{"id":61560,"date":"2023-12-08T20:25:37","date_gmt":"2023-12-08T11:25:37","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61560"},"modified":"2024-03-29T10:49:06","modified_gmt":"2024-03-29T01:49:06","slug":"acquisition-basic-procedure","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure","title":{"rendered":"Z\u00e1klady a postupy p\u0159evzet\u00ed spole\u010dnosti, kter\u00e9 byste m\u011bli zn\u00e1t"},"content":{"rendered":"\n<p>Pokroky v IT technologi\u00edch, digitalizace, globalizace a dal\u0161\u00ed zm\u011bny v podnikatelsk\u00e9m prost\u0159ed\u00ed, v\u010detn\u011b probl\u00e9m\u016f s n\u00e1stupnictv\u00edm, u\u010dinily M&amp;A d\u016fle\u017eitou volbou pro p\u0159e\u017eit\u00ed mal\u00fdch a st\u0159edn\u00edch podnik\u016f.<\/p>\n\n\n\n<p>Mezi \u010dasto pou\u017e\u00edvan\u00e9 metody pro akvizici spole\u010dnost\u00ed v r\u00e1mci M&amp;A pat\u0159\u00ed:<\/p>\n\n\n\n<ul>\n<li>P\u0159evod akci\u00ed<\/li>\n\n\n\n<li>P\u0159evod podnik\u00e1n\u00ed<\/li>\n\n\n\n<li>V\u00fdm\u011bna akci\u00ed<\/li>\n\n\n\n<li>Zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm t\u0159et\u00ed strany<\/li>\n\n\n\n<li>TOB (ve\u0159ejn\u00e1 nab\u00eddka k odkupu)<\/li>\n<\/ul>\n\n\n\n<p>a dal\u0161\u00ed.<\/p>\n\n\n\n<p>V z\u00e1v\u011bre\u010dn\u00e9 zpr\u00e1v\u011b &#8220;Zpr\u00e1va o pr\u016fzkumu t\u00fdkaj\u00edc\u00edm se restrukturalizace a konsolidace mal\u00fdch a st\u0159edn\u00edch podnik\u016f a spolupr\u00e1ce mezi podniky&#8221;, kterou provedlo Ministerstvo hospod\u00e1\u0159stv\u00ed, obchodu a pr\u016fmyslu (Japanese Ministry of Economy, Trade and Industry) v prosinci 2017 (Heisei 29), p\u0159evod akci\u00ed (40,8%) a p\u0159evod podnik\u00e1n\u00ed (41,0%) tvo\u0159\u00ed v\u00edce ne\u017e 80% v\u0161ech proveden\u00fdch M&amp;A. P\u0159i skute\u010dn\u00e9 akvizici spole\u010dnosti v\u0161ak lze zv\u00e1\u017eit r\u016fzn\u00e9 metody.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku se podrobn\u011b v\u011bnujeme z\u00e1kladn\u00edm znalostem a nezbytn\u00fdm postup\u016fm t\u00fdkaj\u00edc\u00edm se p\u0159evodu \u0159\u00edd\u00edc\u00edch pr\u00e1v spole\u010dnosti v r\u00e1mci M&amp;A, ani\u017e bychom se omezili pouze na &#8220;p\u0159evod akci\u00ed&#8221;.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Vyhody_a_nevyhody_akvizice_spolecnosti\" title=\"V\u00fdhody a nev\u00fdhody akvizice spole\u010dnost\u00ed\">V\u00fdhody a nev\u00fdhody akvizice spole\u010dnost\u00ed<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Vyhody_akvizice_spolecnosti\" title=\"V\u00fdhody akvizice spole\u010dnost\u00ed\">V\u00fdhody akvizice spole\u010dnost\u00ed<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Zvyseni_konkurenceschopnosti_spolecnosti\" title=\"Zv\u00fd\u0161en\u00ed konkurenceschopnosti spole\u010dnosti\">Zv\u00fd\u0161en\u00ed konkurenceschopnosti spole\u010dnosti<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Moznost_vstupu_do_novych_oblasti\" title=\"Mo\u017enost