{"id":61491,"date":"2023-12-12T14:44:32","date_gmt":"2023-12-12T05:44:32","guid":{"rendered":"https:\/\/monolith.law\/et\/?p=61491"},"modified":"2024-06-07T11:41:58","modified_gmt":"2024-06-07T02:41:58","slug":"share-transfer-ma","status":"publish","type":"post","link":"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma","title":{"rendered":"M&amp;A protsessi lihtne skeem - 'aktsiate \u00fcleandmise' eelised ja lepingu s\u00f5lmimise protsess"},"content":{"rendered":"\n<p>M&amp;A-s on erinevaid skeeme, nagu ettev\u00f5tte jagunemine, \u00fchinemine, aktsiate \u00fcleandmine jne. Selles artiklis selgitame, sealhulgas eeliseid ja puudusi, aktsiate \u00fcleandmise skeemi, mis moodustab suure osa kodumaistest M&amp;A-st.<\/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<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\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmine\" title=\"Aktsiate \u00fcleandmine\">Aktsiate \u00fcleandmine<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmise_viisid\" title=\"Aktsiate \u00fcleandmise viisid\">Aktsiate \u00fcleandmise viisid<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Avalik_aktsiate_ostupakkumine_TOB\" title=\"Avalik aktsiate ostupakkumine (TOB)\">Avalik aktsiate ostupakkumine (TOB)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Turuost\" title=\"Turuost\">Turuost<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Vastastikune_tehing\" title=\"Vastastikune tehing\">Vastastikune tehing<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmise_eelised\" title=\"Aktsiate \u00fcleandmise eelised\">Aktsiate \u00fcleandmise eelised<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmise_puudused\" title=\"Aktsiate \u00fcleandmise puudused\">Aktsiate \u00fcleandmise puudused<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmise_eel_kontrollitavad_asjad\" title=\"Aktsiate \u00fcleandmise eel kontrollitavad asjad\">Aktsiate \u00fcleandmise eel kontrollitavad asjad<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Kas_aktsiad_on_valja_antud\" title=\"Kas aktsiad on v\u00e4lja antud?\">Kas aktsiad on v\u00e4lja antud?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Kas_aktsiatel_on_uleandmise_piirangud\" title=\"Kas aktsiatel on \u00fcleandmise piirangud?\">Kas aktsiatel on \u00fcleandmise piirangud?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmise_protsess\" title=\"Aktsiate \u00fcleandmise protsess\">Aktsiate \u00fcleandmise protsess<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Kui_aktsiatele_kehtib_uleandmise_piirang_Aktsiate_uleandmise_heakskiitmise_taotlus\" title=\"(Kui aktsiatele kehtib \u00fcleandmise piirang) Aktsiate \u00fcleandmise heakskiitmise taotlus\">(Kui aktsiatele kehtib \u00fcleandmise piirang) Aktsiate \u00fcleandmise heakskiitmise taotlus<\/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\/et\/general-corporate\/share-transfer-ma\/#Kui_aktsiatele_kehtib_uleandmise_piirang_Aktsiate_uleandmise_heakskiitmine\" title=\"(Kui aktsiatele kehtib \u00fcleandmise piirang) Aktsiate \u00fcleandmise heakskiitmine\">(Kui aktsiatele kehtib \u00fcleandmise piirang) Aktsiate \u00fcleandmise heakskiitmine<\/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\/et\/general-corporate\/share-transfer-ma\/#Aktsiate_uleandmise_lepingu_solmimine\" title=\"Aktsiate \u00fcleandmise lepingu s\u00f5lmimine\">Aktsiate \u00fcleandmise lepingu s\u00f5lmimine<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/et\/general-corporate\/share-transfer-ma\/#Aktsionaride_nimekirja_muutmine\" title=\"Aktsion\u00e4ride nimekirja muutmine\">Aktsion\u00e4ride nimekirja muutmine<\/a><\/li><\/ul><\/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\/et\/general-corporate\/share-transfer-ma\/#Kokkuvote\" title=\"Kokkuv\u00f5te\">Kokkuv\u00f5te<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmine\"><\/span>Aktsiate \u00fcleandmine<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aktsiate \u00fcleandmine M&amp;A (\u00fchinemiste ja omandamiste) kontekstis t\u00e4hendab protsessi, kus sihtettev\u00f5tte aktsion\u00e4rid m\u00fc\u00fcvad oma aktsiad ostjapoolsele ettev\u00f5ttele, v\u00f5imaldades seel\u00e4bi juhtimis\u00f5iguse \u00fcleminekut. Aktsion\u00e4rid saavad aktsiate \u00fcleandmise eest tasu sularahas. Kuna see protsess on v\u00f5rreldes teiste M&amp;A skeemidega lihtsam, siis eriti v\u00e4ikeste ja keskmise suurusega ettev\u00f5tete M&amp;A puhul valitakse sageli aktsiate \u00fcleandmist.