{"id":61720,"date":"2023-12-04T11:22:58","date_gmt":"2023-12-04T02:22:58","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61720"},"modified":"2024-01-24T14:32:46","modified_gmt":"2024-01-24T05:32:46","slug":"acquisition-basic-procedure","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/acquisition-basic-procedure","title":{"rendered":"Bilinmesi Gereken \u015eirket Sat\u0131n Alma Temelleri ve \u0130\u015flemleri"},"content":{"rendered":"\n<p>IT teknolojisinin ilerlemesi, dijitalle\u015fme, k\u00fcreselle\u015fme gibi i\u015fletme \u00e7evresindeki de\u011fi\u015fiklikler ve hatta halef sorunlar\u0131 da dahil olmak \u00fczere, M&amp;A art\u0131k k\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli i\u015fletmelerin (KOB\u0130) hayatta kalmas\u0131n\u0131 belirleyen \u00f6nemli bir i\u015fletme se\u00e7ene\u011fi haline gelmi\u015ftir.<\/p>\n\n\n\n<p>M&amp;A s\u00fcrecinde bir \u015firketi sat\u0131n alman\u0131n yayg\u0131n y\u00f6ntemleri \u015funlard\u0131r:<\/p>\n\n\n\n<ul>\n<li>Hisse devri<\/li>\n\n\n\n<li>\u0130\u015fletme devri<\/li>\n\n\n\n<li>Hisse de\u011fi\u015fimi<\/li>\n\n\n\n<li>\u00dc\u00e7\u00fcnc\u00fc taraf tahsisli sermaye art\u0131r\u0131m\u0131<\/li>\n\n\n\n<li>TOB (Halka a\u00e7\u0131k teklif)<\/li>\n<\/ul>\n\n\n\n<p>gibi y\u00f6ntemlerdir.<\/p>\n\n\n\n<p>Ekonomi, Ticaret ve Sanayi Bakanl\u0131\u011f\u0131&#8217;n\u0131n 2017 y\u0131l\u0131 Aral\u0131k ay\u0131nda KOB\u0130&#8217;leri hedef alarak ger\u00e7ekle\u015ftirdi\u011fi &#8216;KOB\u0130&#8217;lerin \u0130\u015f Yeniden D\u00fczenlemesi, Entegrasyon ve \u0130\u015fbirli\u011fi \u0130li\u015fkili Ara\u015ft\u0131rma Raporu&#8217;nda, hisse devri (%40.8) ve i\u015fletme devri (%41.0) gibi iki y\u00f6ntem, M&amp;A uygulamalar\u0131n\u0131n %80&#8217;inden fazlas\u0131n\u0131 olu\u015fturuyor. Ancak, ger\u00e7ek bir \u015firket sat\u0131n al\u0131rken \u00e7e\u015fitli y\u00f6ntemler d\u00fc\u015f\u00fcn\u00fclebilir.<\/p>\n\n\n\n<p>\u0130\u015fte bu y\u00fczden bu sefer, sadece &#8216;hisse devri&#8217; ile s\u0131n\u0131rl\u0131 kalmay\u0131p, \u015firketin y\u00f6netim haklar\u0131n\u0131n devri ile ilgili M&amp;A genel bilgileri ve gerekli prosed\u00fcrler hakk\u0131nda detayl\u0131 bir \u015fekilde a\u00e7\u0131klama yapaca\u011f\u0131z.<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Sirket_Satin_Almanin_Avantajlari_ve_Dezavantajlari\" title=\"\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131 \">\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131 <\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Sirket_Satin_Almanin_Avantajlari\" title=\"\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131\">\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Sirketin_Rekabet_Gucunu_Artirabilir\" title=\"\u015eirketin Rekabet G\u00fcc\u00fcn\u00fc Art\u0131rabilir\">\u015eirketin Rekabet G\u00fcc\u00fcn\u00fc Art\u0131rabilir<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Yeni_Alanlara_Giris_Mumkun_Olabilir\" title=\"Yeni Alanlara Giri\u015f M\u00fcmk\u00fcn Olabilir\">Yeni Alanlara Giri\u015f M\u00fcmk\u00fcn Olabilir<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Maliyet_Azaltma_Mumkun_Olabilir\" title=\"Maliyet