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Pre-closing disputes in M&A
Setting the scene
Prof. Henry Peter
Warsaw, 13-14 May 2010
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I. Main phases
Phases
Signing
Pre-signing
Pre-closing
Time Line
Post-signing
Post-closing
Post-signing and pre-closing
Closing Events
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II. Chronology (and logics) of the pre-closing phase
• Buyer’s due diligence (data room) • (Audit)
• Letter of intent
•Purchase agreement
(SPA)
• Confidentiality/ exclusivity agreement (s)
• Closing condition(s) (precedent)
Time Line
Facts
Docs./ clauses
• Bidding process
• Information memorandum
• (Vendor’s due diligence)
• (Binding) offer
• Closing• Signing
• Negotiations
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A. Procedural
Applicable law
Jurisdiction Valid arbitration clause ? Interim relief: where and what ? Merit: where and what ?
Specific performance Pre-signing: order to sign ? Post-signing / pre-closing: order to close ? Order to disclose ?
III. Possible disputes
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B. Merit
Letter of intent Binding ? Obligation to negotiate / act in good faith (culpa in
contrahendo) ? Obligation to inform ?
Type of damages Benefit of the deal (“positive” interest in the performance of
the contract) Reliance damages (“negative” interest in the entering into
the contract)
III. Possible disputes
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