ALLE college-aantekeningen voor het vak Fusies, Reorganisaties en Insolventie met inhoudsopgave
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Course
Fusies, Reorganisaties en Insolventie (RB41)
Institution
Erasmus Universiteit Rotterdam (EUR)
Deze samenvatting bevat aantekeningen van alle colleges die zijn gegeven voor het vak Fusies, Reorganisaties en Insolventie tijdens de Master Ondernemingsrecht aan de Erasmus Universiteit. De samenvatting bevat ook een inhoudsopgave.
Inhoudsopgave
Hoorcollege 1: Fusiemethoden en splitsing....................................................12
Enkele motieven............................................................................................................ 12
Begrip fusie................................................................................................................... 12
Open en besloten verhoudingen...................................................................................12
Fusiemethoden.............................................................................................................. 12
Bedrijfsfusie............................................................................................................... 12
Aandelenfusie............................................................................................................. 13
Juridische fusie........................................................................................................... 14
Nationale splitsing......................................................................................................... 14
Splitsing........................................................................................................................ 14
Rechtsgevolgen splitsing I............................................................................................. 15
Bijzondere vormen van splitsing (uitzondering)............................................................15
Vereisten voor splitsing & fases....................................................................................15
Grensoverschrijdende splitsing.....................................................................................16
Hoorcollege 2 en 3: Aandelenfusie in besloten verhoudingen.........................17
Kernbegrippen............................................................................................................... 17
Overnameproces........................................................................................................... 17
Overname proces (One on One)....................................................................................17
Overname proces (Auction) – veilingprocedure.............................................................18
Contractsvorming - Onderhandelingen (wilsvorming)...................................................18
Contractsvorming.......................................................................................................... 18
Contractsvrijheid........................................................................................................... 18
Terug naar de basis.................................................................................................... 18
Uitleg van contracten - arresten....................................................................................19
Haviltex (HR 13 maart 1981, NJ 1981/635).................................................................19
Meyer / PontMeyer (HR 19 januari 2007, NJ 2007/575)...............................................19
Lundiform / Mexx (HR 5 april 2013, NJ 2013/214).......................................................20
Afvalzorg / Slotereind (HR 7 februari 2014, JOR 2014, 92)..........................................20
Monumentenmaatschappij Valerbosch (HR 13 december 2019,
ECLI:NL:HR:2019:1940).............................................................................................. 22
Contractueel uitsluiten van Haviltex.............................................................................22
HR 25 augustus 2023, ECLI:NL:HR:2023:1131, JAR 2023/257....................................22
Conclusie uitleg van contracten....................................................................................23
Voorfase........................................................................................................................ 23
Pre-contractuele fase................................................................................................. 23
Geheimhoudingsovereenkomst (NDA)...........................................................................23
Intentieovereenkomst (LOI, MoU, HoT)..........................................................................24
Due diligence – een definitie......................................................................................... 24
Due diligence – jurisprudentie.......................................................................................24
Baris / Riezenkamp (HR 15 november 1957, NJ 1958/67)...........................................24
Hoog Catharijne (HR 22 december 1995, NJ 1996/300)..............................................25
1
, M&M Beheer (HR 14 maart 2004)..............................................................................25
Due diligence – overige zaken.......................................................................................25
Due diligence – Gevolgen voor het overnameproces.....................................................25
Contractueel – garanties en vrijwaringen......................................................................26
SPA – SER en WOR......................................................................................................... 26
SPA – onderwerpen........................................................................................................ 26
W&I verzekering............................................................................................................ 27
Procedure................................................................................................................... 27
Waarvoor krijg je dekking?......................................................................................... 28
Aandeelhoudersovereenkomst......................................................................................28
Hoorcollege 4 en 5: Private Equity................................................................29
Wat is private equity?.................................................................................................... 29
Waarin is private equity geïnvesteerd?.........................................................................29
Herkomst van private equity (fondsen).........................................................................29
Venture capital vs. Buyouts (verschijningsvormen van private equity in Nederland.....29
Venture Capital-investeringen.......................................................................................30
Milestone-financiering (risicobeperking voor de venturecapitalist)...............................30
Contractuele verwateringsbescherming (anti-dilution adjustments).............................30
Voorbeeld: Full Ratchet (meest aggressieve voorbeeld!)............................................31
Liquidatiepreferentie (voordringen)...............................................................................31
Voorbeeld: Participating Preferred..............................................................................31
Wat is een buyout?........................................................................................................ 31
Deal structuur bij buy-outs............................................................................................ 32
Buy-outs: het proces..................................................................................................... 32
Wat gebeurt er bij closing (bij de notaris)?....................................................................32
Kenmerken buy-outfinanciering....................................................................................33
Debt pushdown / garanties door Target........................................................................33
Achtergestelde aandeelhoudersleningen......................................................................33
Allocatie van verkoopopbrengst: waterfall....................................................................34
Effecten van leverage (I)...............................................................................................34
Effecten van leverage (II) (versimpeld voorbeeld).........................................................34
Effecten van leverage (III).............................................................................................35
Effecten van leverage (IV)............................................................................................. 35
Impact van financieringsstructuur.................................................................................36
Aandeelhoudersovereenkomst – typische elementen...................................................36
Good / bad leaver clausule............................................................................................ 36
Governance: wie doet wat?........................................................................................... 36
