{"id":63063,"date":"2024-02-19T14:28:07","date_gmt":"2024-02-19T05:28:07","guid":{"rendered":"https:\/\/monolith.law\/ro\/?p=63063"},"modified":"2024-03-02T18:14:56","modified_gmt":"2024-03-02T09:14:56","slug":"acquisition-basic-procedure","status":"publish","type":"post","link":"https:\/\/monolith.law\/ro\/general-corporate\/acquisition-basic-procedure","title":{"rendered":"Ce trebuie s\u0103 \u0219tii despre bazele \u0219i procedurile de achizi\u021bie a unei companii"},"content":{"rendered":"\n<p>Avansul tehnologiei IT, digitalizarea, globalizarea \u0219i alte schimb\u0103ri \u00een mediul de afaceri, precum \u0219i problema succesiunii, au f\u0103cut ca M&amp;A (Fuziuni \u0219i Achizi\u021bii) s\u0103 devin\u0103 una dintre op\u021biunile de management esen\u021biale pentru supravie\u021buirea \u00eentreprinderilor mici \u0219i mijlocii.<\/p>\n\n\n\n<p>Metodele frecvent utilizate pentru achizi\u021bionarea unei companii \u00een cadrul M&amp;A includ:<\/p>\n\n\n\n<ul>\n<li>Transferul de ac\u021biuni<\/li>\n\n\n\n<li>Transferul de afaceri<\/li>\n\n\n\n<li>Schimbul de ac\u021biuni<\/li>\n\n\n\n<li>Cre\u0219terea capitalului prin alocare c\u0103tre ter\u021bi<\/li>\n\n\n\n<li>TOB (Oferta Public\u0103 de Achizi\u021bie)<\/li>\n<\/ul>\n\n\n\n<p>\u0219i altele.<\/p>\n\n\n\n<p>Conform &#8220;Raportului privind cercetarea delegat\u0103 privind reorganizarea \u0219i integrarea afacerilor \u00eentreprinderilor mici \u0219i mijlocii \u0219i cooperarea \u00eentre companii&#8221;, realizat de Ministerul Economiei, Comer\u021bului \u0219i Industriei Japoneze \u00een decembrie 2017, transferul de ac\u021biuni (40,8%) \u0219i transferul de afaceri (41,0%) reprezint\u0103 peste 80% din toate formele de M&amp;A. Cu toate acestea, exist\u0103 multe metode care pot fi luate \u00een considerare atunci c\u00e2nd se realizeaz\u0103 o achizi\u021bie de companie.<\/p>\n\n\n\n<p>Prin urmare, \u00een acest articol, vom explica \u00een detaliu cuno\u0219tin\u021bele de baz\u0103 \u0219i procedurile necesare pentru M&amp;A \u00een general, nu doar pentru transferul de ac\u021biuni, \u00een leg\u0103tur\u0103 cu transferul drepturilor de management ale unei companii.<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Avantajele_si_dezavantajele_achizitiei_de_companii\" title=\"Avantajele \u0219i dezavantajele achizi\u021biei de companii\">Avantajele \u0219i dezavantajele achizi\u021biei de companii<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Avantajele_achizitiei_de_companii\" title=\"Avantajele achizi\u021biei de companii\">Avantajele achizi\u021biei de companii<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Imbunatatirea_competitivitatii_companiei\" title=\"\u00cembun\u0103t\u0103\u021birea competitivit\u0103\u021bii companiei\">\u00cembun\u0103t\u0103\u021birea competitivit\u0103\u021bii companiei<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Este_posibila_intrarea_in_noi_domenii\" title=\"Este posibil\u0103 intrarea \u00een noi domenii\">Este posibil\u0103 intrarea \u00een noi domenii<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Este_posibila_reducerea_costurilor\" title=\"Este posibil\u0103 reducerea costurilor\">Este posibil\u0103 reducerea costurilor<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Dezavantajele_achizitiei_de_companii\" title=\"Dezavantajele achizi\u021biei de companii\">Dezavantajele achizi\u021biei de companii<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Riscul_de_a_prelua_si_datoriile\" title=\"Riscul de a prelua \u0219i datoriile\">Riscul de a prelua \u0219i datoriile<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Exista_posibilitatea_de_a_nu_obtine_efectul_de_sinergie_asteptat\" title=\"Exist\u0103 