{"id":61736,"date":"2023-12-04T11:22:59","date_gmt":"2023-12-04T02:22:59","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61736"},"modified":"2024-01-10T17:50:02","modified_gmt":"2024-01-10T08:50:02","slug":"ma-merit-demerit-procedure","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure","title":{"rendered":"\u015eirket Sat\u0131\u015f\u0131nda Kullan\u0131lan M&amp;A: Prosed\u00fcrleri ile Avantaj ve Dezavantajlar\u0131n\u0131n A\u00e7\u0131klamas\u0131"},"content":{"rendered":"\n<p>Giri\u015fim \u015firketlerinde yat\u0131r\u0131m geri d\u00f6n\u00fc\u015f\u00fc (genellikle EXIT olarak adland\u0131r\u0131l\u0131r) i\u00e7in geleneksel y\u00f6ntem, halka arz (IPO) idi.<\/p>\n\n\n\n<p>Ancak, son zamanlarda, her zaman halka arz\u0131 hedeflemeyen ve \u015firketlerini halka arz olmaks\u0131z\u0131n M&amp;A ile satan y\u00f6neticilerin say\u0131s\u0131 artmaktad\u0131r.<\/p>\n\n\n\n<p>Bu nedenle, \u015firketlerini satmay\u0131 d\u00fc\u015f\u00fcnen y\u00f6neticilere y\u00f6nelik olarak, M&amp;A&#8217;n\u0131n avantajlar\u0131 ve dezavantajlar\u0131, M&amp;A s\u00fcreci, avukatlara hangi i\u015flemlerin verilmesi gerekti\u011fi gibi konular\u0131 ayr\u0131nt\u0131l\u0131 bir \u015fekilde a\u00e7\u0131kl\u0131yoruz.<\/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\/ma-merit-demerit-procedure\/#M_A_ile_Sirket_Satisi_Nedir\" title=\"M&amp;A ile \u015eirket Sat\u0131\u015f\u0131 Nedir?\">M&amp;A ile \u015eirket Sat\u0131\u015f\u0131 Nedir?<\/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\/tr\/general-corporate\/ma-merit-demerit-procedure\/#M_A_ile_Sirket_Satisinin_Avantajlari_ve_Dezavantajlari\" title=\"M&amp;A ile \u015eirket Sat\u0131\u015f\u0131n\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131\">M&amp;A ile \u015eirket Sat\u0131\u015f\u0131n\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-3\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#M_A%E2%80%99nin_Kullanilmasinin_Avantajlari\" title=\"M&amp;A&#8217;n\u0131n Kullan\u0131lmas\u0131n\u0131n Avantajlar\u0131\">M&amp;A&#8217;n\u0131n Kullan\u0131lmas\u0131n\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-4\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Halka_Arza_IPO_Gore_Daha_Hizli_Yatirim_Geri_Donusu\" title=\"Halka Arza (IPO) G\u00f6re Daha H\u0131zl\u0131 Yat\u0131r\u0131m Geri D\u00f6n\u00fc\u015f\u00fc\">Halka Arza (IPO) G\u00f6re Daha H\u0131zl\u0131 Yat\u0131r\u0131m Geri D\u00f6n\u00fc\u015f\u00fc<\/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\/ma-merit-demerit-procedure\/#Kurucularin_Baska_Islere_Girisme_Firsati\" title=\"Kurucular\u0131n Ba\u015fka \u0130\u015flere Giri\u015fme F\u0131rsat\u0131\">Kurucular\u0131n Ba\u015fka \u0130\u015flere Giri\u015fme F\u0131rsat\u0131<\/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\/ma-merit-demerit-procedure\/#M_A%E2%80%99nin_Kullanilmasinin_Dezavantajlari\" title=\"M&amp;A&#8217;n\u0131n Kullan\u0131lmas\u0131n\u0131n Dezavantajlar\u0131\">M&amp;A&#8217;n\u0131n Kullan\u0131lmas\u0131n\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\/ma-merit-demerit-procedure\/#Kurucunun_Sirketin_Kontrolunu_Kaybetme_Riski\" title=\"Kurucunun \u015eirketin