{"id":59982,"date":"2023-10-27T15:44:58","date_gmt":"2023-10-27T06:44:58","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=59982"},"modified":"2023-11-06T18:22:45","modified_gmt":"2023-11-06T09:22:45","slug":"ma-merit-demerit-procedure","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/ma-merit-demerit-procedure","title":{"rendered":"Gi\u1ea3i th\u00edch v\u1ec1 quy tr\u00ecnh v\u00e0 l\u1ee3i \u00edch, nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a M&amp;A \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 b\u00e1n c\u00f4ng ty"},"content":{"rendered":"\n<p>Tr\u01b0\u1edbc \u0111\u00e2y, vi\u1ec7c m\u1edf c\u1ed5 phi\u1ebfu c\u00f4ng khai (IPO) \u0111\u00e3 tr\u1edf th\u00e0nh ph\u01b0\u01a1ng th\u1ee9c ch\u00ednh \u0111\u1ec3 thu h\u1ed3i \u0111\u1ea7u t\u01b0 (th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 EXIT) trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, g\u1ea7n \u0111\u00e2y, kh\u00f4ng \u00edt ng\u01b0\u1eddi qu\u1ea3n l\u00fd \u0111\u00e3 ch\u1ecdn c\u00e1ch b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A m\u00e0 kh\u00f4ng c\u1ea7n m\u1edf c\u1ed5 phi\u1ebfu c\u00f4ng khai.<\/p>\n\n\n\n<p>V\u00ec v\u1eady, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 l\u1ee3i \u00edch v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a M&amp;A, quy tr\u00ecnh M&amp;A, v\u00e0 c\u00e1c th\u1ee7 t\u1ee5c n\u00ean y\u00eau c\u1ea7u lu\u1eadt s\u01b0 th\u1ef1c hi\u1ec7n, d\u00e0nh cho nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd \u0111ang c\u00e2n nh\u1eafc vi\u1ec7c b\u00e1n c\u00f4ng ty.<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Ban_cong_ty_thong_qua_M_A_la_gi\" title=\"B\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A l\u00e0 g\u00ec\">B\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A l\u00e0 g\u00ec<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Uu_va_nhuoc_diem_cua_viec_ban_cong_ty_thong_qua_M_A\" title=\"\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A\">\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Uu_diem_cua_viec_su_dung_M_A\" title=\"\u01afu \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A\">\u01afu \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Thu_hoi_dau_tu_nhanh_hon_so_voi_IPO\" title=\"Thu h\u1ed3i \u0111\u1ea7u t\u01b0 nhanh h\u01a1n so v\u1edbi IPO\">Thu h\u1ed3i \u0111\u1ea7u t\u01b0 nhanh h\u01a1n so v\u1edbi IPO<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Nguoi_sang_lap_co_the_thu_suc_voi_cac_du_an_khac\" title=\"Ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 th\u1eed s\u1ee9c v\u1edbi c\u00e1c d\u1ef1 \u00e1n kh\u00e1c\">Ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 th\u1eed s\u1ee9c v\u1edbi c\u00e1c d\u1ef1 \u00e1n kh\u00e1c<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Nhuoc_diem_cua_viec_su_dung_M_A\" title=\"Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A\">Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Nguy_co_nguoi_sang_lap_khong_the_kiem_soat_cong_ty\" title=\"Nguy c\u01a1 ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t c\u00f4ng ty\">Nguy c\u01a1 ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t c\u00f4ng ty<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Co_the_gia_tri_cong_ty_duoc_dinh_gia_thap_hon\" title=\"C\u00f3 th\u1ec3 gi\u00e1 tr\u1ecb c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n\">C\u00f3 th\u1ec3 gi\u00e1 tr\u1ecb c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Cach_tien_hanh_ban_cong_ty_thong_qua_M_A\" title=\"C\u00e1ch ti\u1ebfn h\u00e0nh b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A\">C\u00e1ch ti\u1ebfn h\u00e0nh b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Hop_dong_va_thu_tuc_can_thiet_trong_M_A\" title=\"H\u1ee3p \u0111\u1ed3ng v\u00e0 