Introduction to Outbound M&A Transactions 境外并购交易简介

美迈斯律师事务所 2009年2月11日 Introduction to Outbound M&A Transactions境外并购交易简介

TABLE OF CONTENTS 目录 I Chinese Government’s Policy towards Outbound Acquisitions 中国政府对于境外并购的政策 • Encouragement with Prudence谨慎的鼓励态度 • Moving to a more aggressive position朝着更积极的方向迈进 • MOFCOM’s Proposed New Regulations on Outbound Investment 商务部关于境外投资拟议的新规定 II Chinese Government Approval Process中国政府审批程序 • Approval Authorities需要审批的政府机构 • Other Agencies that may be involved or consulted其他可能涉及或者需要咨询的机构 • Challenges of Outbound Acquisitions and Investments境外并购和投资面临的挑战 III M&A IN GENERAL并购概述 • Definition of M&A Transactions 订购交易的定义 • Business Considerations 商业方面的考虑因素 • Principal Methods 主要方法 • Meaning of Control 控制的含义 IV TYPES OF TRANSACTIONS 交易类型 • Private Deal 私下交易 • Public Deal 公开交易 V TRANSACTION STRUCTURE 交易结构 • Public Acquisition Structures 上市公司收购结构 • Private Acquisition Structures 私有公司收购结构 • Proxy Contests 代理权之争

TABLE OF CONTENTS (Cont’d) 目录 (续) VI KEY ISSUES IN M&A TRANSACTIONS 并购交易中的主要问题 • Intellectual Property Issues 知识产权问题 • Environmental Issues 环境问题 • Employment Issues 劳务问题 • Tax Issues 税务问题 • Regulatory Issues 监管问题 • Litigation Issues 诉讼问题 VII CORPORATE GOVERNANCE AND M&A 公司治理和并购 • Director’s Duties 董事的义务 • Protecting the Deal 交易保护 • Takeover Defense Mechanism 反收购机制 VIII TYPICAL PROCESS OF M&A TRANSACTIONS 并购交易的标准流程 • Timeline 确定时间安排 • Assemble a Team 组建团队 • Confidential Procedures 保密程序 • Initial Contact with Target 与目标公司进行初步联系 • Formulate Deal Strategy 制定交易战略 • Letters of Intent 意向函 • Due Diligence 尽职调查 • Prepare Definitive Agreements 拟定最终协议 • Post-execution Matters 签约后事项 • Closing 交割

Chinese Government’s Policy towardsOverseas Acquisitions中国政府对于境外并购的政策 • Encouragement combined with prudence谨慎的鼓励态度 • The Ministry of Commerce announced in October 2004 that it had simplified approval procedures for overseas investments by domestic corporations商务部在2004年10月宣布其已经简化了国内企业境外投资的审批程序 • Need for Chinese companies to grow globally中国公司全球化发展的需要 • Need to acquire new technologies, markets and resources 获得新技术、市场和资源的需要 • Moving to a More Aggressive Position朝着更积极的方向迈进 • Change of the world market 全球市场的变化 • Credit crunch reducing the equity prices信贷危机造成股权价格下降 • Growing number of distressed assets on sale出售中的不良资产数量增多 More friendly acquisition environment更加友好的并购环境 • Need for a more balanced and sustainable economic growth需要一个更加平衡和可持续发展的增长方式 • Large foreign reserve庞大的外汇储备 • Appreciation pressure of RMB人民币的升值压力 • Shrinking export and inbound foreign investment出口以及外商投资的下降

Chinese Government’s Policy towardsOverseas Acquisitions (Cont)中国政府对于境外并购的政策（续） • MOFCOM’s Proposed New Regulations on Outbound Investment商务部关于境外投资拟议的新规定 • Approval thresholds for at the central and provincial levels中央和省级的审批要求 • MOFCOM Approval 商务部批准 • Outbound investment more than USD100 million 1亿美元或以上的境外投资 • Outbound investment in infrastructure sector 跨境基础设施建设领域的境外投资 • Establishment of offshore special purpose vehicle 设立境外特殊目的公司 • COFTEC Approval 省级商务部门批准 • Outbound investment between USD10 million to USD100 million 1千万美元以上、1亿美元以下的境外投资 • Outbound investment in energy and mining sectors 能源和矿产类的境外投资 • Outbound investment in shopping mall 商品城类境外投资 • Outbound investment in real estate sector 房地产类境外投资 • Prohibited investments禁止类投资 • Outbound investment in violation of treaties, laws and regulations of China 违反中国缔结的国际条约、法律和法规的境外投资 • Outbound investment in relation to technology and goods prohibited for exports by China 涉及中国禁止出口的技术和货物的境外投资