Kontrol\u00fcn\u00fc Kaybetme Riski\">Kurucunun \u015eirketin Kontrol\u00fcn\u00fc Kaybetme Riski<\/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\/ma-merit-demerit-procedure\/#Sirket_Degerinin_Dusuk_Tahmin_Edilmesi_Durumu\" title=\"\u015eirket De\u011ferinin D\u00fc\u015f\u00fck Tahmin Edilmesi Durumu\">\u015eirket De\u011ferinin D\u00fc\u015f\u00fck Tahmin Edilmesi Durumu<\/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-9\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#M_A_ile_Sirket_Satisinin_Ilerletilme_Yontemi\" title=\"M&amp;A ile \u015eirket Sat\u0131\u015f\u0131n\u0131n \u0130lerletilme Y\u00f6ntemi\">M&amp;A ile \u015eirket Sat\u0131\u015f\u0131n\u0131n \u0130lerletilme Y\u00f6ntemi<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#M_A%E2%80%99da_Gerekli_Sozlesmeler_ve_Islemler\" title=\"M&amp;A&#8217;da Gerekli S\u00f6zle\u015fmeler ve \u0130\u015flemler\">M&amp;A&#8217;da Gerekli S\u00f6zle\u015fmeler ve \u0130\u015flemler<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Gizlilik_Sozlesmesi_Imzalama\" title=\"Gizlilik S\u00f6zle\u015fmesi \u0130mzalama\">Gizlilik S\u00f6zle\u015fmesi \u0130mzalama<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Anlasma_Temel_Belgesi_Imzalama\" title=\"Anla\u015fma Temel Belgesi \u0130mzalama\">Anla\u015fma Temel Belgesi \u0130mzalama<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Due_Diligence_ve_Nihai_Sozlesme_Imzalama\" title=\"Due Diligence ve Nihai S\u00f6zle\u015fme \u0130mzalama\">Due Diligence ve Nihai S\u00f6zle\u015fme \u0130mzalama<\/a><\/li><\/ul><\/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\/ma-merit-demerit-procedure\/#Avukatlarin_Birlesme_ve_Satin_Almalarda_M_A_Neden_Gereklidir\" title=\"Avukatlar\u0131n Birle\u015fme ve Sat\u0131n Almalarda (M&amp;A) Neden Gereklidir?\">Avukatlar\u0131n Birle\u015fme ve Sat\u0131n Almalarda (M&amp;A) Neden Gereklidir?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Sozlesme_Muzakereleri_ve_Sonuclandirma\" title=\"S\u00f6zle\u015fme M\u00fczakereleri ve Sonu\u00e7land\u0131rma\">S\u00f6zle\u015fme M\u00fczakereleri ve Sonu\u00e7land\u0131rma<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Hukuki_Durum_Tespiti_Due_Diligence\" title=\"Hukuki Durum Tespiti (Due Diligence)\">Hukuki Durum Tespiti (Due Diligence)<\/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-17\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-merit-demerit-procedure\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_ile_Sirket_Satisi_Nedir\"><\/span>M&amp;A ile \u015eirket Sat\u0131\u015f\u0131 Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M&amp;A, Mergers and Acquisitions&#8217;\u0131n k\u0131saltmas\u0131d\u0131r. T\u00fcrk\u00e7eye &#8216;Birle\u015fme ve Sat\u0131n Alma&#8217; olarak \u00e7evrilebilir. Yani, M&amp;A, \u015firketlerin birle\u015fmesini veya sat\u0131n al\u0131nmas\u0131n\u0131 ifade eder.<\/p>\n\n\n\n<p>M&amp;A y\u00f6ntemleri aras\u0131nda, &#8216;Japon \u015eirketler Yasas\u0131&#8217;nda belirlenen organizasyonel yeniden yap\u0131lanma eylemlerinden biri olan birle\u015fme prosed\u00fcrleri, hisse devri ve i\u015fletme devri gibi i\u015flemler bulunmaktad\u0131r.