th\u1ee7 t\u1ee5c c\u1ea7n thi\u1ebft trong M&amp;A\">H\u1ee3p \u0111\u1ed3ng v\u00e0 th\u1ee7 t\u1ee5c c\u1ea7n thi\u1ebft trong M&amp;A<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Ky_ket_hop_dong_bao_mat\" title=\"K\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng b\u1ea3o m\u1eadt\">K\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng b\u1ea3o m\u1eadt<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Ky_ket_thoa_thuan_co_ban\" title=\"K\u00fd k\u1ebft th\u1ecfa thu\u1eadn c\u01a1 b\u1ea3n\">K\u00fd k\u1ebft th\u1ecfa thu\u1eadn c\u01a1 b\u1ea3n<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Due_diligence_%E2%80%93_Ky_ket_hop_dong_cuoi_cung\" title=\"Due diligence &#8211; K\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng cu\u1ed1i c\u00f9ng\">Due diligence &#8211; K\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng cu\u1ed1i c\u00f9ng<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Tai_sao_luat_su_lai_can_thiet_trong_M_A\" title=\"T\u1ea1i sao lu\u1eadt s\u01b0 l\u1ea1i c\u1ea7n thi\u1ebft trong M&amp;A\">T\u1ea1i sao lu\u1eadt s\u01b0 l\u1ea1i c\u1ea7n thi\u1ebft trong M&amp;A<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Dam_phan_va_ky_ket_hop_dong\" title=\"\u0110\u00e0m ph\u00e1n v\u00e0 k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng\">\u0110\u00e0m ph\u00e1n v\u00e0 k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Due_diligence_phap_ly\" title=\"Due diligence ph\u00e1p l\u00fd\">Due diligence ph\u00e1p l\u00fd<\/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\/vi\/general-corporate\/ma-merit-demerit-procedure\/#Tom_tat\" title=\"T\u00f3m t\u1eaft\">T\u00f3m t\u1eaft<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ban_cong_ty_thong_qua_M_A_la_gi\"><\/span>B\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A l\u00e0 g\u00ec<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M&amp;A l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a Mergers and Acquisitions, ngh\u0129a \u0111en l\u00e0 &#8220;S\u00e1p nh\u1eadp v\u00e0 Mua l\u1ea1i&#8221;. V\u00ec v\u1eady, M&amp;A ch\u1ec9 \u0111\u1ebfn vi\u1ec7c s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i c\u00e1c doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>C\u00e1c ph\u01b0\u01a1ng ph\u00e1p M&amp;A bao g\u1ed3m c\u00e1c h\u00e0nh \u0111\u1ed9ng t\u00e1i c\u1ea5u tr\u00fac t\u1ed5 ch\u1ee9c \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong &#8216;Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n&#8217; nh\u01b0 th\u1ee7 t\u1ee5c s\u00e1p nh\u1eadp, c\u0169ng nh\u01b0 vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu v\u00e0 chuy\u1ec3n nh\u01b0\u1ee3ng doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>Th\u1ee7 t\u1ee5c s\u00e1p nh\u1eadp theo &#8216;Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n&#8217; \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh nghi\u00eam ng\u1eb7t, bao g\u1ed3m c\u00e1c th\u1ee7 t\u1ee5c b\u1ea3o v\u1ec7 ch\u1ee7 n\u1ee3. Do \u0111\u00f3, c\u00e1c doanh nghi\u1ec7p l\u1edbn c\u00f3 nhi\u1ec1u ch\u1ee7 n\u1ee3 th\u01b0\u1eddng s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y.<\/p>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i, khi c\u00e1c doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A, vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu v\u00e0 chuy\u1ec3n nh\u01b0\u1ee3ng doanh nghi\u1ec7p th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng. V\u1ec1 M&amp;A th\u00f4ng qua vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/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=\"Uu_va_nhuoc_diem_cua_viec_ban_cong_ty_thong_qua_M_A\"><\/span>\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A<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>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, ph\u01b0\u01a1ng th\u1ee9c thu h\u1ed3i \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng l\u00e0 th\u00f4ng qua vi\u1ec7c ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO) ho\u1eb7c M&amp;A. D\u01b0\u1edbi \u0111\u00e2y, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch \u01b0u v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a M&amp;A so v\u1edbi IPO.