Chinese Government Approval Process中国政府审批程序 • Approval Authorities审批机构 • State-owned Assets Administration and Supervision Commission (SASAC)国有资产管理监督委员会 • State-owned enterprises as buyers由国有企业作为买方 • National Development and Reform Commission (NDRC)发展和改革委员会 • The Ministry of Commerce (MOFCOM)商务部 • State Administration of Foreign Exchange (SAFE)外汇管理局 • Other Authorities that may be involved or consulted 其他可能涉及或者需要咨询的机构 • State Council国务院 • Industrial Regulatory Agencies行业监管机构 • The Ministry of Industry and Information Technology工业和信息产业部 • Chinese Banking Regulatory Commission中国银监会 • Chinese Securities Regulatory Commission 中国证监会 • Chinese Insurance Regulatory Commission 中国保监会 • Others 其他

Approval Process Flow Chart审批流程 State Council 国务院 SASAC 国资委 NDRC 发改委 MOFCOM 商务部 SAFE 外管局 (2) (1) (3) Company 公司 Others 其他

Challenges of Outbound Acquisitions and Investments境外并购和投资面临的挑战 • Transaction Issues交易问题 • Difficulty of valuation定价的难度 • High due diligence standards and strict disclosure obligations • 高标准的尽职调查和严格的披露责任 • Litigation risk诉讼风险 • Complex corporate governance and legal environment复杂的公司治理和法律环境 • Integration challenge整合挑战 • Political Considerations政治考虑因素 • Executive branch vs. other parties of interest行政机关vs.其他利益集团 • Local and State vs. Federal and national government地方和州政府vs.联邦和国家政府 • Foreign Investment Review Process外国投资审批程序 • CFIUS and the Foreign Investment and National Securities Act of 2007 • 美国海外投资委员会和2007年外国投资和国家安全法案 • FIRB and Australia’s Foreign Investment Policy • 澳大利亚外国投资审查委员会和外国投资政策 • Regulatory Reviews and Approvals监管和审批 • Anti-trust authorities反垄断机构 • Securities regulatory authorities证券监管机构 • Industrial regulatory authorities行业监管机构

M&A IN GENERAL并购概述 • Definition of M&A transactions并购交易的定义 Transactions which generally result in the transfer of the control of businesses and assets 通常导致业务和资产控制权转移的交易 • What Drives M&A为什么进行并购 • Purchaser believes it can generate more value from business or assets than Seller买方认为其能比卖方从业务或资产中获得更多价值 • Ancillary Business Considers附带的商业因素 • Achieve growth 实现增长 • Lenovo’s acquisition of IBM’s personal computer business 联想收购IBM的个人电脑业务 • Haier’s attempted acquisition of Maytan 海尔拟对美泰的收购 • Exploit the synergy between the acquired business and the current business 发挥被收购业务与现有业务之间的协同效用 • Obtain valuable assets such as supplies, distribution channel or intellectual properties 获得原料供应、分销渠道、知识产权等暖等有价值的资产 • China National Petroleum Corporation (“CNPC”)’s acquisition of PetroKazakhstan Inc. 中国石油天然气集团公司（“中石油”）收购哈萨克斯坦石油公司 • China National Bluestar Group Company’s acquisition of Adisseo France 中国蓝星集团总公司收购法国阿迪苏公司 • Mindray Medical’s acquisition of the patient monitoring business of Datascope • Consolidate the market and businesses 整合市场和业务

M&A IN GENERAL (Cont’d) 并购概述（续） • Principal methods主要方法 • Acquisition of assets资产收购 • Acquisition of stock股权收购 • Private negotiations私下协商 • Open market purchases公开收购 • Tender offers; and要约收购和 • Exchange offers换股收购 • Mergers; and合并；以及 • Proxy contests代理权之争 • Acquisitions of common stock usually gives control through its right to elect directors通过购买普通股通常能够获得选举董事的权利，从而对公司拥有控制权 • In troubled company situations, other securities may have equity characteristics and may represent actual control of the company对于处于困境的公司，其他证券可能具有股权的性质，对其的持有即可拥有公司的实际控制权

TYPES OF TRANSACTIONS 交易类型 • Private Deal私下交易 An asset acquisition or a stock acquisition where the stock or asset being acquired is owned by another corporation (i.e. the target is a subsidiary) or by a relatively small group of individuals or entities. 收购的资产或股份为另一家公司（即目标公司为一家子公司）或规模相对较小的个人或实体集团持有 • Nanjing Automobile’s acquisition of MG Rover Company 南京汽车收购罗孚公司 • Public Deal公开交易 The securities being acquired are publicly traded on an exchange (e.g., NYSE, NASDAQ, AMEX) or in the over-the-counter (OTC) market (Pink Sheets). The target is a reporting company subject to SEC rules. 被收购的证券在交易所（如纽约交易所、美国交易所、纳斯达克市场）或场外柜台交易市场（粉单市场）公开交易。目标公司有义务按照美国证监会规则进行报告。