<\/p>\n\n\n\n<p>&#8216;Japon \u015eirketler Yasas\u0131&#8217;na g\u00f6re birle\u015fme prosed\u00fcrleri, alacakl\u0131lar\u0131 koruma ama\u00e7l\u0131 prosed\u00fcrler gibi konular\u0131 s\u0131k\u0131 bir \u015fekilde d\u00fczenler. Bu nedenle, \u00e7ok say\u0131da alacakl\u0131s\u0131 olan b\u00fcy\u00fck \u00f6l\u00e7ekli \u015firketlerin bu y\u00f6ntemi kullanma e\u011filiminde oldu\u011funu s\u00f6yleyebiliriz.<\/p>\n\n\n\n<p>Buna kar\u015f\u0131l\u0131k, giri\u015fim \u015firketleri M&amp;A ile \u015firketlerini satarken, genellikle hisse devri veya i\u015fletme devri kullan\u0131l\u0131r. Hisse devri ile ilgili M&amp;A hakk\u0131nda ayr\u0131nt\u0131l\u0131 bir a\u00e7\u0131klama a\u015fa\u011f\u0131daki makalede bulunabilir.<\/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=\"M_A_ile_Sirket_Satisinin_Avantajlari_ve_Dezavantajlari\"><\/span>M&amp;A ile \u015eirket Sat\u0131\u015f\u0131n\u0131n Avantajlar\u0131 ve Dezavantajlar\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\/ma-merit-demerit-procedure1.jpg\" alt=\"\" class=\"wp-image-31427\" \/><\/figure>\n\n\n\n<p>Giri\u015fim \u015firketleri i\u00e7in yat\u0131r\u0131m geri d\u00f6n\u00fc\u015f\u00fc y\u00f6ntemleri genellikle halka arz (IPO) veya M&amp;A olmaktad\u0131r. M&amp;A&#8217;n\u0131n IPO&#8217;ya k\u0131yasla avantajlar\u0131n\u0131 ve dezavantajlar\u0131n\u0131 a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E2%80%99nin_Kullanilmasinin_Avantajlari\"><\/span>M&amp;A&#8217;n\u0131n Kullan\u0131lmas\u0131n\u0131n Avantajlar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Giri\u015fim \u015firketlerinin M&amp;A ile \u015firket sat\u0131\u015f\u0131n\u0131n avantajlar\u0131 genellikle \u015funlard\u0131r:<\/p>\n\n\n\n<ul>\n<li>Halka arza (IPO) g\u00f6re daha h\u0131zl\u0131 yat\u0131r\u0131m geri d\u00f6n\u00fc\u015f\u00fc sa\u011flar<\/li>\n\n\n\n<li>Kurucular\u0131n ba\u015fka i\u015flere giri\u015fme f\u0131rsat\u0131 bulur<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Halka_Arza_IPO_Gore_Daha_Hizli_Yatirim_Geri_Donusu\"><\/span>Halka Arza (IPO) G\u00f6re Daha H\u0131zl\u0131 Yat\u0131r\u0131m Geri D\u00f6n\u00fc\u015f\u00fc<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Genellikle halka arz (IPO) hedefleniyorsa, birka\u00e7 y\u0131l s\u00fcren bir haz\u0131rl\u0131k s\u00fcreci gereklidir.<\/p>\n\n\n\n<p>Ayr\u0131ca, IPO i\u00e7in uzmanlara veya dan\u0131\u015fmanlara ba\u015fvurmak ve \u015firket i\u00e7i y\u00f6netim sistemini d\u00fczenlemek i\u00e7in gereken maliyet olduk\u00e7a y\u00fcksektir.<\/p>\n\n\n\n<p>Buna kar\u015f\u0131l\u0131k, M&amp;A ile \u015firket sat\u0131\u015f\u0131, al\u0131c\u0131 \u015firket bulundu\u011funda, yar\u0131m y\u0131l ila bir y\u0131l i\u00e7inde ger\u00e7ekle\u015febilir.<\/p>\n\n\n\n<p>M&amp;A yaparken d\u0131\u015f uzmanlardan destek almak m\u00fcmk\u00fcn olsa da, bu maliyet IPO&#8217;ya k\u0131yasla daha d\u00fc\u015f\u00fckt\u00fcr.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kurucularin_Baska_Islere_Girisme_Firsati\"><\/span>Kurucular\u0131n Ba\u015fka \u0130\u015flere Giri\u015fme F\u0131rsat\u0131<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\/ma-merit-demerit-procedure2.jpg\" alt=\"\" class=\"wp-image-31428\" \/><\/figure>\n\n\n\n<p>Ek olarak, M&amp;A durumunda, sat\u0131c\u0131 \u015firketin temsilcisi \u015firketi satt\u0131\u011f\u0131 anda kolayca istifa edebilir.