vstupu do nov\u00fdch oblast\u00ed\">Mo\u017enost vstupu do nov\u00fdch oblast\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Moznost_snizeni_nakladu\" title=\"Mo\u017enost sn\u00ed\u017een\u00ed n\u00e1klad\u016f\">Mo\u017enost sn\u00ed\u017een\u00ed n\u00e1klad\u016f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Nevyhody_akvizice_spolecnosti\" title=\"Nev\u00fdhody akvizice spole\u010dnost\u00ed\">Nev\u00fdhody akvizice spole\u010dnost\u00ed<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Riziko_prevzeti_dluhu\" title=\"Riziko p\u0159evzet\u00ed dluh\u016f\">Riziko p\u0159evzet\u00ed dluh\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Moznost_ze_ocekavany_synergeticky_efekt_nebude_dosazen\" title=\"Mo\u017enost, \u017ee o\u010dek\u00e1van\u00fd synergetick\u00fd efekt nebude dosa\u017een\">Mo\u017enost, \u017ee o\u010dek\u00e1van\u00fd synergetick\u00fd efekt nebude dosa\u017een<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Riziko_odlivu_kvalifikovanych_pracovniku\" title=\"Riziko odlivu kvalifikovan\u00fdch pracovn\u00edk\u016f\">Riziko odlivu kvalifikovan\u00fdch pracovn\u00edk\u016f<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Ctyri_faze_podnikove_akvizice\" title=\"\u010cty\u0159i f\u00e1ze podnikov\u00e9 akvizice\">\u010cty\u0159i f\u00e1ze podnikov\u00e9 akvizice<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Pripravna_faze\" title=\"P\u0159\u00edpravn\u00e1 f\u00e1ze\">P\u0159\u00edpravn\u00e1 f\u00e1ze<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Vyberova_faze\" title=\"V\u00fdb\u011brov\u00e1 f\u00e1ze\">V\u00fdb\u011brov\u00e1 f\u00e1ze<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Faze_jednani\" title=\"F\u00e1ze jedn\u00e1n\u00ed\">F\u00e1ze jedn\u00e1n\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Posledni_faze\" title=\"Posledn\u00ed f\u00e1ze\">Posledn\u00ed f\u00e1ze<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Role_pravnika_pri_prevodu_akcii\" title=\"Role pr\u00e1vn\u00edka p\u0159i p\u0159evodu akci\u00ed\">Role pr\u00e1vn\u00edka p\u0159i p\u0159evodu akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/acquisition-basic-procedure\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_a_nevyhody_akvizice_spolecnosti\"><\/span>V\u00fdhody a nev\u00fdhody akvizice spole\u010dnost\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Akvizice spole\u010dnost\u00ed je metoda, p\u0159i kter\u00e9 se p\u0159ev\u00e1d\u00ed \u0159\u00edzen\u00ed t\u00edm, \u017ee se z\u00edsk\u00e1 v\u00edce ne\u017e polovina vyd\u00e1van\u00fdch akci\u00ed c\u00edlov\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<p>Pro men\u0161inov\u00e9 akcion\u00e1\u0159e nek\u00f3tovan\u00fdch spole\u010dnost\u00ed je vhodn\u00fd p\u0159evod akci\u00ed, ale v p\u0159\u00edpad\u011b k\u00f3tovan\u00fdch spole\u010dnost\u00ed se v posledn\u00edch letech zvy\u0161uje po\u010det akvizic spole\u010dnost\u00ed prost\u0159ednictv\u00edm TOB.