 pentru acordarea de asisten\u021b\u0103 juridic\u0103. Distribuirea acestui document nu d\u0103 na\u0219tere unei rela\u021bii avocat-client. \u00cen cazul \u00een care dori\u021bi s\u0103 solicita\u021bi asisten\u021b\u0103 juridic\u0103 cu privire la oricare dintre aspectele analizate \u00een acest document, v\u0103 rug\u0103m s\u0103 v\u0103 adresa\u021bi persoanei obi\u0219nuite de contact \u00een cadrul Radu T\u0103r\u0103cil\u0103 P\u0103durari Retevoescu SCA la +40 31 405 7777.<\/em><\/p>\n<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Episodul 3: Documentele tranzac\u021bionale \u2013 cum va fi afectat\u0103 structurarea tranzac\u021biei?\u2026<\/p>\n","protected":false},"author":6,"featured_media":2286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[76],"tags":[],"class_list":["post-2437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rtpr-emergency-journal"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/comments?post=2437"}],"version-history":[{"count":6,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2437\/revisions"}],"predecessor-version":[{"id":3834,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2437\/revisions\/3834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/media\/2286"}],"wp:attachment":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/media?parent=2437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/categories?post=2437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/tags?post=2437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}