<\/p>\n\n\n\n<p>Yeni bir i\u015f alan\u0131na odaklanmak isteyen giri\u015fim \u015firketi kurucular\u0131n\u0131n, ba\u015fka bir \u015firkette yeni bir i\u015f kurmak istemesi durumu olduk\u00e7a yayg\u0131nd\u0131r.<\/p>\n\n\n\n<p>\u00dcstelik, zarar etmeyen ve gelecek vaat eden bir \u015firket, hisse devri ile M&amp;A yoluyla sat\u0131l\u0131rsa, hisseleri olan kurucu sat\u0131\u015f bedelini alabilir ve bu paray\u0131 yeni bir i\u015fe yat\u0131rabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E2%80%99nin_Kullanilmasinin_Dezavantajlari\"><\/span>M&amp;A&#8217;n\u0131n Kullan\u0131lmas\u0131n\u0131n Dezavantajlar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Kurucunun \u015firketin kontrol\u00fcn\u00fc kaybetme riski vard\u0131r<\/li>\n\n\n\n<li>Halka arza (IPO) g\u00f6re \u015firket de\u011ferinin daha d\u00fc\u015f\u00fck tahmin edilmesi durumu olabilir<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kurucunun_Sirketin_Kontrolunu_Kaybetme_Riski\"><\/span>Kurucunun \u015eirketin Kontrol\u00fcn\u00fc Kaybetme Riski<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Kurucu \u015firket sat\u0131\u015f\u0131 ile birlikte istifa etmek istiyorsa sorun yoktur, ancak \u015firkette y\u00f6netici olarak kalmak istiyorsa M&amp;A&#8217;n\u0131n riskleri vard\u0131r.<\/p>\n\n\n\n<p>Hisse devri ile \u015firketin t\u00fcm kontrol\u00fcn\u00fc al\u0131c\u0131 \u015firkete devreden bir M&amp;A ger\u00e7ekle\u015ftirildi\u011finde, sat\u0131c\u0131 \u015firketin y\u00f6netim kurulu \u00fcyeleri ve di\u011fer y\u00f6neticilerin se\u00e7imi ve g\u00f6revden al\u0131nmas\u0131 al\u0131c\u0131 \u015firketin takdirine ba\u011fl\u0131d\u0131r. Bu nedenle, \u015firket sat\u0131\u015f\u0131ndan sonra kurucunun \u015firkette kalma garantisi yoktur.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirket_Degerinin_Dusuk_Tahmin_Edilmesi_Durumu\"><\/span>\u015eirket De\u011ferinin D\u00fc\u015f\u00fck Tahmin Edilmesi Durumu<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\/ma-merit-demerit-procedure3.jpg\" alt=\"\" class=\"wp-image-31429\" \/><\/figure>\n\n\n\n<p>Ayr\u0131ca, M&amp;A ile \u015firket sat\u0131\u015f\u0131 durumunda, sat\u0131\u015f bedeli al\u0131c\u0131 \u015firketle yap\u0131lan m\u00fczakereler sonucunda belirlenir.<\/p>\n\n\n\n<p>Al\u0131c\u0131 \u015firketin sat\u0131c\u0131 \u015firketin gelecekteki potansiyelini y\u00fcksek de\u011ferlendirdi\u011fi veya sinerji etkisi bekledi\u011fi durumlarda, IPO&#8217;ya g\u00f6re daha y\u00fcksek bir \u015firket de\u011feri tahmin edilebilir.