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmise_viisid\"><\/span>Aktsiate \u00fcleandmise viisid<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aktsiate \u00fcleandmise viisidena on peamiselt kolm meetodit: &#8220;avalik ostupakkumine (TOB)&#8221;, &#8220;turuost&#8221; ja &#8220;vastastikune tehing&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avalik_aktsiate_ostupakkumine_TOB\"><\/span>Avalik aktsiate ostupakkumine (TOB)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Avalik aktsiate ostupakkumine, mida nimetatakse ka TOB-ks (Take-Over Bid), on meetod, kus ostu \u00fcksikasjad (ostuperiood, ostuhind, aktsiate arv) avalikustatakse ja suur hulk aktsiaid ostetakse ilma v\u00e4\u00e4rtpaberib\u00f6rsi kasutamata. Finantsinstrumentide kauplemise seaduse (Jaapani finantsinstrumentide kauplemise seadus) alusel, kui aktsiate omandamise osakaal p\u00e4rast ostu \u00fcletab kolmandiku, peab see olema avaliku ostupakkumise kaudu (kolmandiku reegel). TOB-s pakutav ostuhind on sageli k\u00f5rgem kui turuhind, et osta rohkem aktsiaid.<\/p>\n\n\n\n<p>TOB-sid on kahte t\u00fc\u00fcpi: s\u00f5bralikud TOB-d ja vaenulikud TOB-d. S\u00f5bralik TOB viitab juhtudel, kui sihtettev\u00f5tte juhtkond on n\u00f5us, ja vaenulik TOB viitab juhtudel, kui sihtettev\u00f5tte juhtkond on vastu. Vaenulike TOB-de vastu on erinevaid vastumeetmeid, nagu m\u00fcrgipillid ja kuldvarjupaigad.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Turuost\"><\/span>Turuost<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Turuost on meetod, kus sihtettev\u00f5tte aktsiaid ostetakse v\u00e4\u00e4rtpaberib\u00f6rsil, kui sihtettev\u00f5te on b\u00f6rsiettev\u00f5te. Kuid kuna suure ostutellimuse esitamisel on suur t\u00f5en\u00e4osus, et aktsia hind t\u00f5useb, ei tehta seda tavaliselt eesm\u00e4rgiga omandada rohkem kui pool aktsiatest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vastastikune_tehing\"><\/span>Vastastikune tehing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Vastastikune tehing t\u00e4hendab tehingu sooritamist v\u00e4ljaspool turgu ja mitteb\u00f6rsiettev\u00f5tete puhul on see ainus v\u00f5imalus. Kui pooled on n\u00f5us, saab tehingu tingimusi, nagu hind, vabalt m\u00e4\u00e4rata.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmise_eelised\"><\/span>Aktsiate \u00fcleandmise eelised<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00dcleandva ettev\u00f5tte jaoks on peamised eelised j\u00e4rgmised kaks:<\/p>\n\n\n\n<ul>\n<li>Ettev\u00f5te saab j\u00e4tkata oma tegevust<\/li>\n\n\n\n<li>Aktsion\u00e4rid saavad oma aktsiad rahaks muuta<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/11\/share-transfer-ma2.jpg\" alt=\"\" class=\"wp-image-21231\" \/><\/figure>\n\n\n\n<p>Teiselt poolt, \u00fcleandmise saava ettev\u00f5tte jaoks on eelised j\u00e4rgmised:<\/p>\n\n\n\n<ul>\n<li>Lubasid ja lepinguid saab p\u00f5him\u00f5tteliselt p\u00e4rida<\/li>\n\n\n\n<li>V\u00f5rreldes teiste skeemidega on protseduurid lihtsamad<\/li>\n<\/ul>\n\n\n\n<p>Aktsiate \u00fcleandmise korral on enamikul juhtudel v\u00f5imalik lubasid ja lepinguid p\u00e4rida. Siiski tuleb m\u00e4rkida, et tehingute p\u00f5hilepingutes ja rendilepingutes v\u00f5ib olla s\u00e4tteid, mis n\u00e4evad ette lepingu l\u00f5petamise, kui suuraktsion\u00e4r muutub. Praktikas ei t\u00e4henda see tingimata, et leping l\u00f5petatakse, ja sageli on v\u00f5imalik lepingut j\u00e4tkata, s\u00f5ltuvalt uue aktsion\u00e4ri krediidiv\u00f5imekusest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmise_puudused\"><\/span>Aktsiate \u00fcleandmise puudused<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kui \u00fcleandva ettev\u00f5tte aktsion\u00e4ride arv pole suur, on see hea, kuid kui aktsion\u00e4re on palju, v\u00f5ib aktsiate konsolideerimine olla aegan\u00f5udev.