TRANSACTION STRUCTURE 交易结构 Public Acquisition Structures上市公司收购结构 • Tender Offer 要约收购 • Offer by A to acquire shares of Company B on specified conditions set forth in an Offer to Purchase. A向B发出要约，准备按照购买要约中规定的条件收购B公司股份 • Shareholders accept the offer by tendering their shares. 股东以出售股份的方式接受要约 • Example: CNOOC’s bid for Unocal, Anhauser-Busch’s acquisition of Ha’er Bin Brewery 实例：中海油要约收购尤尼科，安海斯收购哈尔滨啤酒

TRANSACTION STRUCTURE (Cont’d)交易结构（续） Public Acquisition Structures上市公司收购结构 • Merger合并 • One corporation is merged into (i.e. combined with) another. Pursuant to statutes, the surviving corporation remains in existence and has all the assets and liabilities of both corporations. 一家公司与另一家公司进行合并（即联合）。根据法律规定，续存公司继续存在并拥有两家公司的全部资产和负债 • Mergers are achieved by law, not contract 合并通过法律实现，而非契约安排

TRANSACTION STRUCTURE (Cont’d)交易结构（续） • The securities of the non-surviving corporation are converted into the consideration specified in the merger agreement. That consideration may include: 非续存公司的证券转为合并协议中规定的对价。对价可包括： • Cash现金 • common stock of the surviving corporation; or续存公司的普通股；或 • debt, preferred stock, common stock or other securities of the surviving corporation or another entity 续存公司或另一家实体的债务、优先股、普通股或其他证券 • Triangular Mergers: Typically, the acquiror will form a new wholly-owned subsidiary (“Sub”) and merge Sub with the Target. The merger can be forward (i.e. Target merges into Sub) or reverse (i.e. Sub merges into Target) 三角合并：一般来说，收购方将组建一家新的全资子公司（“子公司”）并将子公司与目标公司合并。合并可以是正向（即目标公司并入子公司）或反向（即子公司并入目标公司） • Mergers require a shareholder vote unless the merger is a so-called short-form merger between a parent and (typically) a 90% owned subsidiary. • 除母公司与（通常为）其90%持有的子公司之间的“简式合并”外，合并均需要股东投票表决。

TRANSACTION STRUCTURE (Cont’d)交易结构（续） • Unless the acquiror already owns a sufficient number of shares, proxies must be solicited to effect a merger, and, if the stock is registered under the Exchange Act, a proxy statement must be delivered under Section 14(a) of the Exchange Act. The vote is typically specified in state corporate law and/or the certificate of incorporation and by-law as either a majority or 2/3 of the outstanding shares. 除非收购方已拥有足够的股份，否则将为合并寻求委托投票权。同时，如果股份是根据交易法进行登记的，还须按照交易法第14(a)条的规定提交委托投票说明书。各州的公司法律和/或公司注册证明和公司内部章程中通常要求的表决权为过半数或2/3的已发行股份。 • Two-Step Transactions: Two companies enter into an agreement pursuant to which Newco, a wholly-owned subsidiary of the Purchaser, makes a tender offer for the stock of Target, and, following the tender offer, Newco is merged into Target. 两步走的交易：两家公司订立协议，规定由买方新成立的全资子公司（“新公司”）向目标公司的股份作出收购要约，在要约收购完成后再将新公司并入目标公司。 • Exchange Offers: Tender offer where the consideration is securities rather than cash. 换股合并：以证券而非现金为交易对价的要约收购。

Shareholders 股东 DEAL STRUCTURE交易结构MERGER合并 Shareholders 股东 Shareholders 股东 MergerConsideration合并对价 T stock converted intoMerger Consideration inthe merger)T公司股份合并中转为合并对价 P(Owns P‘s assets; is subject to P’s liabilities)(拥有P公司资产；承担P公司负债) T (Owns T's assets; is subject to T's liabilities)(拥有T公司资产；承担T公司负债) Transfer of all of T’s assets and T’sliabilities byoperation of law通过法律转让T公司的所有资产和负债 Merger consideration合并对价(cash, P stock or securities, other held directly)（现金、P公司股票或证券，其他直接持有的资产） P(Owns P‘s assets and T’s assets; is subject to P’s and T’s liabilities)(拥有P公司的资产和T公司的资产；承担P公司和T公司的负债)

DEAL STRUCTURE交易结构FORWARD SUB MERGER正向的子公司合并 MergerConsideration合并对价 T stock converted intoMerger Consideration inthe merger)T公司股份在合并中转为合并对价 Shareholders 股东 P (Owns P's assets; is subject to P's liabilities)(拥有P公司资产；承担P公司负债) S stock (generally unchanged in the merger)S公司股份（在合并中通常不变） S (Owns S's assets; is subject to S's liabilities)(拥有S公司资产；承担S公司负债) T (Owns T's assets; is subject to T's liabilities)(拥有T公司资产；承担T公司负债) Merge合并 Transfer of all of T’s assets and T’sliabilities byoperation of law通过法律转让T公司的所有资产和负债 Shareholders 股东 Merger consideration合并对价(cash, P stock or securities, S stock or securities, other held directly)（现金、P公司股票或证券，S公司股票或证券其他直接持有的资产） P (Owns P's assets; is subject to P's liabilities)(拥有P公司资产；承担P公司负债) S stock S公司股份 S (Owns S‘s and T’s assets; is subject to S‘s and T’s liabilities)(拥有S公司和T公司的资产；承担S公司和T公司的负债)