<\/p>\n\n\n\n<p>Yine de, bunun tersi olarak, IPO&#8217;ya g\u00f6re daha d\u00fc\u015f\u00fck bir fiyata sat\u0131n al\u0131nmas\u0131 da elbette m\u00fcmk\u00fcnd\u00fcr. Dolay\u0131s\u0131yla, M&amp;A ile \u015firket sat\u0131\u015f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyorsan\u0131z, hangi miktar\u0131n ekonomik mant\u0131\u011fa uygun oldu\u011funu belirlemek i\u00e7in \u00f6nceden bir kriter belirlemekte fayda vard\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_ile_Sirket_Satisinin_Ilerletilme_Yontemi\"><\/span>M&amp;A ile \u015eirket Sat\u0131\u015f\u0131n\u0131n \u0130lerletilme Y\u00f6ntemi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M&amp;A ile \u015firket sat\u0131\u015f\u0131 s\u00fcrecinin nas\u0131l ilerletilece\u011fi ve avukat\u0131n bu s\u00fcre\u00e7teki rol\u00fcn\u00fc a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E2%80%99da_Gerekli_Sozlesmeler_ve_Islemler\"><\/span>M&amp;A&#8217;da Gerekli S\u00f6zle\u015fmeler ve \u0130\u015flemler<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A ile bir \u015firketi satmak durumunda, i\u015flem a\u015fa\u011f\u0131daki gibi ilerler:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gizlilik_Sozlesmesi_Imzalama\"><\/span>Gizlilik S\u00f6zle\u015fmesi \u0130mzalama<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Sat\u0131c\u0131 ve al\u0131c\u0131 adaylar\u0131 belirlendi\u011finde ve M&amp;A i\u00e7in somut incelemeler ba\u015flad\u0131\u011f\u0131nda, ilk olarak her iki \u015firket aras\u0131nda bir gizlilik s\u00f6zle\u015fmesi imzalan\u0131r.<\/p>\n\n\n\n<p>M&amp;A incelemeleri, her iki \u015firket i\u00e7in de y\u00fcksek derecede gizli bilgilerdir. Nihai \u015firket sat\u0131\u015f\u0131 anla\u015fmas\u0131 sa\u011flanana kadar, M&amp;A incelemelerinin ilerledi\u011fi genellikle sadece y\u00f6netim ve baz\u0131 yetkili \u00e7al\u0131\u015fanlar taraf\u0131ndan bilinir ve di\u011fer \u00e7al\u0131\u015fanlardan gizli tutulur.<\/p>\n\n\n\n<p>\u00d6zellikle sat\u0131c\u0131 veya al\u0131c\u0131 \u015firketin halka a\u00e7\u0131k bir \u015firket olmas\u0131 durumunda, bu bilgiler ayn\u0131 zamanda i\u00e7eriden bilgi olaca\u011f\u0131ndan, bilgi s\u0131z\u0131nt\u0131s\u0131n\u0131n kesinlikle \u00f6nlenmesi gerekmektedir.<\/p>\n\n\n\n<p>Ayr\u0131ca, gizlilik s\u00f6zle\u015fmesi imzaland\u0131ktan sonra, sat\u0131c\u0131 ve al\u0131c\u0131 \u015firketler birbirlerinin \u015firket isimlerini a\u00e7\u0131klarlar.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Anlasma_Temel_Belgesi_Imzalama\"><\/span>Anla\u015fma Temel Belgesi \u0130mzalama<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Al\u0131c\u0131 \u015firket resmi olarak M&amp;A yapma karar\u0131 ald\u0131\u011f\u0131nda, al\u0131c\u0131 \u015firket sat\u0131c\u0131 \u015firkete bir &#8220;niyet mektubu&#8221; g\u00f6nderir.<\/p>\n\n\n\n<p>Buna yan\u0131t olarak, sat\u0131c\u0131 \u015firket \u015firket sat\u0131\u015f\u0131 m\u00fczakerelerine kat\u0131lma niyetini g\u00f6sterirse, her iki \u015firket aras\u0131nda M&amp;A incelemelerini ilerletme konusunda bir anla\u015fma temel belgesi imzalan\u0131r. Anla\u015fma temel belgesi, sat\u0131c\u0131 ve al\u0131c\u0131 \u015firketlerin M&amp;A incelemelerini ilerletmeyi yaz\u0131l\u0131 olarak belirtir.<\/p>\n\n\n\n<p>Yine de, bu M&amp;A incelemelerini ilerletme anla\u015fmas\u0131 genellikle hukuki ba\u011flay\u0131c\u0131l\u0131\u011f\u0131 olmayan bir beyefendi anla\u015fmas\u0131 olarak kabul edilir. Bu nedenle, sonu\u00e7ta M&amp;A anla\u015fmas\u0131na var\u0131lmamas\u0131 durumunda, taraflar\u0131n genellikle tazminat gibi sorumluluklar\u0131 olmaz.