Azaltma M\u00fcmk\u00fcn Olabilir\">Maliyet Azaltma M\u00fcmk\u00fcn Olabilir<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Sirket_Satin_Almanin_Dezavantajlari\" title=\"\u015eirket Sat\u0131n Alman\u0131n Dezavantajlar\u0131\">\u015eirket Sat\u0131n Alman\u0131n Dezavantajlar\u0131<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Riskleri_de_Devralmak_Zorunda_Kalabilirsiniz\" title=\"Riskleri de Devralmak Zorunda Kalabilirsiniz\">Riskleri de Devralmak Zorunda Kalabilirsiniz<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Beklenen_Sinerji_Etkisi_Elde_Edilemeyebilir\" title=\"Beklenen Sinerji Etkisi Elde Edilemeyebilir\">Beklenen Sinerji Etkisi Elde Edilemeyebilir<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Yetenekli_Insan_Kaynaklarinin_Ayrilma_Riski_Vardir\" title=\"Yetenekli \u0130nsan Kaynaklar\u0131n\u0131n Ayr\u0131lma Riski Vard\u0131r\">Yetenekli \u0130nsan Kaynaklar\u0131n\u0131n Ayr\u0131lma Riski Vard\u0131r<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Sirket_Satin_Almanin_4_Asamasi\" title=\"\u015eirket Sat\u0131n Alman\u0131n 4 A\u015famas\u0131\">\u015eirket Sat\u0131n Alman\u0131n 4 A\u015famas\u0131<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Hazirlik_Asamasi\" title=\"Haz\u0131rl\u0131k A\u015famas\u0131\">Haz\u0131rl\u0131k A\u015famas\u0131<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Secim_Asamasi\" title=\"Se\u00e7im A\u015famas\u0131\">Se\u00e7im A\u015famas\u0131<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Pazarlik_Asamasi\" title=\"Pazarl\u0131k A\u015famas\u0131\">Pazarl\u0131k A\u015famas\u0131<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Son_Asama\" title=\"Son A\u015fama\">Son A\u015fama<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Hisse_Devrinde_Avukatin_Rolu_Nedir\" title=\"Hisse Devrinde Avukat\u0131n Rol\u00fc Nedir?\">Hisse Devrinde Avukat\u0131n Rol\u00fc Nedir?<\/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\/tr\/general-corporate\/acquisition-basic-procedure\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirket_Satin_Almanin_Avantajlari_ve_Dezavantajlari\"><\/span>\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131 <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u015eirket sat\u0131n alma, hedef \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f hisse senetlerinin \u00e7o\u011funlu\u011funu alarak y\u00f6netim hakk\u0131n\u0131 devralma y\u00f6ntemidir.<\/p>\n\n\n\n<p>Az\u0131nl\u0131k hissedarlar\u0131n bulundu\u011fu halka a\u00e7\u0131k olmayan \u015firketler i\u00e7in hisse devri uygundur, ancak halka a\u00e7\u0131k \u015firketlerde TOB ile \u015firket sat\u0131n alma son y\u0131llarda art\u0131\u015f e\u011filimindedir.