<\/p>\n\n\n\n<p>Akvizice spole\u010dnost\u00ed m\u00e1 pro kupuj\u00edc\u00edho r\u016fzn\u00e9 v\u00fdhody, jako je mo\u017enost rychl\u00e9ho roz\u0161\u00ed\u0159en\u00ed podnik\u00e1n\u00ed, ale existuj\u00ed tak\u00e9 nev\u00fdhody, na kter\u00e9 je t\u0159eba d\u00e1vat pozor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_akvizice_spolecnosti\"><\/span>V\u00fdhody akvizice spole\u010dnost\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zvyseni_konkurenceschopnosti_spolecnosti\"><\/span>Zv\u00fd\u0161en\u00ed konkurenceschopnosti spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/acquisition-basic-procedure1.jpg\" alt=\"\" class=\"wp-image-31292\" \/><\/figure>\n\n\n\n<p>Vyu\u017eit\u00edm \u0159\u00edd\u00edc\u00edch zdroj\u016f akvizi\u010dn\u00ed spole\u010dnosti, jako jsou technologie, know-how, lidsk\u00e9 zdroje a obchodn\u00ed informace, m\u016f\u017eete pos\u00edlit technologick\u00e9 a produktov\u00e9 v\u00fdvojov\u00e9 schopnosti a prodejn\u00ed s\u00edlu, kter\u00e9 ve va\u0161\u00ed spole\u010dnosti chyb\u00ed, a zv\u00fd\u0161it tak konkurenceschopnost v\u016f\u010di konkuren\u010dn\u00edm spole\u010dnostem.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_vstupu_do_novych_oblasti\"><\/span>Mo\u017enost vstupu do nov\u00fdch oblast\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pro vstup do nov\u00fdch oblast\u00ed na vlastn\u00ed p\u011bst je pot\u0159eba velk\u00e9 mno\u017estv\u00ed kapit\u00e1lu a \u010dasu, ale akvizic\u00ed spole\u010dnosti, kter\u00e1 p\u016fsob\u00ed v c\u00edlov\u00e9 nov\u00e9 oblasti, je mo\u017en\u00e9 vstoupit do t\u00e9to oblasti v kr\u00e1tk\u00e9m \u010dase.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_snizeni_nakladu\"><\/span>Mo\u017enost sn\u00ed\u017een\u00ed n\u00e1klad\u016f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Je tak\u00e9 mo\u017en\u00e9 sn\u00ed\u017eit n\u00e1klady prost\u0159ednictv\u00edm spole\u010dn\u00e9ho vyu\u017eit\u00ed obchodn\u00edch z\u00e1kladen atd., kter\u00e9 vlastn\u00ed va\u0161e spole\u010dnost a akvizi\u010dn\u00ed spole\u010dnost, a spole\u010dn\u00e9 objedn\u00e1vky produkt\u016f a vybaven\u00ed atd.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nevyhody_akvizice_spolecnosti\"><\/span>Nev\u00fdhody akvizice spole\u010dnost\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riziko_prevzeti_dluhu\"><\/span>Riziko p\u0159evzet\u00ed dluh\u016f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/acquisition-basic-procedure2.jpg\" alt=\"\" class=\"wp-image-31293\" \/><\/figure>\n\n\n\n<p>Na rozd\u00edl od &#8220;p\u0159evodu podnik\u00e1n\u00ed&#8221;, kde je mo\u017en\u00e9 vybrat a prod\u00e1vat aktiva a pr\u00e1va, p\u0159i akvizici spole\u010dnosti p\u0159eb\u00edr\u00e1te celou spole\u010dnost, tak\u017ee nejen aktiva, ale tak\u00e9 dluhy p\u0159eb\u00edr\u00e1te sou\u010dasn\u011b.