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uu_diem_cua_viec_su_dung_M_A\"><\/span>\u01afu \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u01afu \u0111i\u1ec3m ch\u00ednh khi m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A bao g\u1ed3m:<\/p>\n\n\n\n<ul>\n<li>Thu h\u1ed3i \u0111\u1ea7u t\u01b0 nhanh h\u01a1n so v\u1edbi IPO<\/li>\n\n\n\n<li>Ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 th\u1eed s\u1ee9c v\u1edbi c\u00e1c d\u1ef1 \u00e1n kh\u00e1c<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thu_hoi_dau_tu_nhanh_hon_so_voi_IPO\"><\/span>Thu h\u1ed3i \u0111\u1ea7u t\u01b0 nhanh h\u01a1n so v\u1edbi IPO<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>N\u1ebfu m\u1ee5c ti\u00eau l\u00e0 IPO, th\u00ec th\u1eddi gian chu\u1ea9n b\u1ecb th\u01b0\u1eddng k\u00e9o d\u00e0i h\u00e0ng n\u0103m.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, vi\u1ec7c thu\u00ea chuy\u00ean gia ho\u1eb7c t\u01b0 v\u1ea5n vi\u00ean cho IPO, c\u0169ng nh\u01b0 vi\u1ec7c x\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd n\u1ed9i b\u1ed9, s\u1ebd t\u1ed1n r\u1ea5t nhi\u1ec1u chi ph\u00ed.<\/p>\n\n\n\n<p>Tr\u00e1i l\u1ea1i, vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A ch\u1ec9 c\u1ea7n t\u00ecm \u0111\u01b0\u1ee3c c\u00f4ng ty mua, th\u01b0\u1eddng ch\u1ec9 m\u1ea5t t\u1eeb n\u1eeda n\u0103m \u0111\u1ebfn m\u1ed9t n\u0103m \u0111\u1ec3 ho\u00e0n t\u1ea5t, \u0111i\u1ec1u n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 hi\u1ebfm.<\/p>\n\n\n\n<p>D\u00f9 c\u00f3 th\u1ec3 c\u1ea7n nh\u1edd s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a chuy\u00ean gia b\u00ean ngo\u00e0i khi th\u1ef1c hi\u1ec7n M&amp;A, nh\u01b0ng chi ph\u00ed th\u1ea5p h\u01a1n so v\u1edbi IPO.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nguoi_sang_lap_co_the_thu_suc_voi_cac_du_an_khac\"><\/span>Ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 th\u1eed s\u1ee9c v\u1edbi c\u00e1c d\u1ef1 \u00e1n kh\u00e1c<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>Ngo\u00e0i ra, trong tr\u01b0\u1eddng h\u1ee3p M&amp;A, ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n c\u1ee7a c\u00f4ng ty b\u00e1n c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng t\u1eeb ch\u1ee9c ngay khi b\u00e1n c\u00f4ng ty.<\/p>\n\n\n\n<p>Tr\u01b0\u1eddng h\u1ee3p ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f4ng ty kh\u1edfi nghi\u1ec7p t\u00ecm th\u1ea5y l\u0129nh v\u1ef1c kinh doanh m\u1edbi m\u00e0 h\u1ecd mu\u1ed1n t\u1eadp trung v\u00e0 mu\u1ed1n th\u00e0nh l\u1eadp doanh nghi\u1ec7p m\u1edbi t\u1ea1i m\u1ed9t c\u00f4ng ty kh\u00e1c th\u1ef1c s\u1ef1 kh\u00f4ng ph\u1ea3i l\u00e0 hi\u1ebfm.<\/p>\n\n\n\n<p>H\u01a1n n\u1eefa, n\u1ebfu c\u00f4ng ty kh\u00f4ng l\u1ed7 v\u00e0 c\u00f3 ti\u1ec1m n\u0103ng t\u01b0\u01a1ng lai, ng\u01b0\u1eddi s\u00e1ng l\u1eadp s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A b\u1eb1ng c\u00e1ch chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu, v\u00e0 thu \u0111\u01b0\u1ee3c ti\u1ec1n b\u00e1n, ti\u1ec1n n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p m\u1edbi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nhuoc_diem_cua_viec_su_dung_M_A\"><\/span>Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Nguy c\u01a1 ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t c\u00f4ng ty<\/li>\n\n\n\n<li>C\u00f3 