<\/p>\n\n\n\n<p>Samuti on \u00fcleandmise saanud ettev\u00f5tte jaoks puuduseks see, et nad peavad \u00fcle v\u00f5tma ka k\u00f5ik kohustused, sealhulgas raamatupidamisv\u00e4lised kohustused. Seet\u00f5ttu on vaja hoolikalt l\u00e4bi viia eelnev due diligence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmise_eel_kontrollitavad_asjad\"><\/span>Aktsiate \u00fcleandmise eel kontrollitavad asjad<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aktsiate \u00fcleandmise korral tuleks j\u00e4rgmisi punkte kontrollida:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kas_aktsiad_on_valja_antud\"><\/span>Kas aktsiad on v\u00e4lja antud?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kui aktsiad on v\u00e4lja antud, on aktsiate \u00fcleandmise korral vajalik aktsiate \u00fcleandmise protseduur. Kui ettev\u00f5te on asutatud enne Jaapani ettev\u00f5tete seaduse j\u00f5ustumist (2006. aasta mai), ja p\u00f5hikirjas pole s\u00e4testatud, et aktsiaid ei emiteerita, siis on tegemist aktsiaid v\u00e4ljastava ettev\u00f5ttega. Vastupidi, kui ettev\u00f5te on asutatud p\u00e4rast 2006. aasta maid ja p\u00f5hikirjas pole s\u00e4testatud, et aktsiaid emiteeritakse, on tegemist aktsiaid mitte v\u00e4ljastava ettev\u00f5ttega.<\/p>\n\n\n\n<p>Kui ettev\u00f5te ei v\u00e4ljasta aktsiaid, saab \u00f5igused \u00fcle kanda, s\u00f5lmides aktsiate \u00fcleandmise lepingu ja muutes aktsion\u00e4ride nimekirja. Kui ettev\u00f5te v\u00e4ljastab aktsiaid, tuleb aktsiad \u00fcle anda, et \u00f5igused saaks \u00fcle kanda, nii et olge ettevaatlik.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kas_aktsiatel_on_uleandmise_piirangud\"><\/span>Kas aktsiatel on \u00fcleandmise piirangud?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kui \u00fcleandmisele kuuluvatel aktsiatel on \u00fcleandmise piirangud, tuleb taotleda aktsiate \u00fcleandmise heakskiitu ja saada heakskiit. Kas aktsiatel on \u00fcleandmise piirangud, saab kontrollida p\u00f5hikirjast v\u00f5i registreerimisdokumendi t\u00f5endist.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmise_protsess\"><\/span>Aktsiate \u00fcleandmise protsess<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aktsiate \u00fcleandmine suhtelise tehingu kaudu on v\u00f5imalik, kui \u00fcleandja ja vastuv\u00f5tja vahel on kokkulepe. Kuid et see j\u00f5ustuks ja oleks kolmandatele isikutele vastuoluline, on vaja l\u00e4bida protseduurid, mis p\u00f5hinevad Jaapani \u00e4riseadustikul (Companies Act). Allpool selgitame suhtelise tehingu kaudu aktsiate \u00fcleandmise \u00fcldist protsessi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kui_aktsiatele_kehtib_uleandmise_piirang_Aktsiate_uleandmise_heakskiitmise_taotlus\"><\/span>(Kui aktsiatele kehtib \u00fcleandmise piirang) Aktsiate \u00fcleandmise heakskiitmise taotlus<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kui soovite \u00fcle anda piiratud \u00fcleandmisega aktsiaid, peab aktsion\u00e4r esitama ettev\u00f5ttele aktsiate \u00fcleandmise heakskiitmise taotluse ja saama heakskiidu. Aktsiate \u00fcleandmise heakskiitmise taotluses m\u00e4rgitakse j\u00e4rgmist:<\/p>\n\n\n\n<ul>\n<li>\u00dcleantavate aktsiate t\u00fc\u00fcp ja arv<\/li>\n\n\n\n<li>\u00dcleandmise saaja aadress, nimi v\u00f5i nimetus<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/11\/share-transfer-ma3.jpg\" alt=\"\" class=\"wp-image-21232\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kui_aktsiatele_kehtib_uleandmise_piirang_Aktsiate_uleandmise_heakskiitmine\"><\/span>(Kui