5. Market Regulations

christian.mogste
Mind Map by christian.mogste, updated more than 1 year ago
christian.mogste
Created by christian.mogste about 4 years ago
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Description

Masters Degree M&A Mind Map on 5. Market Regulations, created by christian.mogste on 03/31/2016.

Resource summary

5. Market Regulations
1 Tax consideration
1.1 Sellers
1.1.1 Buyers
1.1.1.1 Taxable
1.1.1.1.1 Asset acquisition
1.1.1.1.1.1 Implications
1.1.1.1.1.1.1 Stepping up
1.1.1.1.1.1.1.1 Possible to amortise acquired goodwill arising from asset acquisition
1.1.1.1.1.2 Stock acquisition
1.1.1.1.1.2.1 Implications
1.1.1.1.1.2.1.1 Step up = taxable gain
1.1.1.1.1.2.1.1.1 Double taxation
1.1.1.1.1.2.1.1.1.1 Benefit for acquirer if section 338

Annotations:

  • 80 % or more of voting stock
1.1.1.1.1.2.1.1.1.1.1 May handle as asset acquisition
1.1.1.1.1.2.2 Tax free transactions
1.1.1.1.1.2.2.1 Requirements
1.1.1.1.1.2.2.1.1 Continuity of ownership
1.1.1.1.1.2.2.1.1.1 Contiuity of business enterprice
1.1.1.1.1.2.2.1.1.1.1 Valid business purpose
1.1.1.1.1.2.2.1.1.1.1.1 Step transaction doctrine
1.1.1.1.1.2.2.1.2 Tax free structures
1.1.1.1.1.2.2.1.2.1 Type A
1.1.1.1.1.2.2.1.2.1.1 Type B
1.1.1.1.1.2.2.1.2.1.1.1 Type C
1.1.1.1.1.2.2.1.2.1.1.1.1 Type D
1.1.1.1.1.2.2.1.2.1.2 Forward triangular merger most used for tax free asset acquisition
1.1.1.1.1.2.2.2 NOL
1.1.1.1.1.2.2.2.1 Carrybacks
1.1.1.1.1.2.2.2.1.1 Carryforwards
1.1.1.1.1.2.2.2.2 Tax inversion
1.1.1.1.1.2.2.2.2.1 Change domicile
1.1.1.1.1.2.2.2.2.1.1 Cross border
1.1.1.1.2 Non-equity usually taxable
1.1.1.1.2.1 Shareholders pay if stock aquisition
1.1.1.1.2.1.1 Firm pay if asset acquisition
1.1.1.1.2.1.1.1 Imidiate gain recignised by target shareholders
1.1.1.1.2.1.1.1.1 Acquirer loses NOLS and tax credits???
1.1.1.2 Increase tax basis
1.1.1.2.1 Relocate tax domicile
1.1.2 Demand higher price for taxable transaction
2 M&A Market reulations
2.1 Equality of treatment
2.1.1 Mandatory offer above ownership treshold
2.1.1.1 Certainty of financing
2.1.1.1.1 Squeexe out rights
2.2 Legislation
2.2.1 Companies act
2.2.1.1 City code
2.2.1.1.1 Eu competition rules
2.2.1.1.1.1 Listing rules
2.2.2 Launching bid
2.2.2.1 Firstly to target
2.2.2.1.1 Public announcement
2.2.2.1.1.1 Putup or shut up
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