th\u1ec3 gi\u00e1 tr\u1ecb c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n so v\u1edbi IPO<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nguy_co_nguoi_sang_lap_khong_the_kiem_soat_cong_ty\"><\/span>Nguy c\u01a1 ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t c\u00f4ng ty<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>N\u1ebfu ng\u01b0\u1eddi s\u00e1ng l\u1eadp mu\u1ed1n t\u1eeb ch\u1ee9c ngay khi b\u00e1n c\u00f4ng ty, th\u00ec kh\u00f4ng c\u00f3 v\u1ea5n \u0111\u1ec1 g\u00ec, nh\u01b0ng n\u1ebfu h\u1ecd mu\u1ed1n ti\u1ebfp t\u1ee5c l\u00e0m vi\u1ec7c t\u1ea1i c\u00f4ng ty d\u01b0\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t s\u0129 quan, th\u00ec M&amp;A c\u00f3 r\u1ee7i ro.<\/p>\n\n\n\n<p>N\u1ebfu th\u1ef1c hi\u1ec7n M&amp;A b\u1eb1ng c\u00e1ch chuy\u1ec3n to\u00e0n b\u1ed9 quy\u1ec1n ki\u1ec3m so\u00e1t c\u00f4ng ty cho c\u00f4ng ty mua, vi\u1ec7c b\u1ea7u ho\u1eb7c sa th\u1ea3i c\u00e1c s\u0129 quan nh\u01b0 gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a c\u00f4ng ty b\u00e1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo \u00fd mu\u1ed1n c\u1ee7a c\u00f4ng ty mua. Do \u0111\u00f3, kh\u00f4ng c\u00f3 s\u1ef1 \u0111\u1ea3m b\u1ea3o r\u1eb1ng ng\u01b0\u1eddi s\u00e1ng l\u1eadp v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c l\u00e0m vi\u1ec7c t\u1ea1i c\u00f4ng ty sau khi b\u00e1n c\u00f4ng ty.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_the_gia_tri_cong_ty_duoc_dinh_gia_thap_hon\"><\/span>C\u00f3 th\u1ec3 gi\u00e1 tr\u1ecb c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n<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>Ngo\u00e0i ra, trong tr\u01b0\u1eddng h\u1ee3p b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A, gi\u00e1 b\u00e1n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh th\u00f4ng qua \u0111\u00e0m ph\u00e1n gi\u1eefa c\u00f4ng ty mua v\u00e0 c\u00f4ng ty b\u00e1n.<\/p>\n\n\n\n<p>N\u1ebfu c\u00f4ng ty mua \u0111\u00e1nh gi\u00e1 cao ti\u1ec1m n\u0103ng t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty b\u00e1n, ho\u1eb7c n\u1ebfu h\u1ecd d\u1ef1 \u0111o\u00e1n s\u1ebd c\u00f3 hi\u1ec7u \u1ee9ng \u0111\u1ed3ng h\u1ee3p, th\u00ec c\u00f3 th\u1ec3 gi\u00e1 tr\u1ecb c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 cao h\u01a1n so v\u1edbi IPO.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, ng\u01b0\u1ee3c l\u1ea1i, vi\u1ec7c b\u1ecb mua v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n so v\u1edbi IPO c\u0169ng ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 x\u1ea3y ra. Do \u0111\u00f3, khi xem x\u00e9t vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A, b\u1ea1n n\u00ean x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc ti\u00eau chu\u1ea9n v\u1ec1 m\u1ee9c gi\u00e1 n\u00e0o s\u1ebd c\u00f3 l\u00fd do kinh t\u1ebf \u0111\u1ec3 b\u00e1n c\u00f4ng ty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cach_tien_hanh_ban_cong_ty_thong_qua_M_A\"><\/span>C\u00e1ch ti\u1ebfn h\u00e0nh b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch v\u1ec1 quy tr\u00ecnh v\u00e0 vai tr\u00f2 c\u1ee7a lu\u1eadt s\u01b0 khi ti\u1ebfn h\u00e0nh b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hop_dong_va_thu_tuc_can_thiet_trong_M_A\"><\/span>H\u1ee3p \u0111\u1ed3ng v\u00e0 th\u1ee7 t\u1ee5c c\u1ea7n thi\u1ebft trong M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Khi b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A, qu\u00e1 tr\u00ecnh s\u1ebd di\u1ec5n ra nh\u01b0 sau:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ky_ket_hop_dong_bao_mat\"><\/span>K\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng b\u1ea3o m\u1eadt<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Khi ng\u01b0\u1eddi b\u00e1n v\u00e0 ng\u01b0\u1eddi mua ti\u1ec1m n\u0103ng \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh v\u00e0 b\u1eaft \u0111\u1ea7u xem x\u00e9t c\u1ee5 th\u1ec3 v\u1ec1 M&amp;A, h\u1ee3p \u0111\u1ed3ng b\u1ea3o m\u1eadt s\u1ebd \u0111\u01b0\u1ee3c k\u00fd k\u1ebft gi\u1eefa hai c\u00f4ng ty.