<\/p>\n\n\n\n<p>\u015eirket sat\u0131n alma, al\u0131c\u0131 i\u00e7in k\u0131sa s\u00fcrede i\u015f geni\u015flemesi gibi \u00e7e\u015fitli avantajlar sunarken, dezavantajlar\u0131 da vard\u0131r ve dikkatli olunmas\u0131 gerekmektedir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirket_Satin_Almanin_Avantajlari\"><\/span>\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirketin_Rekabet_Gucunu_Artirabilir\"><\/span>\u015eirketin Rekabet G\u00fcc\u00fcn\u00fc Art\u0131rabilir<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>Sat\u0131n al\u0131nan \u015firketin teknolojisi, bilgi birikimi, insan kaynaklar\u0131, sat\u0131\u015f bilgileri gibi y\u00f6netim kaynaklar\u0131n\u0131 kullanarak, kendi \u015firketinizin eksik oldu\u011fu teknoloji, \u00fcr\u00fcn geli\u015ftirme yetene\u011fi veya sat\u0131\u015f g\u00fcc\u00fcn\u00fc g\u00fc\u00e7lendirerek rakiplerinizle olan rekabet g\u00fcc\u00fcn\u00fcz\u00fc art\u0131rabilirsiniz.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeni_Alanlara_Giris_Mumkun_Olabilir\"><\/span>Yeni Alanlara Giri\u015f M\u00fcmk\u00fcn Olabilir<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Kendi ba\u015f\u0131n\u0131za yeni bir alana girmek i\u00e7in b\u00fcy\u00fck miktarda sermaye ve uzun bir s\u00fcre gereklidir, ancak hedefledi\u011finiz yeni alanda i\u015f yapan bir \u015firketi sat\u0131n alarak k\u0131sa s\u00fcrede giri\u015f yapabilirsiniz.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maliyet_Azaltma_Mumkun_Olabilir\"><\/span>Maliyet Azaltma M\u00fcmk\u00fcn Olabilir<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Kendi \u015firketiniz ve sat\u0131n ald\u0131\u011f\u0131n\u0131z \u015firketin i\u015f yerlerinin ortak kullan\u0131m\u0131 veya \u00fcr\u00fcnler veya malzemelerin ortak sipari\u015fi ile maliyet azaltma da m\u00fcmk\u00fcn olabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirket_Satin_Almanin_Dezavantajlari\"><\/span>\u015eirket Sat\u0131n Alman\u0131n Dezavantajlar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riskleri_de_Devralmak_Zorunda_Kalabilirsiniz\"><\/span>Riskleri de Devralmak Zorunda Kalabilirsiniz<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>Varl\u0131klar ve haklar gibi se\u00e7ici sat\u0131\u015flar\u0131n yap\u0131labildi\u011fi &#8216;i\u015fletme devri&#8217;nden farkl\u0131 olarak, \u015firket sat\u0131n almalarda \u015firketin tamam\u0131n\u0131 devrald\u0131\u011f\u0131n\u0131z i\u00e7in sadece varl\u0131klar\u0131 de\u011fil, bor\u00e7lar\u0131 da ayn\u0131 anda devralman\u0131z gerekecektir.<\/p>\n\n\n\n<p>Ayr\u0131ca, bor\u00e7 garantisi veya dava gibi durumlar varsa, gelecekte ortaya \u00e7\u0131kabilecek bilan\u00e7o d\u0131\u015f\u0131 bor\u00e7lar gibi riskler de vard\u0131r.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Beklenen_Sinerji_Etkisi_Elde_Edilemeyebilir\"><\/span>Beklenen Sinerji Etkisi Elde Edilemeyebilir<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Sat\u0131n al\u0131nan \u015firketin y\u00f6netim kaynaklar\u0131n\u0131 a\u015f\u0131r\u0131 de\u011ferlendirir ve \u00e7e\u015fitli giri\u015fimlerde bulunursan\u0131z, yat\u0131r\u0131m\u0131n\u0131za kar\u015f\u0131l\u0131k gelen sinerji etkisi elde edilemeyebilir.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yetenekli_Insan_Kaynaklarinin_Ayrilma_Riski_Vardir\"><\/span>Yetenekli \u0130nsan Kaynaklar\u0131n\u0131n Ayr\u0131lma Riski Vard\u0131r<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u015eirket sat\u0131n al\u0131m\u0131 sonucunda y\u00f6netim de\u011fi\u015firse, yeni y\u00f6netim politikas\u0131n\u0131 kabul edemeyen \u00e7al\u0131\u015fanlar da olabilir. Bu nedenle, teknik veya sat\u0131\u015f alan\u0131ndaki anahtar personelin rakip \u015firketlere ayr\u0131lmas\u0131 veya ba\u015fka bir \u015firkete \u00e7ekilmesi olas\u0131l\u0131\u011f\u0131 da vard\u0131r.