<\/p>\n\n\n\n<p>Existuje tak\u00e9 riziko budouc\u00edch mimo-bilan\u010dn\u00edch z\u00e1vazk\u016f, jako jsou z\u00e1ruky dluh\u016f a soudn\u00ed spory, pokud jsou p\u0159\u00edtomny.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moznost_ze_ocekavany_synergeticky_efekt_nebude_dosazen\"><\/span>Mo\u017enost, \u017ee o\u010dek\u00e1van\u00fd synergetick\u00fd efekt nebude dosa\u017een<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Existuje tak\u00e9 mo\u017enost, \u017ee pokud p\u0159ece\u0148ujete \u0159\u00edd\u00edc\u00ed zdroje akvizi\u010dn\u00ed spole\u010dnosti a podnik\u00e1te r\u016fzn\u00e9 kroky, nebudete schopni dos\u00e1hnout synergetick\u00e9ho efektu odpov\u00eddaj\u00edc\u00edho investici.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riziko_odlivu_kvalifikovanych_pracovniku\"><\/span>Riziko odlivu kvalifikovan\u00fdch pracovn\u00edk\u016f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pokud se v d\u016fsledku akvizice spole\u010dnosti zm\u011bn\u00ed veden\u00ed, objev\u00ed se tak\u00e9 zam\u011bstnanci, kte\u0159\u00ed nesouhlas\u00ed s novou obchodn\u00ed politikou. Proto existuje tak\u00e9 mo\u017enost, \u017ee kl\u00ed\u010dov\u00ed pracovn\u00edci v technick\u00fdch a obchodn\u00edch oblastech odejdou do konkuren\u010dn\u00edch spole\u010dnost\u00ed nebo budou odvedeni.<\/p>\n\n\n\n<p>Pokud chcete v\u011bd\u011bt v\u00edce o kl\u00ed\u010dov\u00e9 metod\u011b akvizice spole\u010dnost\u00ed, &#8220;p\u0159evodu akci\u00ed&#8221;, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/share-transfer-ma\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/share-transfer-ma[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ctyri_faze_podnikove_akvizice\"><\/span>\u010cty\u0159i f\u00e1ze podnikov\u00e9 akvizice<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/acquisition-basic-procedure3.jpg\" alt=\"\" class=\"wp-image-31294\" \/><\/figure>\n\n\n\n<p>Nyn\u00ed podrobn\u011b vysv\u011btl\u00edme postup pro skute\u010dn\u00e9 proveden\u00ed podnikov\u00e9 akvizice a dokumenty a smlouvy, kter\u00e9 budou pot\u0159ebn\u00e9 v ka\u017ed\u00e9m procesu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pripravna_faze\"><\/span>P\u0159\u00edpravn\u00e1 f\u00e1ze<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Vytvo\u0159en\u00ed strategie<\/li>\n<\/ul>\n\n\n\n<p>M&amp;A (F\u00faze a akvizice) je n\u00e1stroj, kter\u00fd va\u0161e spole\u010dnost pou\u017e\u00edv\u00e1 k dosa\u017een\u00ed budouc\u00edch c\u00edl\u016f, tak\u017ee je t\u0159eba jasn\u011b definovat, co od M&amp;A o\u010dek\u00e1v\u00e1te na z\u00e1klad\u011b vize a st\u0159edn\u011bdob\u00e9 a dlouhodob\u00e9 obchodn\u00ed politiky va\u0161\u00ed spole\u010dnosti, a kolik pen\u011bz m\u016f\u017eete investovat.