<\/p>\n\n\n\n<p>Vi\u1ec7c xem x\u00e9t M&amp;A l\u00e0 th\u00f4ng tin b\u00ed m\u1eadt cao \u0111\u1ed1i v\u1edbi c\u1ea3 hai c\u00f4ng ty. Cho \u0111\u1ebfn khi th\u1ecfa thu\u1eadn b\u00e1n c\u00f4ng ty cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp, vi\u1ec7c xem x\u00e9t M&amp;A th\u01b0\u1eddng ch\u1ec9 \u0111\u01b0\u1ee3c th\u00f4ng b\u00e1o cho ban l\u00e3nh \u0111\u1ea1o v\u00e0 m\u1ed9t s\u1ed1 nh\u00e2n vi\u00ean ph\u1ee5 tr\u00e1ch, v\u00e0 \u0111\u01b0\u1ee3c gi\u1eef b\u00ed m\u1eadt \u0111\u1ed1i v\u1edbi nh\u00e2n vi\u00ean th\u00f4ng th\u01b0\u1eddng.<\/p>\n\n\n\n<p>\u0110\u1eb7c bi\u1ec7t, n\u1ebfu c\u00f4ng ty b\u00e1n ho\u1eb7c c\u00f4ng ty mua l\u00e0 c\u00f4ng ty ni\u00eam y\u1ebft, th\u00f4ng tin n\u00e0y c\u0169ng s\u1ebd tr\u1edf th\u00e0nh th\u00f4ng tin n\u1ed9i gi\u00e1n, v\u00ec v\u1eady vi\u1ec7c r\u00f2 r\u1ec9 th\u00f4ng tin c\u1ea7n ph\u1ea3i tr\u00e1nh tuy\u1ec7t \u0111\u1ed1i.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, ch\u1ec9 sau khi h\u1ee3p \u0111\u1ed3ng b\u1ea3o m\u1eadt \u0111\u01b0\u1ee3c k\u00fd k\u1ebft, c\u00f4ng ty b\u00e1n v\u00e0 c\u00f4ng ty mua m\u1edbi c\u00f3 th\u1ec3 ti\u1ebft l\u1ed9 t\u00ean c\u00f4ng ty c\u1ee7a nhau.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ky_ket_thoa_thuan_co_ban\"><\/span>K\u00fd k\u1ebft th\u1ecfa thu\u1eadn c\u01a1 b\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Khi c\u00f4ng ty mua quy\u1ebft \u0111\u1ecbnh ch\u00ednh th\u1ee9c th\u1ef1c hi\u1ec7n M&amp;A, h\u1ecd s\u1ebd g\u1eedi &#8220;b\u1ea3n tuy\u00ean b\u1ed1 \u00fd \u0111\u1ecbnh&#8221; \u0111\u1ebfn c\u00f4ng ty b\u00e1n.<\/p>\n\n\n\n<p>Khi nh\u1eadn \u0111\u01b0\u1ee3c \u0111i\u1ec1u n\u00e0y, n\u1ebfu c\u00f4ng ty b\u00e1n cho th\u1ea5y \u00fd \u0111\u1ecbnh \u0111\u00e0m ph\u00e1n v\u1ec1 vi\u1ec7c b\u00e1n c\u00f4ng ty, m\u1ed9t th\u1ecfa thu\u1eadn c\u01a1 b\u1ea3n v\u1ec1 vi\u1ec7c xem x\u00e9t M&amp;A s\u1ebd \u0111\u01b0\u1ee3c k\u00fd k\u1ebft gi\u1eefa hai c\u00f4ng ty. Th\u1ecfa thu\u1eadn c\u01a1 b\u1ea3n ghi r\u00f5 vi\u1ec7c c\u00f4ng ty b\u00e1n v\u00e0 c\u00f4ng ty mua ti\u1ebfp t\u1ee5c xem x\u00e9t M&amp;A.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, ph\u1ea7n th\u1ecfa thu\u1eadn v\u1ec1 vi\u1ec7c ti\u1ebfp t\u1ee5c xem x\u00e9t M&amp;A th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn qu\u00fd \u00f4ng kh\u00f4ng c\u00f3 l\u1ef1c l\u01b0\u1ee3ng ph\u00e1p l\u00fd r\u00e0ng bu\u1ed9c. Do \u0111\u00f3, th\u1eadm ch\u00ed n\u1ebfu cu\u1ed1i c\u00f9ng kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn M&amp;A, ng\u01b0\u1eddi tham gia th\u01b0\u1eddng kh\u00f4ng ph\u1ea3i ch\u1ecbu tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i, v.v.<\/p>\n\n\n\n<p>V\u1ec1 c\u00e1c \u0111i\u1ec1u kho\u1ea3n m\u1eabu c\u1ee7a th\u1ecfa thu\u1eadn c\u01a1 b\u1ea3n trong M&amp;A v\u00e0 l\u1ef1c l\u01b0\u1ee3ng ph\u00e1p l\u00fd r\u00e0ng bu\u1ed9c, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/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_%E2%80%93_Ky_ket_hop_dong_cuoi_cung\"><\/span>Due diligence &#8211; K\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng cu\u1ed1i c\u00f9ng<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u0110i\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 c\u00f4ng ty mua quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ef1c hi\u1ec7n M&amp;A hay kh\u00f4ng l\u00e0 th\u1ee7 t\u1ee5c ki\u1ec3m tra gi\u00e1 tr\u1ecb v\u00e0 r\u1ee7i ro c\u1ee7a c\u00f4ng ty b\u00e1n, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 due diligence. Ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 due diligence sau.<\/p>\n\n\n\n<p>D\u1ef1a tr\u00ean due diligence, n\u1ebfu c\u00f4ng ty mua quy\u1ebft \u0111\u1ecbnh cu\u1ed1i c\u00f9ng th\u1ef1c hi\u1ec7n M&amp;A, h\u1ee3p \u0111\u1ed3ng cu\u1ed1i c\u00f9ng v\u1ec1 vi\u1ec7c b\u00e1n c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c k\u00fd k\u1ebft gi\u1eefa c\u00f4ng ty b\u00e1n v\u00e0 c\u00f4ng ty mua.<\/p>\n\n\n\n<p>Trong h\u1ee3p \u0111\u1ed3ng cu\u1ed1i c\u00f9ng, c\u00e1c \u0111i\u1ec1u kho\u1ea3n v\u1ec1 gi\u00e1 b\u00e1n c\u00f4ng ty, ph\u01b0\u01a1ng ph\u00e1p chuy\u1ec3n giao c\u1ed5 phi\u1ebfu v\u00e0 t\u00e0i s\u1ea3n, \u0111\u1ed1i x\u1eed v\u1edbi ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n c\u1ee7a c\u00f4ng ty b\u00e1n sau khi b\u00e1n c\u00f4ng ty, v.v., th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u01b0a ra.<\/p>\n\n\n\n<p>Khi h\u1ee3p \u0111\u1ed3ng cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c k\u00fd k\u1ebft, ng\u01b0\u1eddi b\u00e1n v\u00e0 ng\u01b0\u1eddi mua s\u1ebd th\u1ef1c hi\u1ec7n c\u00e1c th\u1ee7 t\u1ee5c c\u1ea7n thi\u1ebft d\u1ef1a tr\u00ean n\u1ed9i dung h\u1ee3p \u0111\u1ed3ng, v\u00e0 vi\u1ec7c b\u00e1n c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. Th\u1ee7 t\u1ee5c th\u1ef1c hi\u1ec7n n\u00e0y \u0111\u00f4i khi \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;\u0111\u00f3ng c\u1eeda&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tai_sao_luat_su_lai_can_thiet_trong_M_A\"><\/span>T\u1ea1i sao lu\u1eadt s\u01b0 l\u1ea1i c\u1ea7n thi\u1ebft trong M&amp;A<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>Khi doanh nghi\u1ec7p ti\u1ebfn h\u00e0nh M&amp;A, vi\u1ec7c y\u00eau c\u1ea7u s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb c\u00e1c chuy\u00ean gia b\u00ean ngo\u00e0i nh\u01b0 lu\u1eadt s\u01b0 hay k\u1ebf to\u00e1n c\u00f4ng ch\u1ee9ng l\u00e0 \u0111i\u1ec1u th\u00f4ng th\u01b0\u1eddng.<\/p>\n\n\n\n<p>Lu\u1eadt s\u01b0 h\u1ed7 tr\u1ee3 doanh nghi\u1ec7p ch\u1ee7 y\u1ebfu trong hai t\u00ecnh hu\u1ed1ng sau trong M&amp;A:<\/p>\n\n\n\n<ul>\n<li>\u0110\u00e0m ph\u00e1n v\u00e0 k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng<\/li>\n\n\n\n<li>Due diligence ph\u00e1p l\u00fd<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dam_phan_va_ky_ket_hop_dong\"><\/span>\u0110\u00e0m ph\u00e1n v\u00e0 k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u0110\u1ea7u ti\u00ean, trong M&amp;A, c\u00e1c c\u00f4ng ty b\u00e1n v\u00e0 mua s\u1ebd k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u1edf nhi\u1ec1u giai \u0111o\u1ea1n kh\u00e1c nhau, nh\u01b0 giai \u0111o\u1ea1n xem x\u00e9t c\u1ee5 th\u1ec3 v\u00e0 giai \u0111o\u1ea1n th\u1ecfa thu\u1eadn cu\u1ed1i c\u00f9ng v\u1ec1 vi\u1ec7c b\u00e1n c\u00f4ng ty.<\/p>\n\n\n\n<p>N\u00f3i chung, vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A l\u00e0 m\u1ed9t s\u1ef1 ki\u1ec7n r\u1ea5t quan tr\u1ecdng c\u00f3 th\u1ec3 quy\u1ebft \u0111\u1ecbnh s\u1ed1 ph\u1eadn c\u1ee7a c\u00f4ng ty, \u0111\u1ed1i v\u1edbi c\u1ea3 ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n. Do \u0111\u00f3, kh\u00f4ng th\u1ec3 ch\u1ea5p nh\u1eadn vi\u1ec7c h\u1ee3p \u0111\u1ed3ng c\u00f3 l\u1ee3i m\u1ed9t c\u00e1ch c\u1ef1c \u0111oan cho c\u00f4ng ty c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, v\u1ec1 th\u1ecfa thu\u1eadn cu\u1ed1i c\u00f9ng v\u1ec1 vi\u1ec7c b\u00e1n c\u00f4ng ty, d\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 c\u1ee7a due diligence \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u01b0\u1edbc \u0111\u00f3, ng\u01b0\u1eddi b\u00e1n v\u00e0 ng\u01b0\u1eddi mua c\u1ea7n ph\u1ea3i \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng ri\u00eang l\u1ebb.