DEAL STRUCTURE交易结构ASSET PURCHASE资产收购 T shareholdersT公司股东 Transfer of T assetsand T liabilities by conveyance and assumption通过转移和承担转让T公司资产和负债 P(Owns P‘s assets; is subject to P’s liabilities)(拥有P公司资产；承担P公司负债) T (Owns T's assets; is subject to T's liabilities)(拥有T公司资产；承担T公司负债) Acquisitionpurchase price收购价格 T shareholdersT公司股东 P (Owns T’s acquired assets, assumed selected liabilities) （拥有被收购的T公司资产，承担选择的负债） T (Received acquisition consideration (payments); remains subject to unassigned liabilities)（获得收购对价（支付）；仍承担未转让的负债）

DEAL STRUCTURE (Cont’d)交易结构（续）ASSET PURCHASE资产收购 Result Using Subsidiary 使用子公司的结果 P (Owns P‘s assets; is subject to P’s liabilities)(拥有P公司资产；承担P公司负债) Deal consideration交易对价(cash, P stock or securities,S stock or securities, other held directly)（现金、P公司股票或证券，S公司股票或证券，其他直接持有的资产） S stock S公司股份 S (Owns S‘s and T’s assets; is subject to S’s and T’s liabilities)(拥有S公司和T公司资产；承担S公司和T公司负债)

DEAL STRUCTURE (Cont’d)交易结构（续）STOCK PURCHASE股份收购 T shareholdersT公司股东 Acquisitionpurchase price收购价格 P(Owns P‘s assets; is subject to P’s liabilities)(拥有P公司资产；承担P公司负债) T (Owns T's assets; is subject to T's liabilities)(拥有T公司资产；承担T公司负债) T stockT公司股份 T stock T公司股份 Deal consideration交易对价 (cash, P stock or securities, Tstock or securities, other held directly)（现金、P公司股票或证券，T公司股票或证券，其他直接持有的资产） T (Owns T's assets; is subject to T's liabilities)(拥有T公司资产；承担T公司负债)

DEAL STRUCTURE ADVANTAGES各类交易结构的优势 • Advantages of Stock Sale 股份出售的优势 • Existence of non-transferable licenses 存在不可转让的证照 • Existence of non-transferable contracts 存在不可转让的合同 • Capital gains and no double taxation 资本利润以及没有双重税收 • Transfer all liabilities to Buyer 所有债务均让与买方 • Advantages of Asset Sale 资产出售的优势 • Uncooperative minority shareholders 不合作的少数股东 • Limit transferred liabilities 有限的转让责任 • Step-up in basis provides buyer higher basis from which to depreciate 提高资产应税基点，便于日后折旧 • Advantages of Merger 合并的优势 • Perception of equality 感觉平等

TRANSACTION STRUCTURE 交易结构 • Proxy contests 代理权之争 • Typically involve the election of directors, the passage of a resolution calling for a particular action (e.g., removal of directors) or the amendment of by-laws to permit a particular action. 通常涉及选举董事、通过特别决议（如罢免董事）或为批准特别的行为而修改内部章程 • Can take place at annual or special meetings of stockholders or through consent solicitations. 可在年度股东大会或特别股东会议上进行，或通过征求同意的方式进行 • If the stock is publicly traded, the solicitation is subject to Section 14(a) of the Exchange Act and the rules thereunder. There are special rules that apply to election contests. 对于公开交易的股票，征求代理权须符合交易法第149(a)款及其相关规则的规定。选举之争还适用于特别规则。

OTHER TRANSACTION STRUCTURES其他交易结构 • JOINT VENTURES 合资 • Form (Corporation, Partnership, Limited Liability Company (LLC), Contractual) 形式（公司、合伙、有限责任公司、契约形式） • Special Considerations: 特别的考虑因素： • Tax 税务 • Governance (management; veto rights) 治理（管理；否决权） • Distributions 派发 • Capital calls 资本缴纳 • Future transfers or issuances of JV interests (tag-along rights, drag-along rights, rights of first refusal, and anti-dilution rights) 日后转移或发放合资公司权益（跟随权、带领权、第一选择权和反稀释权） • Dissolution/Liquidity (exit strategy) 解散/清算（退出战略）

OTHER TRANSACTION STRUCTURES (Cont‘d)其他交易结构（续） • Minority Investments 少数股权投资 • Stock Acquisitions (common or convertible preferred typically) 股权收购（通常为普通股或可转换优先股） • Special Considerations: 特别的考虑因素： • Standstill 终止 • Corporate Governance (Directors) 公司治理（董事） • Preemptive Rights 优先权 • Registration Rights and Resale Restrictions (Exit Strategy) 登记权和转售限制（退出战略） • LBO’s 杠杆收购 • Troubled Company Acquisitions 收购处于困境的公司