<\/p>\n\n\n\n<ul>\n<li>V\u00fdb\u011br zprost\u0159edkovatelsk\u00e9 firmy<\/li>\n<\/ul>\n\n\n\n<p>Poradci pro M&amp;A jsou bu\u010f FA (finan\u010dn\u00ed poradci) specializovan\u00ed na prodejce nebo kupuj\u00edc\u00edho, nebo zprost\u0159edkovatelsk\u00e9 firmy, kter\u00e9 maj\u00ed smlouvy s ob\u011bma stranami a jednaj\u00ed jako prost\u0159edn\u00edci v jedn\u00e1n\u00edch.<\/p>\n\n\n\n<p>Pro mal\u00e9 a st\u0159edn\u00ed podniky je obvykl\u00e9 vybrat zprost\u0159edkovatelskou firmu, kter\u00e1 dok\u00e1\u017ee jedn\u00e1n\u00ed rychle uzav\u0159\u00edt. Jakmile je zprost\u0159edkovatelsk\u00e1 firma vybr\u00e1na, uzav\u0159ete dohodu o zachov\u00e1n\u00ed d\u016fv\u011brnosti a poradenskou smlouvu.<\/p>\n\n\n\n<ul>\n<li>Rozhodnut\u00ed o form\u011b M&amp;A<\/li>\n<\/ul>\n\n\n\n<p>P\u0159i zohledn\u011bn\u00ed c\u00edl\u016f akvizice a dostupn\u00fdch investic vyberte nejvhodn\u011bj\u0161\u00ed metodu z r\u016fzn\u00fdch metod M&amp;A. Pro toto rozhodnut\u00ed je pot\u0159eba odborn\u00fdch znalost\u00ed, tak\u017ee je dobr\u00e9 se poradit se zprost\u0159edkovatelskou firmou nebo odborn\u00edkem.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyberova_faze\"><\/span>V\u00fdb\u011brov\u00e1 f\u00e1ze<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Zva\u017eov\u00e1n\u00ed na z\u00e1klad\u011b anonymn\u00edch informac\u00ed<\/li>\n<\/ul>\n\n\n\n<p>V po\u010d\u00e1te\u010dn\u00ed f\u00e1zi v\u00fdb\u011bru vyjedn\u00e1vac\u00edho partnera se zva\u017euje na z\u00e1klad\u011b anonymn\u00edch informac\u00ed, kter\u00e9 vytvo\u0159il prod\u00e1vaj\u00edc\u00ed, tzv. &#8220;Non-name sheet&#8221;. Tento dokument obsahuje pouze stru\u010dn\u00e9 informace, kter\u00e9 jsou sestaveny tak, aby nebylo mo\u017en\u00e9 identifikovat n\u00e1zev spole\u010dnosti.<\/p>\n\n\n\n<ul>\n<li>Ov\u011b\u0159en\u00ed n\u00e1zvu<\/li>\n<\/ul>\n\n\n\n<p>Pokud je n\u011bkter\u00e1 spole\u010dnost na z\u00e1klad\u011b Non-name sheet zaj\u00edmav\u00e1 pro kupuj\u00edc\u00edho, ten se prost\u0159ednictv\u00edm zprost\u0159edkovatelsk\u00e9 spole\u010dnosti obr\u00e1t\u00ed na prod\u00e1vaj\u00edc\u00edho s dotazem, zda je mo\u017en\u00e9 zve\u0159ejnit n\u00e1zev spole\u010dnosti a podrobn\u00e9 informace o jej\u00edm \u0159\u00edzen\u00ed.<\/p>\n\n\n\n<ul>\n<li>P\u0159edlo\u017een\u00ed obecn\u00fdch informac\u00ed o spole\u010dnosti<\/li>\n<\/ul>\n\n\n\n<p>Pokud prod\u00e1vaj\u00edc\u00ed potvrd\u00ed mo\u017enost zve\u0159ejn\u011bn\u00ed n\u00e1zvu, zprost\u0159edkovatelsk\u00e1 spole\u010dnost p\u0159edlo\u017e\u00ed kupuj\u00edc\u00edmu obecn\u00e9 informace o spole\u010dnosti, kter\u00e9 detailn\u011b popisuj\u00ed jej\u00ed obchodn\u00ed \u010dinnost a finan\u010dn\u00ed situaci, a kupuj\u00edc\u00ed m\u016f\u017ee p\u0159ej\u00edt k podrobn\u00e9mu zva\u017eov\u00e1n\u00ed.<\/p>\n\n\n\n<ul>\n<li>Hodnocen\u00ed hodnoty spole\u010dnosti<\/li>\n<\/ul>\n\n\n\n<p>Kupuj\u00edc\u00ed odhadne hodnotu c\u00edlov\u00e9 spole\u010dnosti na z\u00e1klad\u011b obsahu obecn\u00fdch informac\u00ed o spole\u010dnosti. Tato \u010d\u00e1stka bude uvedena v n\u00e1sleduj\u00edc\u00edm &#8220;Dokumentu o z\u00e1m\u011bru&#8221;.