Executive Summary: The Committee for Encouragement of Investments in Public Companies Engaged in R&D, formed by the Israeli Securities Authority, has recommended adopting three main solutions aimed at encouraging public funding of hi-tech companies: promoting IPOs of relatively large hi-tech companies; facilitating the establishment of publicly-traded venture capital funds and encouraging the establishment of publicly … Continued
Executive Summary: Goltsblat BLP has published a Case Study Guide to M&A Transactions in Russia that covers the full M&A process in Russia, from the initial negotiations and heads of terms, right the way through to completion and post-completion matters. Some of the highlights include: Preparation for sale, negotiating the initial terms and forming the … Continued
Executive Summary New notification and disclosure requirements will apply to managers of private equity funds under the German AIFMD implementing legislation. Managers of private equity funds will also be subject to asset stripping restrictions regarding European target companies. The new rules will apply not only to German domiciled funds, but also to EU and non-EU … Continued
EXECUTIVE SUMMARY: Three new laws re-codifying Czech private law are set to change the country’s current legal order entirely. The current order will be abolished entirely and replaced with new laws. As one of the largest legal overhauls of the Czech Republic’s laws in recent decades, this development is indeed an admirable achievement. The article … Continued
Since the end of 2010, a number of China-based companies that have engaged in reverse mergers were accused of committing accounting fraud, resulting in a suspension in trading or even delisting. They have also been under investigation by U.S. authorities for violating securities laws or found themselves targeted by class action lawsuits represented by U.S. … Continued
Highlights: Recently, there has been a trend towards Australian listed companies disclosing to the market initial confidential approaches by bidders because of concerns that this was necessary to satisfy their continuous disclosure obligations under the Australian Stock Exchange’s listing rules. Changes to the Australian Stock Exchange’s listing rules and guidance taking effect from 1 May … Continued
Executive summary Before the transaction, the buyer usually performs a legal examination of the company whose shares are to be traded (directly or indirectly, for example through the acquisition of shares in the parent company). When assessing the legal importance of examining the legal title to shares it should be kept in mind that in … Continued
Executive Summary: Recent amendments to the UK’s City Code on Takeovers and Mergers, the main rules governing takeovers in the UK, are discussed below. The most significant changes resulting from these amendments are: (i) it will allow offerors to engage in early and have increased involvement with the offeree’s pension trustees in an offer; and … Continued
Executive Summary: This article discusses some of the disadvantages unique to Chinese companies and how such constraints have impeded the momentum of China’s quest for a deserving piece of the international M&A market. Main Article People frequently observe the cultural barriers which the Chinese companies find difficult to overcome in relation to China’s nascent outbound … Continued
Highlights: The Canadian Federal government has introduced proposed (and unanticipated) changes to the Investment Canada Act (“ICA”) to further scrutinize a wider range of state owned enterprise (“SOE”) investments in Canada. It is proposed that the black letter ICA review threshold rules be replaced by a control in fact examinations in determining if ICA should … Continued