<\/p>\n\n\n\n<p>\u015eirket sat\u0131n alman\u0131n ana y\u00f6ntemi olan &#8216;hisse devri&#8217; hakk\u0131nda daha fazla bilgi almak isteyenler a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/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=\"Sirket_Satin_Almanin_4_Asamasi\"><\/span>\u015eirket Sat\u0131n Alman\u0131n 4 A\u015famas\u0131<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>Buradan itibaren, \u015firket sat\u0131n almay\u0131 ger\u00e7ekle\u015ftirmek i\u00e7in gereken prosed\u00fcrler ve her s\u00fcre\u00e7te ihtiya\u00e7 duyulan belgeler ve s\u00f6zle\u015fmeler hakk\u0131nda ayr\u0131nt\u0131l\u0131 olarak a\u00e7\u0131klama yapaca\u011f\u0131z.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hazirlik_Asamasi\"><\/span>Haz\u0131rl\u0131k A\u015famas\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Strateji Belirleme<\/li>\n<\/ul>\n\n\n\n<p>M&amp;A, \u015firketinizin gelecekteki hedeflerine ula\u015fmak i\u00e7in bir ara\u00e7 olarak kullan\u0131l\u0131r. Bu nedenle, \u015firketinizin vizyonu ve orta ve uzun vadeli i\u015f politikalar\u0131na dayanarak, M&amp;A&#8217;dan ne bekledi\u011finizi, bunun i\u00e7in ne kadar sermaye yat\u0131rabilece\u011finizi vb. belirlemelisiniz.<\/p>\n\n\n\n<ul>\n<li>Arac\u0131 \u015eirket Se\u00e7imi<\/li>\n<\/ul>\n\n\n\n<p>M&amp;A dan\u0131\u015fmanlar\u0131 aras\u0131nda, ya sat\u0131c\u0131ya ya da al\u0131c\u0131ya \u00f6zel FA (Finansal Dan\u0131\u015fman) ve her iki taraf ile s\u00f6zle\u015fme yaparak m\u00fczakereleri ilerleten arac\u0131 \u015firketler bulunmaktad\u0131r.<\/p>\n\n\n\n<p>K\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli i\u015fletmeler i\u00e7in genellikle m\u00fczakerelerin h\u0131zl\u0131 bir \u015fekilde sonu\u00e7lanmas\u0131n\u0131 sa\u011flayan arac\u0131 \u015firketler se\u00e7ilir ve arac\u0131 \u015firket belirlendikten sonra gizlilik s\u00f6zle\u015fmesi ve dan\u0131\u015fmanl\u0131k s\u00f6zle\u015fmesi imzalan\u0131r.<\/p>\n\n\n\n<ul>\n<li>M&amp;A Bi\u00e7iminin Belirlenmesi<\/li>\n<\/ul>\n\n\n\n<p>\u015eirket sat\u0131n alma amac\u0131n\u0131z\u0131 ve yat\u0131rabilece\u011finiz sermayeyi g\u00f6z \u00f6n\u00fcnde bulundurarak, \u00e7e\u015fitli M&amp;A y\u00f6ntemleri aras\u0131ndan en uygun olan\u0131n\u0131 se\u00e7melisiniz. Bu karar\u0131 verirken uzman bilgisi gerekti\u011fi i\u00e7in, arac\u0131 \u015firketin veya uzmanlar\u0131n tavsiyelerini dikkate alman\u0131z iyi olacakt\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Secim_Asamasi\"><\/span>Se\u00e7im A\u015famas\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>\u0130simsiz Bilgi Formu \u00dczerinde \u0130nceleme<\/li>\n<\/ul>\n\n\n\n<p>Sat\u0131\u015f yap\u0131lacak taraf\u0131n olu\u015fturdu\u011fu anonim belge olan &#8220;\u0130simsiz Bilgi Formu&#8221; (Non-Name Sheet), m\u00fczakere partnerinin se\u00e7im a\u015famas\u0131n\u0131n ilk ad\u0131m\u0131nda incelenir. Bu belge, \u015firketin ad\u0131n\u0131n belirlenmemesi i\u00e7in dikkatlice haz\u0131rlanm\u0131\u015f genel bilgileri i\u00e7erir.