posibilitatea de a nu ob\u021bine efectul de sinergie a\u0219teptat\">Exist\u0103 posibilitatea de a nu ob\u021bine efectul de sinergie a\u0219teptat<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Exista_riscul_de_a_pierde_personalul_valoros\" title=\"Exist\u0103 riscul de a pierde personalul valoros\">Exist\u0103 riscul de a pierde personalul valoros<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Cele_4_etape_ale_achizitiei_unei_companii\" title=\"Cele 4 etape ale achizi\u021biei unei companii\">Cele 4 etape ale achizi\u021biei unei companii<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Etapa_de_pregatire\" title=\"Etapa de preg\u0103tire\">Etapa de preg\u0103tire<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Etapa_de_selectie\" title=\"Etapa de selec\u021bie\">Etapa de selec\u021bie<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Etapa_de_negocieri\" title=\"Etapa de negocieri\">Etapa de negocieri<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Etapa_finala\" title=\"Etapa final\u0103\">Etapa final\u0103<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Care_este_rolul_avocatului_in_transferul_de_actiuni\" title=\"Care este rolul avocatului \u00een transferul de ac\u021biuni?\">Care este rolul avocatului \u00een transferul de ac\u021biuni?<\/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\/ro\/general-corporate\/acquisition-basic-procedure\/#Rezumat\" title=\"Rezumat\">Rezumat<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avantajele_si_dezavantajele_achizitiei_de_companii\"><\/span>Avantajele \u0219i dezavantajele achizi\u021biei de companii<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Achizi\u021bia de companii este o metod\u0103 prin care se transfer\u0103 dreptul de administrare prin achizi\u021bionarea a mai mult de jum\u0103tate din ac\u021biunile emise de compania \u021bint\u0103.<\/p>\n\n\n\n<p>Pentru companiile ne-cotate cu ac\u021bionari minoritari, transferul de ac\u021biuni este potrivit, dar \u00een cazul companiilor listate, achizi\u021biile de companii prin OPA (Ofert\u0103 Public\u0103 de Achizi\u021bie) sunt \u00een cre\u0219tere \u00een ultimii ani.<\/p>\n\n\n\n<p>De\u0219i achizi\u021bia de companii are diverse avantaje pentru cump\u0103r\u0103tor, cum ar fi posibilitatea de a extinde afacerea \u00eentr-un timp scurt, exist\u0103 \u0219i dezavantaje, deci este necesar\u0103 precau\u021bie.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avantajele_achizitiei_de_companii\"><\/span>Avantajele achizi\u021biei de companii<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Imbunatatirea_competitivitatii_companiei\"><\/span>\u00cembun\u0103t\u0103\u021birea competitivit\u0103\u021bii companiei<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>Prin utilizarea resurselor de management, cum ar fi tehnologia, know-how-ul, personalul \u0219i informa\u021biile de v\u00e2nz\u0103ri ale companiei achizi\u021bionate, pute\u021bi \u00eembun\u0103t\u0103\u021bi tehnologia, capacitatea de dezvoltare a produselor \u0219i puterea de v\u00e2nzare care lipsesc companiei dvs., sporind astfel competitivitatea fa\u021b\u0103 de concuren\u021bii dvs.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Este_posibila_intrarea_in_noi_domenii\"><\/span>Este posibil\u0103 intrarea \u00een noi domenii<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>De\u0219i este necesar un capital mare \u0219i mult timp pentru ca propria companie s\u0103 intre \u00eentr-un nou domeniu pe cont propriu, este posibil\u0103 intrarea pe termen scurt prin achizi\u021bionarea unei companii care desf\u0103\u0219oar\u0103 activit\u0103\u021bi \u00een noul domeniu \u021bint\u0103.