<\/p>\n\n\n\n<p>M&amp;A&#8217;da anla\u015fma temel belgesinin maddeleri ve hukuki ba\u011flay\u0131c\u0131l\u0131\u011f\u0131 hakk\u0131nda a\u015fa\u011f\u0131daki makalede daha ayr\u0131nt\u0131l\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<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_Diligence_ve_Nihai_Sozlesme_Imzalama\"><\/span>Due Diligence ve Nihai S\u00f6zle\u015fme \u0130mzalama<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Al\u0131c\u0131 \u015firketin M&amp;A yapma karar\u0131n\u0131 almas\u0131 i\u00e7in gereken, sat\u0131c\u0131 \u015firketin de\u011ferini ve risklerini inceleyen bir i\u015flem olan due diligence&#8217;dir. Due diligence hakk\u0131nda daha sonra ayr\u0131nt\u0131l\u0131 olarak a\u00e7\u0131klama yapaca\u011f\u0131m.<\/p>\n\n\n\n<p>Due diligence&#8217;e dayanarak, al\u0131c\u0131 \u015firket M&amp;A yapma karar\u0131n\u0131 nihai olarak ald\u0131\u011f\u0131nda, sat\u0131c\u0131 ve al\u0131c\u0131 \u015firketler aras\u0131nda nihai \u015firket sat\u0131\u015f\u0131 s\u00f6zle\u015fmesi imzalan\u0131r.<\/p>\n\n\n\n<p>Nihai s\u00f6zle\u015fmede, \u015firketin sat\u0131\u015f fiyat\u0131, hisse senetleri ve m\u00fclkiyetin devir y\u00f6ntemi, \u015firket sat\u0131\u015f\u0131ndan sonra sat\u0131c\u0131 \u015firketin temsilcisinin muamelesi gibi maddeler genellikle belirlenir.<\/p>\n\n\n\n<p>Nihai s\u00f6zle\u015fme imzaland\u0131\u011f\u0131nda, sat\u0131c\u0131 ve al\u0131c\u0131 s\u00f6zle\u015fme i\u00e7eri\u011fine dayanarak gerekli i\u015flemleri ger\u00e7ekle\u015ftirir ve \u015firket sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilir. Bu uygulama i\u015flemine &#8220;kapan\u0131\u015f&#8221; denir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avukatlarin_Birlesme_ve_Satin_Almalarda_M_A_Neden_Gereklidir\"><\/span>Avukatlar\u0131n Birle\u015fme ve Sat\u0131n Almalarda (M&amp;A) Neden Gereklidir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/ma-merit-demerit-procedure4.jpg\" alt=\"\" class=\"wp-image-31430\" \/><\/figure>\n\n\n\n<p>\u015eirketler birle\u015fme ve sat\u0131n alma (M&amp;A) i\u015flemlerini ger\u00e7ekle\u015ftirirken, genellikle avukatlar ve sertifikal\u0131 muhasebeciler gibi d\u0131\u015f uzmanlardan destek al\u0131rlar.<\/p>\n\n\n\n<p>Avukatlar, M&amp;A s\u00fcrecinde genellikle a\u015fa\u011f\u0131daki iki durumda \u015firketlere destek olurlar:<\/p>\n\n\n\n<ul>\n<li>S\u00f6zle\u015fme m\u00fczakereleri ve sonu\u00e7land\u0131rma<\/li>\n\n\n\n<li>Hukuki durum tespiti (due diligence)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sozlesme_Muzakereleri_ve_Sonuclandirma\"><\/span>S\u00f6zle\u015fme M\u00fczakereleri ve Sonu\u00e7land\u0131rma<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u00d6ncelikle, M&amp;A s\u00fcrecinde, somut incelemeye ge\u00e7me a\u015famas\u0131, nihai \u015firket sat\u0131\u015f\u0131 anla\u015fmas\u0131 a\u015famas\u0131 gibi bir\u00e7ok a\u015famada, sat\u0131c\u0131 ve al\u0131c\u0131 \u015firketler aras\u0131nda bir s\u00f6zle\u015fme imzalan\u0131r.