ISSUES TO BE CONSIDERED WHEN STRUCTURING A DEAL制定交易结构时应考虑的问题 • Is shareholder approval required of any party and, if so, which one or ones? What is the required vote? Is there any separate vote required by any class or series of preferred stock? 是否需要股东批准，如果是，需要哪一方或哪几方的股东批准？所需表决权是多少？是否还需任何类别或系列的优先股东进行表决？ • Will the transaction result in the recognition of income tax to any corporation or group of shareholders? 交易是否会导致任何公司或股东团体缴纳所得税？ • Are there other income tax consequences of the transaction? 交易是否会产生其他所得税影响？ • Will the transaction result in the incurrence of transfer, use, property or other local or foreign taxes? 交易是否会产生转移、使用、财产或其他州或地方税务？ • Is the consent of, or notice to, third parties (such as lessors) required? Will the transaction breach any agreements or give lenders the right to accelerate any indebtedness? 是否需要第三方（如出租方）同意或向其通知？交易是否违反任何协议，或使贷款人有权要求提前偿还债务？

ISSUES TO BE CONSIDERED WHEN STRUCTURING A DEAL (Cont’d)制定交易结构时应考虑的问题（续） • Will registration under the Securities Act of 1933 be required in connection with the transaction? Will a proxy statement be necessary? Will the transaction require any other governmental or regulatory approvals or filings? 交易是否需要根据1933年证券法进行登记？是否需要委托投票说明书？交易是否需要按照其他政府或监管规定获得批准或进行备案？ • Will shareholders of any party to the acquisition be entitled to “dissenter’s appraisal” rights? 交易中任何一方的股东是否有权获得“反对者定价”权？ • Will the transaction leave a minority stock interest outstanding? 交易后是否仍存在发行在外的少数股权？ • What is the effect of the transaction on the parties’ outstanding stock options and convertible securities? 交易对各方发行在外的股票期权和可转换证券的影响如何？ • What is the accounting treatment of the transaction? 从会计上如何对交易进行处理？ • Are there any issues, such as potential fraudulent conveyance concerns, related to the financing of the transaction? 交易融资方面是否存在问题，如潜在的欺诈性转移问题。

KEY ISSUES IN M&A TRANSACTIONS 并购交易中的主要问题 • Intellectual Property Issues 知识产权问题： • Intellectual Properties to be transferred and retained; 将转让和保留的知识产权； • The right of use (retained names); and 使用权（保留的名称）；和 • Re-registration and other issues. 重新登记和其他问题。 • Environmental Issues 环境问题： • On-going and contingent environmental liabilities; 持续和或有的环境责任； • Regulatory compliance; 监管合规； • Remedial actions; and 救济措施；和 • Environment-related litigations. 与环境相关的诉讼。 • Employment Issues 劳务问题： • Pension liabilities; 养老金责任； • Collective bargaining agreements and other labor issues; 集体谈判协议和其他劳务问题； • Executive compensation and severance payment liabilities such as golden parachute; 高管人员薪酬和离职支付责任，如金降落伞； • Employment contracts and employee retention issues; and 劳动合同和员工留用问题；和 • Employment-related litigations. 劳务相关诉讼。

KEY ISSUES IN M&A TRANSACTIONS (Cont’d)并购交易中的主要问题（续） • Tax Issues: 税务问题： • Potential tax liabilities related to the acquired business; 与被收购业务相关的潜在税务责任； • Transfer tax and other transactional taxes; and 转移税和其他交易税；和 • Optimized tax implications of the combined businesses. 合并后业务的税务优化。 • Regulatory Issues: 监管问题： • Anti-trust consideration; 反垄断问题； • US securities law issues; and 美国证券法问题；和 • Other governmental approvals. 其他政府批准。 • Litigation Issues: 诉讼问题： • On-going and pending litigations and potential liabilities; and 持续和未决的诉讼和潜在责任；和 • Control of the litigations. 对诉讼的控制。

CORPORATE GOVERNANCE AND M&A公司治理和并购Director’s Fiduciary Duties 董事的诚信义务 • Delaware has the most developed case law regarding the directors’ fiduciary duties. 特拉华州在董事诚信义务方面的案例法最发达 • Duty of Good Faith善意义务 • Each director must perform his or her duties in good faith, in a manner he or she reasonably believes to be in the best interests of the corporation. 各董事应善意地履行其义务，即按照其合理认为最符合公司利益的方式履行义务。 • Duty of Care 谨慎义务 • Each director must perform his or her duties with such care as an ordinary prudent person in a like position would use under similar circumstance. 各董事应按照担任类似职务的正常人在类似情况下谨慎行事的方式谨慎地履行义务。 • Duty of Loyalty 忠实义务 • A director must ensure that no conflict exists between his or her self-interest and his or her function of directing the business affairs of the corporation. 董事应保证其自身利益与其对公司业务的支配权不存在任何冲突 • Business Judgment Rule 商业判断原则 • As long as the directors 1) act in good faith, 2) are disinterested and independent, and3) have some reasonable basis for making a particular business decision, the courts will presume the validity of that decision. 只要董事1）善意地行事，2）公正且独立，且3）所作的具体业务决策具有合理的基础，法庭就会认定该决策的有效性。