<\/p>\n\n\n\n<ul>\n<li>\u0130sim Onay\u0131<\/li>\n<\/ul>\n\n\n\n<p>E\u011fer \u0130simsiz Bilgi Formu&#8217;nda ilgi \u00e7eken bir \u015firket varsa, al\u0131c\u0131, arac\u0131 \u015firket arac\u0131l\u0131\u011f\u0131yla sat\u0131c\u0131ya \u015firketin ad\u0131n\u0131n ve detayl\u0131 i\u015fletme bilgilerinin a\u00e7\u0131klan\u0131p a\u00e7\u0131klanamayaca\u011f\u0131n\u0131 kontrol eder.<\/p>\n\n\n\n<ul>\n<li>\u015eirket Genel Bilgi Formu Sunumu<\/li>\n<\/ul>\n\n\n\n<p>Sat\u0131c\u0131dan isim onay\u0131 al\u0131nd\u0131\u011f\u0131nda, arac\u0131 \u015firket, i\u015fletme faaliyetleri ve mali durum gibi detaylar\u0131 i\u00e7eren \u015eirket Genel Bilgi Formu&#8217;nu al\u0131c\u0131ya sunar ve al\u0131c\u0131 detayl\u0131 bir inceleme yapmaya ba\u015flar.<\/p>\n\n\n\n<ul>\n<li>\u015eirket De\u011ferlendirmesi<\/li>\n<\/ul>\n\n\n\n<p>Al\u0131c\u0131, \u015eirket Genel Bilgi Formu&#8217;ndaki bilgilere dayanarak hedef \u015firketin de\u011ferini tahmin eder. Bu tahmini de\u011fer, a\u015fa\u011f\u0131da bahsedilen &#8220;Niyet Beyan\u0131&#8221;nda belirtilir.<\/p>\n\n\n\n<p>\u015eirket de\u011ferlendirme y\u00f6ntemleri aras\u0131nda, net varl\u0131klara dayal\u0131 &#8220;Maliyet Yakla\u015f\u0131m\u0131&#8221;, gelecekteki gelirlere dayal\u0131 &#8220;Gelir Yakla\u015f\u0131m\u0131&#8221; ve benzer \u015firketlerin de\u011ferine dayal\u0131 &#8220;Piyasa Yakla\u015f\u0131m\u0131&#8221; bulunmaktad\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pazarlik_Asamasi\"><\/span>Pazarl\u0131k A\u015famas\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>\u00dcst D\u00fczey G\u00f6r\u00fc\u015fmeler<\/li>\n<\/ul>\n\n\n\n<p>\u015eirket sat\u0131n al\u0131mlar\u0131nda, somut pazarl\u0131klara ge\u00e7meden \u00f6nce sat\u0131c\u0131 ve al\u0131c\u0131n\u0131n en \u00fcst d\u00fczey y\u00f6neticilerinin bir araya gelerek kar\u015f\u0131l\u0131kl\u0131 anlay\u0131\u015f\u0131 derinle\u015ftirmesi \u00f6nemli bir s\u00fcre\u00e7tir. \u00d6zellikle al\u0131c\u0131n\u0131n y\u00f6netim anlay\u0131\u015f\u0131 veya hedef \u015firketle ilgili sorular\u0131 varsa, bunlar\u0131 do\u011frudan kar\u015f\u0131 tarafa sorar ve her iki taraf\u0131n endi\u015felerini ve \u015f\u00fcphelerini giderir.<\/p>\n\n\n\n<ul>\n<li>Niyet Bildirgesi Sunumu<\/li>\n<\/ul>\n\n\n\n<p>E\u011fer \u00fcst d\u00fczey g\u00f6r\u00fc\u015fmelerde her iki taraf da anla\u015f\u0131rsa, al\u0131c\u0131, \u015firketin genel bak\u0131\u015f\u0131, M&amp;A bi\u00e7imi, sat\u0131n alma fiyat\u0131 vb. bilgileri i\u00e7eren bir niyet bildirgesini sat\u0131c\u0131ya sunar. Bu, hisse senetlerini sat\u0131n almay\u0131 istedi\u011fini belirtmek i\u00e7in yap\u0131l\u0131r.<\/p>\n\n\n\n<ul>\n<li>Temel Anla\u015fma \u0130mzalanmas\u0131<\/li>\n<\/ul>\n\n\n\n<p>Sat\u0131c\u0131 ve al\u0131c\u0131, devir ile ilgili ko\u015fullar, devir fiyat\u0131, program vb. temel konularda anla\u015ft\u0131\u011f\u0131nda, bir temel anla\u015fma olu\u015fturulur.