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Este_posibila_reducerea_costurilor\"><\/span>Este posibil\u0103 reducerea costurilor<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Este posibil\u0103 reducerea costurilor prin utilizarea comun\u0103 a loca\u021biilor de afaceri de\u021binute de propria companie \u0219i de compania achizi\u021bionat\u0103, precum \u0219i prin comenzi comune de produse \u0219i echipamente.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dezavantajele_achizitiei_de_companii\"><\/span>Dezavantajele achizi\u021biei de companii<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riscul_de_a_prelua_si_datoriile\"><\/span>Riscul de a prelua \u0219i datoriile<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>Spre deosebire de &#8220;transferul de afaceri&#8221;, unde pute\u021bi cump\u0103ra \u0219i vinde selectiv active \u0219i drepturi, \u00een cazul achizi\u021biei de companii, prelua\u021bi \u00eentreaga companie, astfel \u00eenc\u00e2t s\u0103 prelua\u021bi nu numai activele, dar \u0219i datoriile \u00een acela\u0219i timp.<\/p>\n\n\n\n<p>De asemenea, exist\u0103 riscul de datorii off-balance, cum ar fi garan\u021bii de datorii \u0219i litigii, care ar putea ap\u0103rea \u00een viitor dac\u0103 acestea sunt implicate.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exista_posibilitatea_de_a_nu_obtine_efectul_de_sinergie_asteptat\"><\/span>Exist\u0103 posibilitatea de a nu ob\u021bine efectul de sinergie a\u0219teptat<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Exist\u0103 posibilitatea ca, dup\u0103 evaluarea excesiv\u0103 a resurselor de management ale companiei achizi\u021bionate \u0219i dup\u0103 efectuarea diverselor ini\u021biative, s\u0103 nu se ob\u021bin\u0103 efectul de sinergie corespunz\u0103tor investi\u021biei.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exista_riscul_de_a_pierde_personalul_valoros\"><\/span>Exist\u0103 riscul de a pierde personalul valoros<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dac\u0103 conducerea se schimb\u0103 prin achizi\u021bia de companii, vor ap\u0103rea angaja\u021bi care nu sunt de acord cu noua politic\u0103 de management. Prin urmare, exist\u0103 posibilitatea ca personalul cheie din domeniul tehnologic sau de v\u00e2nz\u0103ri s\u0103 fie atras de companiile concurente sau s\u0103 fie recrutat.<\/p>\n\n\n\n<p>Pentru cei care doresc s\u0103 cunoasc\u0103 \u00een detaliu metoda central\u0103 de achizi\u021bie a companiilor, &#8220;transferul de ac\u021biuni&#8221;, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos.<\/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=\"Cele_4_etape_ale_achizitiei_unei_companii\"><\/span>Cele 4 etape ale achizi\u021biei unei companii<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>De aici \u00eencepem s\u0103 explic\u0103m \u00een detaliu procedura pentru a realiza o achizi\u021bie de companie, precum \u0219i documentele \u0219i contractele necesare \u00een fiecare proces.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Etapa_de_pregatire\"><\/span>Etapa de preg\u0103tire<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Elaborarea strategiei<\/li>\n<\/ul>\n\n\n\n<p>M&amp;A este un instrument pentru atingerea obiectivelor viitoare ale companiei, deci trebuie s\u0103 clarific\u0103m ce a\u0219tept\u0103m de la M&amp;A, c\u00e2t de multe fonduri putem investi, etc., pe baza viziunii \u0219i a politicii de afaceri pe termen mediu \u0219i lung ale companiei noastre.<\/p>\n\n\n\n<ul>\n<li>Selectarea companiei de intermediere<\/li>\n<\/ul>\n\n\n\n<p>Exist\u0103 dou\u0103 tipuri de consilieri pentru M&amp;A: FA (consilier financiar) dedicat fie v\u00e2nz\u0103torului, fie cump\u0103r\u0103torului, \u0219i compania de intermediere care \u00eencheie contracte cu ambele p\u0103r\u021bi \u0219i negociaz\u0103 \u00een mijloc.