<\/p>\n\n\n\n<p>Genellikle, M&amp;A ile ger\u00e7ekle\u015ftirilen \u015firket sat\u0131\u015f\u0131, hem al\u0131c\u0131 hem de sat\u0131c\u0131 i\u00e7in, \u015firketin kaderini belirleyen \u00e7ok \u00f6nemli bir olayd\u0131r. Bu nedenle, s\u00f6zle\u015fmenin \u015firket aleyhine a\u015f\u0131r\u0131 derecede olumsuz olmas\u0131 kabul edilemez.<\/p>\n\n\n\n<p>Ayr\u0131ca, nihai \u015firket sat\u0131\u015f\u0131 anla\u015fmas\u0131, \u00f6nceden ger\u00e7ekle\u015ftirilen hukuki durum tespiti (due diligence) sonu\u00e7lar\u0131na dayanarak, sat\u0131c\u0131 ve al\u0131c\u0131 aras\u0131nda bireysel s\u00f6zle\u015fme m\u00fczakereleri yap\u0131lmas\u0131 gerekmektedir.<\/p>\n\n\n\n<p>M&amp;A s\u00f6zle\u015fmesinin \u00f6rnekleri kolayca elde edilebilir, ancak ger\u00e7ekten bir s\u00f6zle\u015fme yaparken, her durumun \u00f6zel ko\u015fullar\u0131n\u0131 yans\u0131tmas\u0131 gerekir.<\/p>\n\n\n\n<p>\u015eirketiniz i\u00e7in bir risk olu\u015fturan veya M&amp;A s\u00fcrecinde endi\u015fe duydu\u011funuz bir durum varsa, riski azaltmak i\u00e7in s\u00f6zle\u015fmeye belirli maddeler eklemek gibi \u00e7\u00f6z\u00fcmler gerekebilir.<\/p>\n\n\n\n<p>Bu t\u00fcr s\u00f6zle\u015fme m\u00fczakereleri ve s\u00f6zle\u015fme haz\u0131rlama konular\u0131nda, \u015firket hukuku gibi uzmanl\u0131k gerektiren hukuki bilgi gereklidir. \u0130\u015fte bu nedenle, s\u00f6zle\u015fme m\u00fczakereleri ve sonu\u00e7land\u0131rma a\u015famas\u0131nda avukatlar\u0131n kat\u0131l\u0131m\u0131 gereklidir.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hukuki_Durum_Tespiti_Due_Diligence\"><\/span>Hukuki Durum Tespiti (Due Diligence)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u0130kincil olarak, nihai \u015firket sat\u0131\u015f\u0131 anla\u015fmas\u0131 \u00f6ncesinde ger\u00e7ekle\u015ftirilen hukuki durum tespiti (due diligence) s\u00fcrecinde de avukatlar\u0131n kat\u0131l\u0131m\u0131 gereklidir.<\/p>\n\n\n\n<p>M&amp;A s\u00fcrecinde hukuki durum tespiti (due diligence), M&amp;A ile \u015firketi sat\u0131n alan \u015firketin (al\u0131c\u0131 \u015firket), sat\u0131c\u0131 \u015firketin de\u011ferini ve karl\u0131l\u0131\u011f\u0131n\u0131 incelemek i\u00e7in yap\u0131lan bir i\u015flemdir.<\/p>\n\n\n\n<p>Hukuki durum tespiti (due diligence) s\u0131ras\u0131nda, sat\u0131c\u0131 \u015firketin de\u011ferini azaltabilecek bir durum ortaya \u00e7\u0131karsa, M&amp;A i\u015flemi bile iptal olabilir. Bu nedenle, M&amp;A ile ger\u00e7ekle\u015ftirilen \u015firket sat\u0131\u015f\u0131n\u0131n t\u00fcm s\u00fcre\u00e7leri aras\u0131nda \u00e7ok \u00f6nemli bir i\u015flemdir.<\/p>\n\n\n\n<p>Hukuki durum tespiti (due diligence), finansal, hukuki, insan kaynaklar\u0131, sistemler gibi \u00e7e\u015fitli a\u00e7\u0131lardan ger\u00e7ekle\u015ftirilir ve t\u00fcm maddeler i\u00e7in hukuki durum tespiti (due diligence) yapmak, hem zaman hem de maliyet a\u00e7\u0131s\u0131ndan ger\u00e7ek\u00e7i olmayabilir.<\/p>\n\n\n\n<p>Yine de, finansal ve hukuki durum tespiti (due diligence), \u015firket de\u011ferini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde etkiledi\u011fi i\u00e7in, M&amp;A s\u00fcrecinde genellikle her iki durumda da ger\u00e7ekle\u015ftirilir.