aktsiatele kehtib \u00fcleandmise piirang) Aktsiate \u00fcleandmise heakskiitmine<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Juhatuses ettev\u00f5tte puhul kiidetakse aktsiate \u00fcleandmine heaks juhatuse koosolekul. Juhatuses ettev\u00f5tte puhul v\u00f5ib aktsiate \u00fcleandmise heakskiitmise saada ka aktsion\u00e4ride \u00fcldkoosolekul, kui p\u00f5hikirjas on sellekohane s\u00e4te. Juhatuseta ettev\u00f5tte puhul saadakse heakskiit aktsion\u00e4ride \u00fcldkoosolekul. Kui heakskiitmine v\u00f5i mitteheakskiitmine on otsustatud, teavitab ettev\u00f5te taotlejat.<\/p>\n\n\n\n<p>Kui teavitust ei ole tehtud kahe n\u00e4dala jooksul p\u00e4rast aktsiate \u00fcleandmise heakskiitmise taotluse esitamist (p\u00f5hikirjaga v\u00f5ib l\u00fchendada), peetakse ettev\u00f5tet Jaapani \u00e4riseadustiku (Companies Act) alusel aktsiate \u00fcleandmist heaks kiitnud, seega on ettevaatlikkus vajalik.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsiate_uleandmise_lepingu_solmimine\"><\/span>Aktsiate \u00fcleandmise lepingu s\u00f5lmimine<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kui aktsiate \u00fcleandmise heakskiitmine on antud, s\u00f5lmitakse aktsiate \u00fcleandmise leping. Enne aktsiate \u00fcleandmise lepingu s\u00f5lmimist tuleb l\u00e4bi viia due diligence, et m\u00f5ista riske.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-clause-management-companyhttps:\/\/monolith.law\/corporate\/ma-lawyer-basic-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-clause-management-companyhttps:\/\/monolith.law\/corporate\/ma-lawyer-basic-agreement[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aktsionaride_nimekirja_muutmine\"><\/span>Aktsion\u00e4ride nimekirja muutmine<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00dcleandja ja vastuv\u00f5tja esitavad ettev\u00f5ttele aktsion\u00e4ride nimekirja muutmise taotluse. Kui ettev\u00f5te ei v\u00e4ljasta aktsiaid, v\u00f5ib vastuv\u00f5tja taotleda aktsion\u00e4ride nimekirja andmete t\u00f5endi v\u00e4ljastamist. Nagu eespool mainitud, kui ettev\u00f5te v\u00e4ljastab aktsiaid, ei teki aktsiate \u00fcleandmise j\u00f5ustamiseks vajalikku m\u00f5ju, kui aktsiaid ei v\u00e4ljastata, seega on vaja aktsiaid v\u00e4ljastada.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/exit-by-ipo-m-and-a\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/exit-by-ipo-m-and-a[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kokkuvote\"><\/span>Kokkuv\u00f5te<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aktsiate \u00fcleandmine on v\u00f5rreldes teiste M&amp;A skeemidega lihtsam protseduur, kuid selle sujuvaks l\u00e4biviimiseks on h\u00e4davajalikud \u00f5igus- ja maksualased teadmised. Kui kaalute aktsiate \u00fcleandmist, peaksite esmalt n\u00f5u pidama kogenud advokaadiga.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&amp;A-s on erinevaid skeeme, nagu ettev\u00f5tte jagunemine, \u00fchinemine, aktsiate \u00fcleandmine jne. Selles artiklis selgitame, sealhulgas eeliseid ja puudusi, aktsiate \u00fcleandmise skeemi, mis moodustab suure [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":65178,"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\/et\/wp-json\/wp\/v2\/posts\/61491"}],"collection":[{"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/comments?post=61491"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/posts\/61491\/revisions"}],"predecessor-version":[{"id":65179,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/posts\/61491\/revisions\/65179"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/media\/65178"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/media?parent=61491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/categories?post=61491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/et\/wp-json\/wp\/v2\/tags?post=61491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}