<\/p>\n\n\n\n<p>\u00cen cazul \u00eentreprinderilor mici \u0219i mijlocii, este obi\u0219nuit s\u0103 se aleag\u0103 o companie de intermediere care poate \u00eencheia negocierile rapid. Odat\u0103 ce a\u021bi decis asupra companiei de intermediere pe care o ve\u021bi angaja, ve\u021bi \u00eencheia un contract de confiden\u021bialitate \u0219i un contract de consultan\u021b\u0103.<\/p>\n\n\n\n<ul>\n<li>Decizia asupra formei M&amp;A<\/li>\n<\/ul>\n\n\n\n<p>Lu\u00e2nd \u00een considerare scopul achizi\u021biei companiei \u0219i fondurile care pot fi investite, alege\u021bi metoda potrivit\u0103 din diversele metode M&amp;A. Deoarece aceast\u0103 decizie necesit\u0103 cuno\u0219tin\u021be specializate, ar fi bine s\u0103 v\u0103 referi\u021bi la sfaturile companiei de intermediere \u0219i ale exper\u021bilor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Etapa_de_selectie\"><\/span>Etapa de selec\u021bie<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Examinarea prin intermediul fi\u0219ei anonime<\/li>\n<\/ul>\n\n\n\n<p>\u00cen etapa ini\u021bial\u0103 de selec\u021bie a partenerului de negociere, se examineaz\u0103 documentul anonim creat de v\u00e2nz\u0103tor, numit &#8220;fi\u0219a anonim\u0103&#8221;. Acest document con\u021bine doar un rezumat general al informa\u021biilor, cu precau\u021bia de a nu permite identificarea numelui companiei.<\/p>\n\n\n\n<ul>\n<li>Clarificarea numelui<\/li>\n<\/ul>\n\n\n\n<p>Dac\u0103 exist\u0103 companii care au st\u00e2rnit interesul prin intermediul fi\u0219ei anonime, cump\u0103r\u0103torul va verifica prin intermediul companiei intermediare dac\u0103 v\u00e2nz\u0103torul poate dezv\u0103lui numele companiei \u0219i informa\u021biile detaliate de management.<\/p>\n\n\n\n<ul>\n<li>Prezentarea rezumatului companiei<\/li>\n<\/ul>\n\n\n\n<p>Dac\u0103 se ob\u021bine confirmarea clarific\u0103rii numelui de la v\u00e2nz\u0103tor, compania intermediar\u0103 va prezenta cump\u0103r\u0103torului un rezumat al companiei, care detaliaz\u0103 con\u021binutul afacerii \u0219i situa\u021bia financiar\u0103, iar cump\u0103r\u0103torul va trece la o examinare mai aprofundat\u0103.<\/p>\n\n\n\n<ul>\n<li>Evaluarea valorii companiei<\/li>\n<\/ul>\n\n\n\n<p>Pe baza con\u021binutului rezumatului companiei, cump\u0103r\u0103torul va estima \u00een bani c\u00e2t valoreaz\u0103 compania vizat\u0103. Aceast\u0103 sum\u0103 va fi \u00eenregistrat\u0103 \u00een &#8220;Declara\u021bia de inten\u021bie&#8221; men\u021bionat\u0103 mai jos.<\/p>\n\n\n\n<p>Metodele de evaluare a valorii companiei includ &#8220;abordarea costurilor&#8221; bazat\u0103 pe activele nete, &#8220;abordarea veniturilor&#8221; bazat\u0103 pe veniturile viitoare, \u0219i &#8220;abordarea pie\u021bei&#8221; bazat\u0103 pe valoarea companiilor similare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Etapa_de_negocieri\"><\/span>Etapa de negocieri<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>\u00cent\u00e2lnirea de v\u00e2rf<\/li>\n<\/ul>\n\n\n\n<p>\u00cen cazul achizi\u021biilor de companii, \u00eenainte de a trece la negocierile concrete, este un proces important ca directorii executivi ai v\u00e2nz\u0103torului \u0219i cump\u0103r\u0103torului s\u0103 se \u00eent\u00e2lneasc\u0103 pentru a-\u0219i aprofunda \u00een\u021belegerea reciproc\u0103. \u00cen special, dac\u0103 exist\u0103 \u00eentreb\u0103ri despre modul \u00een care cump\u0103r\u0103torul g\u00e2nde\u0219te managementul sau despre compania \u021bint\u0103, acestea sunt adresate direct p\u0103r\u021bii adverse, elimin\u00e2nd astfel \u00eengrijor\u0103rile \u0219i \u00eendoielile reciproce.