<\/p>\n\n\n\n<p>M\u1eb7c d\u00f9 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng l\u1ea5y \u0111\u01b0\u1ee3c m\u1eabu h\u1ee3p \u0111\u1ed3ng M&amp;A, nh\u01b0ng khi th\u1ef1c s\u1ef1 k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng, b\u1ea1n ph\u1ea3i nh\u1ea5t \u0111\u1ecbnh ph\u1ea3n \u00e1nh t\u00ecnh h\u00ecnh c\u1ee5 th\u1ec3 c\u1ee7a t\u1eebng v\u1ee5 vi\u1ec7c.<\/p>\n\n\n\n<p>N\u1ebfu c\u00f3 \u0111i\u1ec1u g\u00ec \u0111\u00f3 c\u00f3 th\u1ec3 t\u1ea1o ra r\u1ee7i ro cho c\u00f4ng ty c\u1ee7a b\u1ea1n ho\u1eb7c n\u1ebfu b\u1ea1n lo l\u1eafng v\u1ec1 \u0111i\u1ec1u g\u00ec \u0111\u00f3 trong M&amp;A, th\u00ec c\u00f3 nhi\u1ec1u t\u00ecnh hu\u1ed1ng c\u1ea7n ph\u1ea3i t\u00ecm c\u00e1ch, nh\u01b0 vi\u1ec7c \u0111\u01b0a c\u00e1c \u0111i\u1ec1u kho\u1ea3n \u0111\u1ec3 gi\u1ea3m r\u1ee7i ro v\u00e0o h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi vi\u1ec7c \u0111\u00e0m ph\u00e1n v\u00e0 so\u1ea1n th\u1ea3o h\u1ee3p \u0111\u1ed3ng nh\u01b0 v\u1eady, c\u1ea7n c\u00f3 ki\u1ebfn th\u1ee9c ph\u00e1p l\u00fd chuy\u00ean m\u00f4n nh\u01b0 Lu\u1eadt c\u00f4ng ty. \u0110\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao s\u1ef1 tham gia c\u1ee7a lu\u1eadt s\u01b0 \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u trong giai \u0111o\u1ea1n \u0111\u00e0m ph\u00e1n v\u00e0 k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_diligence_phap_ly\"><\/span>Due diligence ph\u00e1p l\u00fd<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Th\u1ee9 hai, s\u1ef1 tham gia c\u1ee7a lu\u1eadt s\u01b0 c\u0169ng c\u1ea7n thi\u1ebft trong due diligence ph\u00e1p l\u00fd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u01b0\u1edbc th\u1ecfa thu\u1eadn cu\u1ed1i c\u00f9ng v\u1ec1 vi\u1ec7c b\u00e1n c\u00f4ng ty.<\/p>\n\n\n\n<p>Due diligence trong M&amp;A l\u00e0 quy tr\u00ecnh m\u00e0 c\u00f4ng ty mua (ng\u01b0\u1eddi mua) ki\u1ec3m tra gi\u00e1 tr\u1ecb v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1ee3i c\u1ee7a c\u00f4ng ty b\u00e1n.<\/p>\n\n\n\n<p>N\u1ebfu due diligence ph\u00e1t hi\u1ec7n ra s\u1ef1 th\u1eadt c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty b\u00e1n, M&amp;A c\u00f3 th\u1ec3 b\u1ecb \u0111\u00ecnh tr\u1ec7. Do \u0111\u00f3, \u0111\u00e2y l\u00e0 m\u1ed9t quy tr\u00ecnh r\u1ea5t quan tr\u1ecdng trong to\u00e0n b\u1ed9 quy tr\u00ecnh b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A.<\/p>\n\n\n\n<p>Due diligence \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u1eeb nhi\u1ec1u g\u00f3c \u0111\u1ed9 kh\u00e1c nhau, bao g\u1ed3m t\u00e0i ch\u00ednh, ph\u00e1p l\u00fd, nh\u00e2n s\u1ef1, h\u1ec7 th\u1ed1ng, v\u00e0 vi\u1ec7c th\u1ef1c hi\u1ec7n due diligence cho t\u1ea5t c\u1ea3 c\u00e1c m\u1ee5c ti\u00eau kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ef1c t\u1ebf v\u1ec1 m\u1eb7t th\u1eddi gian v\u00e0 chi ph\u00ed.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, due diligence t\u00e0i ch\u00ednh v\u00e0 ph\u00e1p l\u00fd c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u00f4ng ty, n\u00ean th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong M&amp;A.<\/p>\n\n\n\n<p>Trong s\u1ed1 \u0111\u00f3, due diligence ph\u00e1p l\u00fd th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi lu\u1eadt s\u01b0 b\u00ean ngo\u00e0i.<\/p>\n\n\n\n<p>Qu\u1ea3 th\u1eadt, n\u1ebfu c\u00f4ng ty mua c\u00f3 b\u1ed9 ph\u1eadn ph\u00e1p l\u00fd, th\u00ec ng\u01b0\u1eddi ph\u1ee5 tr\u00e1ch ph\u00e1p l\u00fd n\u1ed9i b\u1ed9 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n due diligence ph\u00e1p l\u00fd.