<\/p>\n\n\n\n<p>Bu, \u015fimdiye kadar yap\u0131lan anla\u015fmay\u0131 kay\u0131t alt\u0131na almak i\u00e7in yap\u0131lan bir \u015feydir ve son s\u00f6zle\u015fme de\u011fildir.<\/p>\n\n\n\n<p>&#8220;M&amp;A S\u00f6zle\u015fmelerinde Temel Anla\u015fman\u0131n Hukuki Etkisi&#8221; hakk\u0131nda daha fazla bilgi almak isteyenler a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/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>Due Diligence Uygulanmas\u0131<\/li>\n<\/ul>\n\n\n\n<p>Temel anla\u015fma imzaland\u0131ktan sonra, al\u0131c\u0131, daha \u00f6nce sunulan belgelerin i\u00e7eri\u011fini bir avukat veya sertifikal\u0131 muhasebeci gibi uzman bir ekip taraf\u0131ndan inceler.<\/p>\n\n\n\n<p>\u00d6nemli olan,<\/p>\n\n\n\n<ol>\n<li>Hedef \u015firketin uygun de\u011feri<\/li>\n\n\n\n<li>Gelecekteki sorunlar<\/li>\n\n\n\n<li>Potansiyel ve a\u00e7\u0131k riskler<\/li>\n\n\n\n<li>Gelecek potansiyeli<\/li>\n\n\n\n<li>Kendi i\u015fletmesi ile sinerji etkisi<\/li>\n<\/ol>\n\n\n\n<p>gibi konular\u0131, i\u015f, finans, insan kaynaklar\u0131, hukuk vb. \u00e7ok y\u00f6nl\u00fc bir \u015fekilde analiz etmek ve de\u011ferlendirmektir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Son_Asama\"><\/span>Son A\u015fama<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Son Devir S\u00f6zle\u015fmesinin \u0130mzalanmas\u0131<\/li>\n<\/ul>\n\n\n\n<p>Due diligence sonu\u00e7lar\u0131na dayanarak son \u015firket de\u011ferlendirmesini hesaplar ve sat\u0131c\u0131 ile anla\u015fmaya dayanarak son devir s\u00f6zle\u015fmesini imzalar\u0131z.<\/p>\n\n\n\n<p>Burada \u00f6zellikle \u00f6nemli olan maddeler \u015funlard\u0131r:<\/p>\n\n\n\n<ol>\n<li>Devir tarihi<\/li>\n\n\n\n<li>Devir miktar\u0131<\/li>\n\n\n\n<li>Kapan\u0131\u015f<\/li>\n\n\n\n<li>Beyan ve Garanti<\/li>\n\n\n\n<li>Hisse devir onay\u0131 (devir k\u0131s\u0131tl\u0131 hisse durumunda)<\/li>\n\n\n\n<li>\u0130\u015flem \u00f6ncesi onay\u0131 (De\u011fi\u015fiklik kontrol maddesi varsa)<\/li>\n<\/ol>\n\n\n\n<p>gibi maddelerdir.<\/p>\n\n\n\n<ul>\n<li>Kapan\u0131\u015f<\/li>\n<\/ul>\n\n\n\n<p>Son s\u00f6zle\u015fmeye dayanarak, al\u0131c\u0131 devir bedelini sat\u0131c\u0131ya \u00f6der, sat\u0131c\u0131 y\u00f6netim hakk\u0131n\u0131 al\u0131c\u0131ya devreder ve \u015firket sat\u0131n alma i\u015flemini tamamlar. Kapan\u0131\u015f, varl\u0131k ve bor\u00e7lar\u0131n devri, i\u015flem \u00f6ncesi onay\u0131 gibi durumlar nedeniyle birka\u00e7 ay s\u00fcrebilir, bu M&amp;A y\u00f6ntemine ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<ul>\n<li>PMI (Entegrasyon S\u00fcreci)<\/li>\n<\/ul>\n\n\n\n<p>Al\u0131c\u0131 \u015firket ve sat\u0131n al\u0131nan \u015firketin y\u00f6netim politikalar\u0131n\u0131 ve y\u00f6netim sistemlerini entegre eder, \u00e7al\u0131\u015fanlar aras\u0131ndaki \u00e7at\u0131\u015fmay\u0131 \u00f6nler ve beklenen sinerji etkisinin sorunsuz bir \u015fekilde ortaya \u00e7\u0131kmas\u0131n\u0131 sa\u011flar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Devrinde_Avukatin_Rolu_Nedir\"><\/span>Hisse Devrinde Avukat\u0131n Rol\u00fc Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Avukatlar, y\u00f6netim haklar\u0131n\u0131n devri