<\/p>\n\n\n\n<ul>\n<li>Prezentarea declara\u021biei de inten\u021bie<\/li>\n<\/ul>\n\n\n\n<p>Dac\u0103 ambele p\u0103r\u021bi sunt de acord \u00een cadrul \u00eent\u00e2lnirii de v\u00e2rf, cump\u0103r\u0103torul va prezenta v\u00e2nz\u0103torului o declara\u021bie de inten\u021bie \u00een care sunt descrise aspecte precum profilul companiei, forma M&amp;A, pre\u021bul de cump\u0103rare, etc., pentru a comunica inten\u021bia de a cump\u0103ra ac\u021biunile.<\/p>\n\n\n\n<ul>\n<li>\u00cencheierea acordului de baz\u0103<\/li>\n<\/ul>\n\n\n\n<p>Atunci c\u00e2nd v\u00e2nz\u0103torul \u0219i cump\u0103r\u0103torul ajung la un acord privind condi\u021biile de transfer, pre\u021bul de transfer, programul \u0219i alte aspecte de baz\u0103, se va elabora un acord de baz\u0103.<\/p>\n\n\n\n<p>Acesta este un document care \u00eenregistreaz\u0103 acordul p\u00e2n\u0103 \u00een prezent \u0219i nu este contractul final.<\/p>\n\n\n\n<p>Pentru cei care doresc s\u0103 afle mai multe despre &#8220;Efectul juridic al acordului de baz\u0103 \u00een contractele M&amp;A&#8221;, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos.<\/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>Implementarea due diligence<\/li>\n<\/ul>\n\n\n\n<p>Dup\u0103 \u00eencheierea acordului de baz\u0103, cump\u0103r\u0103torul va examina \u00een detaliu con\u021binutul documentelor prezentate p\u00e2n\u0103 acum de c\u0103tre o echip\u0103 de exper\u021bi, cum ar fi avoca\u021bi \u0219i contabili autoriza\u021bi.<\/p>\n\n\n\n<p>Punctele cheie sunt:<\/p>\n\n\n\n<ol>\n<li>Valoarea corect\u0103 a companiei \u021bint\u0103<\/li>\n\n\n\n<li>Provoc\u0103rile viitoare<\/li>\n\n\n\n<li>Riscurile poten\u021biale \u0219i evidente<\/li>\n\n\n\n<li>Potentialul de viitor<\/li>\n\n\n\n<li>Efectul de sinergie cu propria afacere<\/li>\n<\/ol>\n\n\n\n<p>Analiza \u0219i evaluarea din multiple perspective, cum ar fi afaceri, finan\u021be, resurse umane, aspecte juridice, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Etapa_finala\"><\/span>Etapa final\u0103<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>\u00cencheierea contractului final de transfer<\/li>\n<\/ul>\n\n\n\n<p>Pe baza rezultatelor due diligence, calcul\u0103m evaluarea final\u0103 a valorii companiei \u0219i \u00eencheiem contractul final de transfer pe baza acordului cu v\u00e2nz\u0103torul.<\/p>\n\n\n\n<p>Clauzele deosebit de importante aici sunt:<\/p>\n\n\n\n<ol>\n<li>Data transferului<\/li>\n\n\n\n<li>Suma transferului<\/li>\n\n\n\n<li>\u00cenchiderea tranzac\u021biei (Closing)<\/li>\n\n\n\n<li>Declara\u021bii \u0219i garan\u021bii<\/li>\n\n\n\n<li>Aprobarea transferului de ac\u021biuni (\u00een cazul ac\u021biunilor cu restric\u021bii de transfer)<\/li>\n\n\n\n<li>Aprobarea prealabil\u0103 a partenerilor de afaceri (\u00een cazul \u00een care exist\u0103 o clauz\u0103 de schimbare a controlului)<\/li>\n<\/ol>\n\n\n\n<p>.<\/p>\n\n\n\n<ul>\n<li>\u00cenchiderea tranzac\u021biei (Closing)<\/li>\n<\/ul>\n\n\n\n<p>Pe baza contractului final, cump\u0103r\u0103torul pl\u0103te\u0219te suma de transfer v\u00e2nz\u0103torului, v\u00e2nz\u0103torul transfer\u0103 drepturile de administrare cump\u0103r\u0103torului, finaliz\u00e2nd astfel procedura de achizi\u021bie a companiei. \u00cenchiderea tranzac\u021biei poate dura c\u00e2teva luni, \u00een func\u021bie de metoda M&amp;A, pentru transferul de active \u0219i pasive \u0219i aprobarea prealabil\u0103 a partenerilor de afaceri.<\/p>\n\n\n\n<ul>\n<li>PMI (Procesul de integrare)<\/li>\n<\/ul>\n\n\n\n<p>Integr\u0103m politica de management \u0219i sistemul de management al companiei cump\u0103r\u0103toare \u0219i al companiei achizi\u021bionate, prevenind conflictele \u00eentre angaja\u021bi \u0219i asigur\u00e2ndu-ne c\u0103 efectele sinergice a\u0219teptate pot fi realizate \u00een mod eficient.