CORPORATE GOVERNANCE AND M&A并购中的公司治理Director’s Fiduciary Duties in Takeovers and Mergers接管和合并中的董事诚信义务 • Duties in Evaluation Takeover Attempts对接管意向进行评估的义务 • In general, the fiduciary obligation of target management and directors in a change of control context is to act in good faith, with due care and loyalty, in what they believe to be the best of interest of the corporation and its constituents. 一般来说，目标公司管理层和董事会在涉及控制权变更中的诚信义务是善意、谨慎和忠实地行事，即以最符合公司及其利益相关方利益的方式行事。 • The business judgment rule applies to the decision to accept or reject an offer. The board is not obligated to negotiate with third parties, or to sell the corporation, just because a premium price is offered, if the board makes a good faith, informed decision that it would be in the corporation’s best interest to reject the offer. 商业判断原则适用于接受或拒绝要约的决定。如果董事会根据充分的信息善意地判定不接受要约将最符合公司的利益，则其没有义务仅因为价格高而与第三方进行谈判获出售公司。

CORPORATE GOVERNANCE AND M&A并购中的公司治理Director’s Fiduciary Duties in Takeovers and Mergers接管和合并中的董事诚信义务 (续） • Unocal Principles for Defense Measures反收购的尤尼科原则 • A heightened standard of business judgment rule review was first formally articulated in Delaware in the 1985 decision in Unocal Corp. v. Mesa Petroleum Co. 使用商业判断原则应符合的更高的标准，最初在1985年Unocal Corp. 诉Mesa Petroleum Co.案中由特拉华州法院首次提出。 • Directors’ action must meet a two-prong test before the business judgment rule applies: 在使用商业判断原则前，董事的行为应符合两方面的标准： 1. The board must inform itself fully, and any decision to take defensive action must be the result of a careful evaluation of the hostile bid and of the various alternative courses of action available. 董事会应了解全面的情况，应在对恶意收购和可采取的其他各种行为进行谨慎的评估后方可确定采取反收购行为 2. The board must justify the reasonableness of specific defensive tactics employed in relation to the nature of the particular hostile threat to shareholder and corporate interest. 董事会应证明具体的恶意收购行为有损于股东和公司的利益，以及其使用的反收购措施的合理性。

CORPORATE GOVERNANCE AND M&A 公司治理和并购Director’s Fiduciary Duties in Takeovers and Mergers接管和合并中的董事诚信义务（续） • Revlon Principles for a Sale of Breakup of the Company 适用于出售将解散公司的露华浓原则 • Revlon, Inc. v. MacAndres & Forbes Holdings (1986) prescribes the standard of the conduct for a board of directors when it has decided to sell control of the company: 在1986年的Revlon, Inc. 诉 MacAndres & Forbes Holdings案中，法庭规定了董事会在决定出售公司控制权时的行为标准： • When a change of control is inevitable, the board’s duty changes from the preservation of the corporation to the maximization of the company’s value at a sale for the shareholders’ benefit. 如果控制权变更不可避免，董事会的义务不再是维护公司的存续，而是为了股东的利益以最高价出售公司 • Entire Fairness Defense if Duty is Breached违反义务后的完全公正申辩 • If a board breaches any of its three fiduciary duties or fails to meet the Unocal or Revlon standard, business judgment rule protection is lost; the directors then have the burden of proving the “entire fairness” of the challenged actions, which will be upheld if they are found to be fair to shareholders. 如果董事会违反三项诚信义务中的任何一项，或未能达到尤尼科原则或露华浓原则的标准，商业判断原则的保护将失效；董事会有责任证明被指控行为“完全公正”，其前提条件是法庭必须判定该行为对于股东是公正的。

CORPORATE GOVERNANCE AND M&A公司治理和并购Protecting the Deal交易保护 • The need to “protect” a deal, driven by the desire for certainty of consummation, is an important consideration when negotiating a transaction. 在交易谈判过程中的一项重要考虑因素，就是为了确定达成交易而对交易进行“保护”。 • Buyers do not want to serve as “stalking horses” for a better deal, nor do they want to expend time and effort without an assured outcome. 买方不想担当“托儿”的角色，也不想为没有确定结果的交易耗费时间和精力。 • Sellers may want to preserve the maximum amount of flexibility to consider alternatives. 卖方希望保留最大的灵活性以便考虑其他选择。 • No-Shop/No-Talk Clauses不招揽/不商谈条款 • Contractual forbearance which provide that (1) the target will not “shop” for, or solicit, alternative transactions; and (2) the target will not engage in discussion with, negotiation with, or provide confidential information, to potential buyers. 契约中的禁止条款，规定（1）目标公司不得寻求其他类似交易；和（2）目标公司不得与潜在买方进行商谈、协商或向其提供保密信息。 • Fiduciary Out 诚信义务下的例外情形 • Fiduciary out provides an exception to a non-talk provision and a requirement that a target board recommend a transaction to shareholders. 相关条款规定了不商谈义务的例外情况，并要求目标公司董事会向股东举荐交易。