<\/p>\n\n\n\n<p>Bu durumlar\u0131n aras\u0131nda, hukuki durum tespiti (due diligence) genellikle d\u0131\u015far\u0131dan bir avukat taraf\u0131ndan ger\u00e7ekle\u015ftirilir.<\/p>\n\n\n\n<p>Elbette, al\u0131c\u0131 \u015firketin hukuk departman\u0131 varsa, \u015firket i\u00e7i hukuk uzmanlar\u0131 da hukuki durum tespiti (due diligence) yapabilir.<\/p>\n\n\n\n<p>Buna ra\u011fmen d\u0131\u015f uzmanlardan yard\u0131m al\u0131nmas\u0131n\u0131n nedeni, hukuki durum tespiti (due diligence) s\u0131ras\u0131nda a\u00e7\u0131k bir g\u00f6zden ka\u00e7\u0131rma durumu olmas\u0131 ve bu durumun al\u0131c\u0131 \u015firkete zarar vermesi durumunda, y\u00f6netimin hissedarlardan sorumluluk talep edilme riskidir.<\/p>\n\n\n\n<p>Bu durumda, M&amp;A s\u00fcrecinde hukuki durum tespiti (due diligence) deneyimi olan bir avukat, hukuki durum tespiti (due diligence) s\u0131ras\u0131nda g\u00f6zden ka\u00e7\u0131r\u0131labilecek noktalar\u0131 g\u00f6zden ka\u00e7\u0131rma riskini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde azaltabilir.<\/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>\u015eirketinizi M&amp;A ile satmay\u0131 d\u00fc\u015f\u00fcn\u00fcyorsan\u0131z, genellikle ilk ad\u0131m\u0131n\u0131z M&amp;A dan\u0131\u015fmanl\u0131k hizmetleri sunan bir arac\u0131 kuruma kaydolmak olacakt\u0131r. Bunun yan\u0131 s\u0131ra, i\u015flem yapt\u0131\u011f\u0131n\u0131z bankalar veya M&amp;A dan\u0131\u015fmanl\u0131\u011f\u0131 yapan sertifikal\u0131 muhasebeciler ve vergi dan\u0131\u015fmanlar\u0131 gibi profesyoneller de arac\u0131l\u0131k hizmeti sunabilir.<\/p>\n\n\n\n<p>M&amp;A dan\u0131\u015fmanl\u0131k firmas\u0131na sat\u0131\u015f teklifi olarak kaydoldu\u011funuzda, \u015firket sat\u0131n almak isteyen kurumlar ve bireyler, sat\u0131\u015fa \u00e7\u0131kan \u015firketler hakk\u0131nda bilgi edinebilirler. Bu bilgiler genellikle \u015firket ad\u0131n\u0131n gizli tutuldu\u011fu ve \u00f6nceki y\u0131l\u0131n y\u0131ll\u0131k sat\u0131\u015flar\u0131 gibi mali bilgilerin bir k\u0131sm\u0131n\u0131n g\u00f6r\u00fcnt\u00fclenebildi\u011fi \u015fekildedir.<\/p>\n\n\n\n<p>Son zamanlarda, gelecek vaat eden giri\u015fimleri sat\u0131n almak isteyen \u015firketlerin say\u0131s\u0131 artmaktad\u0131r. Bu nedenle, M&amp;A yoluyla \u015firket sat\u0131\u015f\u0131, kurucular i\u00e7in g\u00fc\u00e7l\u00fc bir \u00e7\u0131k\u0131\u015f stratejisi olmaya devam edecektir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Giri\u015fim \u015firketlerinde yat\u0131r\u0131m geri d\u00f6n\u00fc\u015f\u00fc (genellikle EXIT olarak adland\u0131r\u0131l\u0131r) i\u00e7in geleneksel y\u00f6ntem, halka arz (IPO) idi. Ancak, son zamanlarda, her zaman halka arz\u0131 hedeflemeyen ve \u015firketlerini ha [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62636,"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\/61736"}],"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=61736"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61736\/revisions"}],"predecessor-version":[{"id":62637,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61736\/revisions\/62637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/62636"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}