<\/p>\n\n\n\n<p>Mezi metody hodnocen\u00ed hodnoty spole\u010dnosti pat\u0159\u00ed &#8220;Cost Approach&#8221; zalo\u017een\u00fd na \u010dist\u00fdch aktivech, &#8220;Income Approach&#8221; zalo\u017een\u00fd na budouc\u00edch v\u00fdnosech, a &#8220;Market Approach&#8221; zalo\u017een\u00fd na hodnot\u011b podobn\u00fdch spole\u010dnost\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Faze_jednani\"><\/span>F\u00e1ze jedn\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Setk\u00e1n\u00ed na nejvy\u0161\u0161\u00ed \u00farovni<\/li>\n<\/ul>\n\n\n\n<p>V p\u0159\u00edpad\u011b akvizice spole\u010dnosti je d\u016fle\u017eit\u00fdm procesem, \u017ee se p\u0159ed konkr\u00e9tn\u00edmi jedn\u00e1n\u00edmi setkaj\u00ed nejvy\u0161\u0161\u00ed odpov\u011bdn\u00ed mana\u017ee\u0159i prod\u00e1vaj\u00edc\u00edho a kupuj\u00edc\u00edho, aby prohloubili vz\u00e1jemn\u00e9 porozum\u011bn\u00ed. Zejm\u00e9na pokud m\u00e1 kupuj\u00edc\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se veden\u00ed nebo c\u00edlov\u00e9 spole\u010dnosti, m\u016f\u017ee je p\u0159\u00edmo polo\u017eit a vy\u0159e\u0161it tak vz\u00e1jemn\u00e9 obavy a pochybnosti.<\/p>\n\n\n\n<ul>\n<li>P\u0159edlo\u017een\u00ed prohl\u00e1\u0161en\u00ed o z\u00e1m\u011bru<\/li>\n<\/ul>\n\n\n\n<p>Pokud ob\u011b strany souhlas\u00ed na setk\u00e1n\u00ed na nejvy\u0161\u0161\u00ed \u00farovni, kupuj\u00edc\u00ed p\u0159edlo\u017e\u00ed prod\u00e1vaj\u00edc\u00edmu prohl\u00e1\u0161en\u00ed o z\u00e1m\u011bru, ve kter\u00e9m uvede informace o spole\u010dnosti, formu M&amp;A, cenu n\u00e1kupu akci\u00ed atd., aby vyj\u00e1d\u0159il sv\u016fj z\u00e1m\u011br koupit akcie.<\/p>\n\n\n\n<ul>\n<li>Uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody<\/li>\n<\/ul>\n\n\n\n<p>Kdy\u017e se prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed dohodnou na podm\u00ednk\u00e1ch p\u0159evodu, cen\u011b p\u0159evodu, harmonogramu a dal\u0161\u00edch z\u00e1kladn\u00edch ot\u00e1zk\u00e1ch, vytvo\u0159\u00ed se z\u00e1kladn\u00ed dohoda.<\/p>\n\n\n\n<p>Jedn\u00e1 se o z\u00e1znam dosavadn\u00ed dohody, nikoli o kone\u010dnou smlouvu.<\/p>\n\n\n\n<p>Pokud se chcete dozv\u011bd\u011bt v\u00edce o pr\u00e1vn\u00ed s\u00edle z\u00e1kladn\u00ed dohody v M&amp;A smlouv\u00e1ch, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/ma-lawyer-basic-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/ma-lawyer-basic-agreement[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>Proveden\u00ed due diligence<\/li>\n<\/ul>\n\n\n\n<p>Po uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody kupuj\u00edc\u00ed pe\u010dliv\u011b prov\u011b\u0159\u00ed obsah dosud p\u0159edlo\u017een\u00fdch dokument\u016f t\u00fdmem odborn\u00edk\u016f, jako jsou pr\u00e1vn\u00edci a certifikovan\u00ed \u00fa\u010detn\u00ed.