CORPORATE GOVERNANCE AND M&A公司治理和并购Protecting the Deal交易保护 (续） • Break-up Fees交易失败费 • One party that terminates the transaction in breach of certain agreed upon conditions will be subject to a penalty payment. 违反约定终止交易的一方应支付罚金。 • Lock-ups 锁定条款 • One of the most aggressive deal protection devices: management or significant shareholders agree to vote in favor of transaction. May be unenforceable if deemed to prevent the target’s board of directors from exercising their fiduciary duties in the face of competing offers 作为最积极的交易保护手段之一：管理层或者重要股东同意投票支持交易。可能会被判决不具执行效力，如果该等行动被认定阻止了目标公司的董事会在面对其他竞争要约的时候履行其信托责任。

CORPORATE GOVERNANCE AND M&A公司治理和并购Takeover Defense Mechanisms 反收购机制 • Classified Board – Staggered Board分级董事会 – 参差董事会 • Special structure of the board in which only a percentage of the board can be elected at one time, effectively preventing the acquiror from acquiring control of the company through proxy contest. 一种特定的董事会结构，规定一次只能选举一定比例的董事，从而有效地避免收购方通过代理权之争获得公司的控制权。 • Shareholder Rights Plan – Poison Pill 股东配股权计划 – 毒丸 • Rights issued to the incumbent shareholders to acquiror’s shares or the target’s shares at a significant discount aiming to increase the purchase price to deter potential acquirors. 给予现任股东以很大的折价购买购买方或目标公司的股份的权利，从而增加购买价格，阻止潜在的收购行为。 • Severance Payment -Golden Parachute离职支付 – 金降落伞 • Severance payment to the executives which will be triggered when a change of the control of the company occurs. 规定在公司控制权发生变更时，将向高管人员支付离职费。 • Alternative Buyer – White Knight其他买方 – 白衣骑士 • Strategy adopted by the target to seek alternative, often more friendly acquiror in a sale of control, in order to deter the hostile bidder. 目标公司为阻止恶意收购而采取的一种战略，即寻找其他、通常更为友好的购买方出售控制权。

Assemble Team 组建团队 • Limited Due Diligence 有限的尽职调查 • Purchaser obtains financing commitment 买方获得融资承诺 Agreement In Principle/Letter of Intent 原则性协议/意向函 • In-depth Due Diligence 深入的尽职调查 Definitive Purchase Agreement 最终购买协议 • Purchaser obtains financing (may be accomplished prior to signing)买方获得融资（可在签署协议前完成） Seller and Purchaser comply with all covenants in agreement 买卖双方遵守协议中的所有承诺 Closing 交割 TIMELINE时间安排 TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程2. ASSEMBLE A TEAM 组建团队 • Investment banker 投资银行人员 • Special counsel 特别顾问 • Outside auditors 外部审计师 • Industry consultants 行业顾问 • Asset appraisers 资产评估师

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程3. CONFIDENTIALITY PROCEDURES 保密程序 • Confidentiality Agreement 保密协议 • The Tension 矛盾 • Buyer: Need for information 买方：需要获得信息 • Seller: Incentive not to give away competitive information 卖方：尽量不提供竞争性的信息 • The Purpose目的 • Provides contractual prohibitions on use 通过契约规定禁止使用信息的情形 • Limits access on a “Need to Know” only basis 仅限提供“必需的”信息 • Limits disclosure to third parties 限制向第三方的披露 • Prohibits disclosure that negotiations are on-going 禁止在谈判过程中披露信息 • Assign code name 制定交易代号 • Develop other confidentiality procedures 制定其他保密程序

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程4. INITIAL CONTACT WITH TARGET 与目标公司初步接触 • Confirm availability for sale 确认目标公司的可售性 • Existence of corporate obstacles or defensive mechanisms 存在公司障碍或反收购机制 • Determine likelihood of competition 确定竞争的可能性 • Understand Target’s objectives 了解目标公司的目标 • Develop financial information 制定财务信息 • Build working relationship with Target 与目标公司建立工作关系

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程5. FORMULATE DEAL STRATEGY 制定交易战略 • Confirm willingness to use letter of intent 确认同意使用意向函 • Establish approach to exclusivity 确立排他性接触 • Determine deal structure 确定交易结构 • Establish financial and nonfinancial substantive terms 确立实质性的财务与非财务条款 • Agree on negotiating strategy 对谈判策略达成协议 • Auction issues 拍卖的问题