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, l\u00fd do m\u00e0 ch\u00fang t\u00f4i y\u00eau c\u1ea7u s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb chuy\u00ean gia b\u00ean ngo\u00e0i l\u00e0 v\u00ec n\u1ebfu c\u00f4ng ty mua ph\u00e1t sinh thi\u1ec7t h\u1ea1i do vi\u1ec7c b\u1ecf s\u00f3t r\u00f5 r\u00e0ng trong due diligence ph\u00e1p l\u00fd, ban qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 b\u1ecb c\u1ed5 \u0111\u00f4ng v\u00e0 ng\u01b0\u1eddi kh\u00e1c truy c\u1ee9u tr\u00e1ch nhi\u1ec7m.<\/p>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, n\u1ebfu l\u00e0 m\u1ed9t lu\u1eadt s\u01b0 c\u00f3 kinh nghi\u1ec7m v\u1ec1 due diligence ph\u00e1p l\u00fd trong M&amp;A, b\u1ea1n c\u00f3 th\u1ec3 gi\u1ea3m \u0111\u00e1ng k\u1ec3 r\u1ee7i ro b\u1ecf s\u00f3t c\u00e1c \u0111i\u1ec3m c\u1ea7n ki\u1ec3m tra trong due diligence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tom_tat\"><\/span>T\u00f3m t\u1eaft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>N\u1ebfu b\u1ea1n c\u00f3 mong mu\u1ed1n b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A, vi\u1ec7c \u0111\u1ea7u ti\u00ean b\u1ea1n th\u01b0\u1eddng ngh\u0129 \u0111\u1ebfn l\u00e0 \u0111\u0103ng k\u00fd v\u1edbi c\u00e1c c\u00f4ng ty m\u00f4i gi\u1edbi cung c\u1ea5p d\u1ecbch v\u1ee5 t\u01b0 v\u1ea5n M&amp;A. Ngo\u00e0i ra, c\u0169ng c\u00f3 tr\u01b0\u1eddng h\u1ee3p c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 giao d\u1ecbch v\u1edbi b\u1ea1n ho\u1eb7c c\u00e1c chuy\u00ean gia nh\u01b0 k\u1ebf to\u00e1n c\u00f4ng ch\u1ee9ng ho\u1eb7c c\u1ed1 v\u1ea5n thu\u1ebf cung c\u1ea5p d\u1ecbch v\u1ee5 t\u01b0 v\u1ea5n M&amp;A s\u1ebd m\u00f4i gi\u1edbi.<\/p>\n\n\n\n<p>Khi b\u1ea1n \u0111\u0103ng k\u00fd v\u1edbi m\u1ed9t c\u00f4ng ty t\u01b0 v\u1ea5n M&amp;A \u0111\u1ec3 b\u00e1n, c\u00e1c t\u1ed5 ch\u1ee9c ho\u1eb7c c\u00e1 nh\u00e2n mu\u1ed1n mua c\u00f4ng ty s\u1ebd c\u00f3 th\u1ec3 xem th\u00f4ng tin v\u1ec1 c\u00f4ng ty \u0111ang \u0111\u01b0\u1ee3c b\u00e1n. Th\u00f4ng tin n\u00e0y th\u01b0\u1eddng bao g\u1ed3m m\u1ed9t ph\u1ea7n th\u00f4ng tin k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a n\u0103m tr\u01b0\u1edbc, nh\u01b0 doanh thu h\u00e0ng n\u0103m, trong khi t\u00ean c\u00f4ng ty \u0111\u01b0\u1ee3c gi\u1eef b\u00ed m\u1eadt.<\/p>\n\n\n\n<p>G\u1ea7n \u0111\u00e2y, ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u c\u00f4ng ty mu\u1ed1n mua c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f3 ti\u1ec1m n\u0103ng nh\u01b0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c kinh doanh. Do \u0111\u00f3, vi\u1ec7c b\u00e1n c\u00f4ng ty th\u00f4ng qua M&amp;A s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p EXIT m\u1ea1nh m\u1ebd cho c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp trong t\u01b0\u01a1ng lai.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tr\u01b0\u1edbc \u0111\u00e2y, vi\u1ec7c m\u1edf c\u1ed5 phi\u1ebfu c\u00f4ng khai (IPO) \u0111\u00e3 tr\u1edf th\u00e0nh ph\u01b0\u01a1ng th\u1ee9c ch\u00ednh \u0111\u1ec3 thu h\u1ed3i \u0111\u1ea7u t\u01b0 (th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 EXIT) trong c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p. Tuy nhi\u00ean, g\u1ea7n \u0111\u00e2y, kh\u00f4ng \u00edt ng\u01b0\u1eddi qu\u1ea3n l\u00fd \u0111\u00e3 ch\u1ecdn [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":60036,"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\/vi\/wp-json\/wp\/v2\/posts\/59982"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=59982"}],"version-history":[{"count":1,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59982\/revisions"}],"predecessor-version":[{"id":60037,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59982\/revisions\/60037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/60036"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=59982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=59982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=59982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}