<\/p>\n\n\n\n<p>Kl\u00ed\u010dov\u00e9 body jsou:<\/p>\n\n\n\n<ol>\n<li>odpov\u00eddaj\u00edc\u00ed hodnota c\u00edlov\u00e9 spole\u010dnosti<\/li>\n\n\n\n<li>budouc\u00ed v\u00fdzvy<\/li>\n\n\n\n<li>potenci\u00e1ln\u00ed a aktu\u00e1ln\u00ed rizika<\/li>\n\n\n\n<li>budoucnost<\/li>\n\n\n\n<li>synergie s vlastn\u00edm podnikem<\/li>\n<\/ol>\n\n\n\n<p>analyzovat a hodnotit z hlediska obchodu, financ\u00ed, person\u00e1ln\u00edch z\u00e1le\u017eitost\u00ed, pr\u00e1vn\u00edch z\u00e1le\u017eitost\u00ed atd.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Posledni_faze\"><\/span>Posledn\u00ed f\u00e1ze<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Uzav\u0159en\u00ed kone\u010dn\u00e9 p\u0159evodov\u00e9 smlouvy<\/li>\n<\/ul>\n\n\n\n<p>Na z\u00e1klad\u011b v\u00fdsledk\u016f due diligence vypo\u010d\u00edt\u00e1me kone\u010dnou hodnotu firmy a uzav\u0159eme kone\u010dnou p\u0159evodovou smlouvu na z\u00e1klad\u011b dohody s prod\u00e1vaj\u00edc\u00edm.<\/p>\n\n\n\n<p>Zvl\u00e1\u0161t\u011b d\u016fle\u017eit\u00e9 ustanoven\u00ed zde jsou:<\/p>\n\n\n\n<ol>\n<li>Datum p\u0159evodu<\/li>\n\n\n\n<li>\u010c\u00e1stka p\u0159evodu<\/li>\n\n\n\n<li>Uzav\u0159en\u00ed obchodu (closing)<\/li>\n\n\n\n<li>Prohl\u00e1\u0161en\u00ed a z\u00e1ruky<\/li>\n\n\n\n<li>Schv\u00e1len\u00ed p\u0159evodu akci\u00ed (v p\u0159\u00edpad\u011b omezen\u00fdch akci\u00ed na p\u0159evod)<\/li>\n\n\n\n<li>P\u0159edchoz\u00ed schv\u00e1len\u00ed obchodn\u00edch partner\u016f (pokud existuje ustanoven\u00ed o zm\u011bn\u011b kontroly)<\/li>\n<\/ol>\n\n\n\n<p>.<\/p>\n\n\n\n<ul>\n<li>Uzav\u0159en\u00ed obchodu (closing)<\/li>\n<\/ul>\n\n\n\n<p>Na z\u00e1klad\u011b kone\u010dn\u00e9 smlouvy kupuj\u00edc\u00ed zaplat\u00ed prod\u00e1vaj\u00edc\u00edmu p\u0159evodovou \u010d\u00e1stku, prod\u00e1vaj\u00edc\u00ed p\u0159evede \u0159\u00edzen\u00ed na kupuj\u00edc\u00edho a dokon\u010d\u00ed proces akvizice firmy. Uzav\u0159en\u00ed obchodu m\u016f\u017ee v z\u00e1vislosti na metod\u011b M&amp;A trvat n\u011bkolik m\u011bs\u00edc\u016f, v\u010detn\u011b p\u0159evodu aktiv a pasiv a p\u0159edchoz\u00edho schv\u00e1len\u00ed obchodn\u00edch partner\u016f.<\/p>\n\n\n\n<ul>\n<li>PMI (proces integrace)<\/li>\n<\/ul>\n\n\n\n<p>Integrujeme obchodn\u00ed politiku a \u0159\u00eddic\u00ed syst\u00e9my kupuj\u00edc\u00ed firmy a akvirovan\u00e9 firmy, abychom zabr\u00e1nili konflikt\u016fm mezi zam\u011bstnanci a zajistili hladk\u00e9 uplatn\u011bn\u00ed o\u010dek\u00e1van\u00fdch synergi\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Role_pravnika_pri_prevodu_akcii\"><\/span>Role pr\u00e1vn\u00edka p\u0159i p\u0159evodu akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vn\u00edci hraj\u00ed velmi d\u016fle\u017eitou roli v M&amp;A zam\u011b\u0159en\u00fdch na p\u0159evod \u0159\u00edd\u00edc\u00edch pr\u00e1v. Samoz\u0159ejm\u011b kontroluj\u00ed r\u016fzn\u00e9 smlouvy, ale tak\u00e9 prov\u00e1d\u011bj\u00ed &#8220;pr\u00e1vn\u00ed due diligence&#8221;, co\u017e je hodnocen\u00ed skryt\u00fdch rizik prost\u0159ednictv\u00edm kontroly smluv a intern\u00edch p\u0159edpis\u016f, kter\u00e9 c\u00edlov\u00e1 spole\u010dnost uzav\u0159ela, a kontroly poru\u0161en\u00ed compliance. Toto je pr\u00e1ce, kterou m\u016f\u017ee prov\u00e9st pouze pr\u00e1vn\u00edk s odborn\u00fdmi znalostmi a zku\u0161enostmi.