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程6. LETTERS OF INTENT 意向函 • Pros优势 • Binding vs. Non-binding 有约束力vs. 没有约束力 • Reduces the basic understanding to writing 将基本共识落实到字面上 • It may look different in written form 以书面形式表达看上去会有所不同 • From buyers point of view从买方的观点来看 • Exclusivity may cut off seller’s negotiations with third parties • 排他性接触可以切断卖方与第三方的谈判 • Provides basis for expense reimbursement • 为补偿费用提供基础 • Cons 劣势 • Leaks 漏洞 • Duty to disclose 披露义务 • Contents 内容

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程7. DUE DILIGENCE尽职调查 – Purpose of the Due Diligence Review 尽职调查的目的 • Confirm validity of strategic rationale 确认战略依据的有效性 • Identify critical business, legal, and accounting issues for purposes of preparing acquisition agreement 为起草收购协议的目的，发现关键的业务、法律和会计问题 • Obtain information necessary to build financial model and projections 获得确立财务模式和预测所必需的信息 • Value based due diligence 以价值为基础的尽职调查 • Identify upside 发现价值的上涨 • Post acquisition integration issues 收购后的整合问题

DUE DILIGENCE尽职调查 – Procedure 程序 • Timing 时间 • Visit the Target 实地访问目标公司 • Submit the due diligence request 提交尽职调查要求 • Coordination 协调 • The use of professionals 使用专业人员

DUE DILIGENCE 尽职调查 – Key Areas for Due Diligence Review 尽职调查的主要领域 • Focus on financial statements/forecasts 关注财务报表/预测 • Lack of revenue visibility 缺乏预期收入 • Acquisition of division (cost of corporate services) 部门的收购（公司服务的成本） • Rethink/test projections 重新考虑/测试一下预测数据 • Dependence upon others考虑其他因素 • Customers (corporate and consumers) 客户（公司与个人） • Suppliers 供应商 • Alliances 联盟 • Distributors 分销商 • Counterparties to principal contracts 主要合同的对方当事人 • Lessees, Lessors 承租人、出租人

DUE DILIGENCE尽职调查 – Key Areas For Due Diligence Review 尽职调查的主要领域 • Potential sources of financing (relationships with banks, debt markets, other financing sources) 融资的可能途径（与银行、债券市场的关系，其他融资来源） • Use of disclosure schedules 使用披露清单 • Employee benefit issues 雇员福利问题 • Underfunded pension plans 未足额缴付退休金计划 • Executive compensation issues 高管层报酬问题

DUE DILIGENCE尽职调查 – TROUBLED COMPANIES处于困境的公司 • Commit to deal structure only after preliminary due diligence 仅在初步调查后才确定交易结构 • Consider restructuring alternatives 考虑重组 • Purchase debt 收购债务 • Tender offer with exit consents 要约收购并附同意退出机制 • Plan of reorganization 重组计划 • sale of assets 资产出售 • Representations without parent indemnities have little value 没有母公司补偿的陈述几乎没有价值

DUE DILIGENCE尽职调查– TROUBLED COMPANIES处于困境的公司 • Status of R&D, capital expenditures, investments, intellectual property protection 研发、资本支出、投资、知识产权保护等情形 • Financial statements and books and records may not be accurate 财务报表及账簿与记录可能不准确 • Creditors play significant role 债权人发挥重要作用 • Extra due diligence on liens, security interests and possible preferences 对权利负担、担保权益和其他优先权利作额外的尽职调查 • Benefit issues福利问题 • Failure to deposit withheld income taxes 未按时、足额缴纳代扣的所得税 • Employee wages paid in stock 雇员薪水以股票形式支付 • Possible liability for unpaid taxes 对未缴税务可能承担的责任

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程8. PREPARE PURCHASE AGREEMENT制订收购协议 • Purchase Provisions 收购条款 • Representations and Warranties 陈述和保证 • Covenants 承诺 • Conditions to Closing 交割条件 • Indemnifications 补偿 • Disclosure Schedule 披露清单

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程9. POST-SIGNING MATTERS签署后事项 • Secure financing (could be pre-signing) 获得融资（可在签署前完成） • Obtain required consents and approvals 获得必需的同意和批准 • Other closing conditions as stated in the purchase agreement 收购协议中规定的其他交割条件 • Start the integration process 开始整合工作

TYPICAL PROCESS OF A M&A TRANSACTION并购交易的流程CLOSING 交割 • Assemble Team 组建团队 • Purchaser obtains financing commitment 买方获得融资承诺 • Limited Due Diligence 有限的尽职调查 Agreement In Principle/Letter of Intent 原则性协议/意向函 • In-depth Due Diligence 深入的尽职调查 Definitive Purchase Agreement 最终购买协议 • Purchaser obtains financing (may be accomplished prior to signing)买方获得融资（可在签署协议前完成） Seller and Purchaser comply with all covenants in agreement 买卖双方遵守协议中的所有承诺 Closing 交割 • Closing Dinner 交割宴会

Introduction to Outbound M&A Transactions 境外并购交易简介