amac\u0131yla ger\u00e7ekle\u015ftirilen M&amp;A (Birle\u015fme ve Sat\u0131nalmalar) s\u00fcre\u00e7lerinde \u00e7ok \u00f6nemli bir rol \u00fcstlenirler. \u00c7e\u015fitli s\u00f6zle\u015fmelerin kontrol\u00fc elbette \u00f6nemlidir, ancak hedef \u015firketin imzalad\u0131\u011f\u0131 s\u00f6zle\u015fmeler, \u015firket i\u00e7i d\u00fczenlemeler ve benzeri belgelerin kontrol\u00fc ve uyum ihlallerinin tespiti gibi i\u015flemlerle gizli riskleri de\u011ferlendiren &#8216;Hukuki \u00d6n \u0130nceleme&#8217; (Legal Due Diligence), sadece uzmanl\u0131k bilgisi ve deneyime sahip avukatlar\u0131n yapabilece\u011fi bir i\u015ftir.<\/p>\n\n\n\n<p>Bunun yan\u0131 s\u0131ra, hisse devrinin rekabet yasa\u011f\u0131na ayk\u0131r\u0131 olup olmad\u0131\u011f\u0131n\u0131, i\u015flemlerin \u00e7e\u015fitli yasalara uygun olarak y\u00fcr\u00fct\u00fcl\u00fcp y\u00fcr\u00fct\u00fclmedi\u011fini kontrol etmek ve bazen sorunlar\u0131n \u00e7\u00f6z\u00fcm\u00fc i\u00e7in tavsiyelerde bulunmak \u00fczere dan\u0131\u015fman olarak da \u00f6nemli bir varl\u0131kt\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&#8216;\u015eirket Sat\u0131n Alman\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131&#8217;, &#8216;\u015eirket Sat\u0131n Alman\u0131n 4 A\u015famas\u0131&#8217;, &#8216;Hisse Devrinde Avukat\u0131n Rol\u00fc Nedir&#8217; konular\u0131n\u0131 a\u00e7\u0131klad\u0131k.<\/p>\n\n\n\n<p>Varis sorunlar\u0131 ve i\u015f \u00e7evresindeki de\u011fi\u015fiklikler nedeniyle, M&amp;A yoluyla \u015firket sat\u0131n al\u0131mlar\u0131 her y\u0131l artmaktad\u0131r. Ancak, b\u00fcy\u00fck miktarda sermaye ve \u00e7e\u015fitli prosed\u00fcrler gerektiren \u015firket sat\u0131n al\u0131mlar\u0131nda riskler de vard\u0131r, bu nedenle i\u015flemlerin g\u00fcvenli ve sorunsuz bir \u015fekilde ilerlemesi gerekmektedir.<\/p>\n\n\n\n<p>Bunun i\u00e7in, uzman hukuk bilgisi ve deneyimli bir M&amp;A dan\u0131\u015fman\u0131 olan hukuk firmalar\u0131na ba\u015flang\u0131\u00e7 a\u015famas\u0131ndan itibaren dan\u0131\u015fmanl\u0131k yapman\u0131z\u0131 ve nas\u0131l ilerleyece\u011finize dair tavsiye alman\u0131z\u0131 \u00f6neririz.<\/p>\n\n\n\n<p>&#8216;\u015eirket Sat\u0131n Alma Ba\u015far\u0131s\u0131n\u0131n S\u0131rr\u0131&#8217; hakk\u0131nda daha fazla bilgi almak isteyenler a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IT teknolojisinin ilerlemesi, dijitalle\u015fme, k\u00fcreselle\u015fme gibi i\u015fletme \u00e7evresindeki de\u011fi\u015fiklikler ve hatta halef sorunlar\u0131 da dahil olmak \u00fczere, M&amp;A art\u0131k k\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli i\u015fletmelerin (KOB\u0130)  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62874,"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\/tr\/wp-json\/wp\/v2\/posts\/61720"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61720"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61720\/revisions"}],"predecessor-version":[{"id":62875,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61720\/revisions\/62875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/62874"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}