<\/p>\n\n\n\n<p>Krom\u011b toho je d\u016fle\u017eit\u00fdm poradcem, kter\u00fd kontroluje, zda p\u0159evod akci\u00ed neporu\u0161uje z\u00e1kony o monopolu, nebo zda jsou postupy prov\u00e1d\u011bny v souladu s r\u016fzn\u00fdmi z\u00e1kony a na\u0159\u00edzen\u00edmi, a n\u011bkdy poskytuje rady pro \u0159e\u0161en\u00ed probl\u00e9m\u016f.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Vysv\u011btlili jsme &#8220;V\u00fdhody a nev\u00fdhody akvizice spole\u010dnost\u00ed&#8221;, &#8220;\u010cty\u0159i f\u00e1ze akvizice spole\u010dnost\u00ed&#8221; a &#8220;Role pr\u00e1vn\u00edka p\u0159i p\u0159evodu akci\u00ed&#8221;.<\/p>\n\n\n\n<p>V d\u016fsledku probl\u00e9m\u016f s n\u00e1stupnictv\u00edm a zm\u011bn v podnikatelsk\u00e9m prost\u0159ed\u00ed se po\u010det akvizic spole\u010dnost\u00ed prost\u0159ednictv\u00edm M&amp;A ka\u017edoro\u010dn\u011b zvy\u0161uje. Av\u0161ak akvizice spole\u010dnost\u00ed, kter\u00e1 vy\u017eaduje velk\u00e9 mno\u017estv\u00ed kapit\u00e1lu a r\u016fzn\u00e9 postupy, tak\u00e9 p\u0159edstavuje riziko, a proto je nutn\u00e9 postupovat bezpe\u010dn\u011b a hladce podle postupu.<\/p>\n\n\n\n<p>Doporu\u010dujeme konzultovat s pr\u00e1vnickou kancel\u00e1\u0159\u00ed, kter\u00e1 je tak\u00e9 zku\u0161en\u00fdm poradcem M&amp;A s odborn\u00fdmi pr\u00e1vn\u00edmi znalostmi, ji\u017e od po\u010d\u00e1te\u010dn\u00ed f\u00e1ze a z\u00edskat rady o tom, jak postupovat.<\/p>\n\n\n\n<p>Pokud chcete v\u011bd\u011bt v\u00edce o &#8220;tajemstv\u00ed \u00fasp\u011bchu akvizice spole\u010dnost\u00ed&#8221;, podrobn\u011b to popisujeme v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/ma-secret-successful\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/ma-secret-successful[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pokroky v IT technologi\u00edch, digitalizace, globalizace a dal\u0161\u00ed zm\u011bny v podnikatelsk\u00e9m prost\u0159ed\u00ed, v\u010detn\u011b probl\u00e9m\u016f s n\u00e1stupnictv\u00edm, u\u010dinily M&amp;A d\u016fle\u017eitou volbou pro p\u0159e\u017eit\u00ed mal\u00fdch a st\u0159edn\u00edch podnik\u016f [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61560"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61560"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61560\/revisions"}],"predecessor-version":[{"id":63827,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61560\/revisions\/63827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63826"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}