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Care_este_rolul_avocatului_in_transferul_de_actiuni\"><\/span>Care este rolul avocatului \u00een transferul de ac\u021biuni?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Avoca\u021bii joac\u0103 un rol extrem de important \u00een M&amp;A-uri care au ca scop transferul drepturilor de administrare. Ei nu doar verific\u0103 diverse contracte, dar \u0219i evalueaz\u0103 riscurile ascunse prin verificarea contractelor \u0219i regulamentelor interne pe care compania \u021bint\u0103 le-a \u00eencheiat, precum \u0219i a \u00eenc\u0103lc\u0103rilor de conformitate, \u00eentr-un proces numit &#8220;due diligence juridic\u0103&#8221;. Aceasta este o sarcin\u0103 care nu poate fi realizat\u0103 dec\u00e2t de un avocat cu cuno\u0219tin\u021be de specialitate \u0219i experien\u021b\u0103.<\/p>\n\n\n\n<p>Pe l\u00e2ng\u0103 aceasta, avoca\u021bii verific\u0103 dac\u0103 transferul de ac\u021biuni nu \u00eencalc\u0103 legea antimonopol sau dac\u0103 procedurile sunt realizate \u00een conformitate cu diversele legi \u0219i reglement\u0103ri. Ei sunt, de asemenea, un consilier important, oferind sfaturi pentru rezolvarea problemelor atunci c\u00e2nd este necesar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rezumat\"><\/span>Rezumat<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Am explicat &#8220;Avantajele \u0219i dezavantajele achizi\u021biei de companii&#8221;, &#8220;Cele 4 etape ale achizi\u021biei de companii&#8221; \u0219i &#8220;Rolul avocatului \u00een transferul de ac\u021biuni&#8221;.<\/p>\n\n\n\n<p>Achizi\u021biile de companii prin M&amp;A sunt \u00een cre\u0219tere anual, datorit\u0103 problemelor de succesiune \u0219i schimb\u0103rilor \u00een mediul de afaceri. Cu toate acestea, achizi\u021bia de companii, care necesit\u0103 o sum\u0103 mare de bani \u0219i diverse proceduri, are \u0219i riscuri, deci trebuie s\u0103 proceda\u021bi \u00een mod sigur \u0219i f\u0103r\u0103 probleme, conform procedurilor.<\/p>\n\n\n\n<p>Pentru aceasta, v\u0103 recomand\u0103m s\u0103 consulta\u021bi un birou de avocatur\u0103 care este \u0219i un consilier M&amp;A cu cuno\u0219tin\u021be juridice specializate \u0219i experien\u021b\u0103 bogat\u0103 \u00eenc\u0103 de la etapele ini\u021biale \u0219i s\u0103 primi\u021bi sfaturi despre cum s\u0103 proceda\u021bi.<\/p>\n\n\n\n<p>Dac\u0103 dori\u021bi s\u0103 afla\u021bi mai multe despre &#8220;Secretul succesului \u00een achizi\u021bia de companii&#8221;, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos.<\/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>Avansul tehnologiei IT, digitalizarea, globalizarea \u0219i alte schimb\u0103ri \u00een mediul de afaceri, precum \u0219i problema succesiunii, au f\u0103cut ca M&amp;A (Fuziuni \u0219i Achizi\u021bii) s\u0103 devin\u0103 una dintre op\u021biunile de [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":65009,"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\/ro\/wp-json\/wp\/v2\/posts\/63063"}],"collection":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/comments?post=63063"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/63063\/revisions"}],"predecessor-version":[{"id":65010,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/63063\/revisions\/65010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media\/65009"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media?parent=63063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/categories?post=63063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/tags?post=63063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}