Toezicht op het management........................................................................................37
Beslissende invloed....................................................................................................... 37
Exits: meest voorkomende vormen...............................................................................38
Tag Along recht (niet controversieel).............................................................................38
2
, Drag Along recht (dit is wel controversieel)...................................................................38
Hoe moet het NIET? – Estro........................................................................................... 38
Estro (Catalpa): waardegroei en neergang....................................................................39
Buyout Catalpa door Providence: sources & uses..........................................................39
(Totale) debt push down via juridische fusie..................................................................39
Eerste toepassing van artikel 2:346 lid 3 BW!...............................................................39
OK wijst enquêteverzoek toe (I)....................................................................................40
Uitspraak OK: wanbeleid bij Estro (III)...........................................................................40
Wat beslist de OK?...................................................................................................... 42
Hoorcollege 6 en 7: Medezeggenschap: de rol van de ondernemingsraad........43
Inspraak van werknemers............................................................................................. 43
Vormen van medezeggenschapsoverleg.......................................................................43
Wet op de ondernemingsraden 4 mei 1950..................................................................44
Instelling OR.................................................................................................................. 44
Inhoud deel 1................................................................................................................ 44
Werkwijze na instelling.................................................................................................. 45
Faciliteiten voor de OR..................................................................................................45
Geheimhouding art. 20 WOR.........................................................................................45
Geheimhouding art. 20 WOR – bescherming van de OR-leden......................................45
Bijzondere ondernemingsraden.....................................................................................45
Twee of meer ondernemingsraden?..............................................................................46
COR/GOR....................................................................................................................... 46
Vaker conflict COR/GOR met ondernemingsraden over bevoegdheden onderling.........46
Wanneer moet een EOR/COR/GOR/GEMOR worden ingesteld?......................................47
Bevoegdheden.............................................................................................................. 47
Overlegrecht (art. 23 WOR)........................................................................................... 47
Inititiatiefrecht (art. 23 lid 3 WOR)................................................................................47
Overleg (art. 24 WOR)................................................................................................... 48
Informatierecht (art. 31 e.v.)......................................................................................... 48
Adviesrecht (art. 25 WOR)............................................................................................ 48
Wat is een voorgenomen besluit?..................................................................................48
Adviesmoment en inhoud advies..................................................................................49
OK 10-10-2017 (OR Uniface).........................................................................................49
Hoge Raad 2 juni 2017, ECLI:NL:HR:2017:982..............................................................50
Artikel 26 WOR – niet behandeld in college...................................................................50
Toerekeningscriterium art. 26 WOR – niet behandeld in college....................................51
Marginale toets! (is advies gevraagd) – niet behandeld in college................................51
Art. 36 WOR Algemene geschillenregeling – niet behandeld in college.........................51
Art. 32 lid 2 WOR: de ondernemingsovereenkomst – niet behandeld in college............52
Artikel 30 WOR – niet uitgebreid behandeld in college..................................................52
3
, Medezeggenschap in concernverhoudingen..................................................................52
In het kort..................................................................................................................... 52
Toerekening................................................................................................................... 53
Toerekening (II)............................................................................................................. 53
Medeondernemerschap................................................................................................. 53
OK 19 oktober 2016 (SHL).............................................................................................54
Zijn aandeelhouders medeondernemer?.......................................................................54
Hoorcollege 8 – Remedies bij overnames.......................................................55
Overzicht....................................................................................................................... 55
Voorvraag (1): tekortkoming?........................................................................................ 55
Voorvraag (2): Verzuim en klachtplicht?........................................................................55
1. Nakoming: art. 3:296 BW..........................................................................................56
Nakoming (ii).............................................................................................................. 56
Nakoming (ii) – uitzondering: het Plaza-arrest............................................................56
Nakoming (iii) – de overnamepraktijk.........................................................................56
2. Ontbinding: art. 6:265 BW.........................................................................................57
Ontbinding (ii): tenzij… en het Eigen Haard arrest.....................................................57
Ontbinding (iii)........................................................................................................... 57
3. Vernietiging wegens dwaling (of ander wilsgebrek)..................................................58
4. Schadevergoeding (art. 6:74 BW).............................................................................58
Schadevergoeding (ii) – overmacht? (Force Majeure).................................................58
5. Onvoorziene omstandigheden - vereisten.................................................................60
Onvoorziene omstandigheden (i)...............................................................................60
Onvoorziene omstandigheden (ii): overnames en Corona?........................................60
Onvoorziene omstandighden (iii) – MAC-clausule.......................................................60
Onvoorziene omstandighden (vi): contractuele invulling...........................................61
Hoorcollege 9: (Grensoverschrijdende) juridische fusie en Societas Europaea. 62
Fusiemethoden.............................................................................................................. 62
Juridische fusie.............................................................................................................. 62
ABN AMRO..................................................................................................................... 62
Juridische fusie.............................................................................................................. 63
Rechtsgevolgen van een juridische fusie I:....................................................................63
Driehoeksfusie (speciale soort juridische fusie).............................................................63
Voorbereidingsfase van de juridische fusie...................................................................63
Openbaarmakingsfase van de juridische fusie..............................................................63
De uitvoeringsfase van de juridische fusie....................................................................63
Vernietiging van een juridische fusie.............................................................................65
Schuldeisers/contractspartijen bij een juridische fusie..................................................65
Grensoverschrijdende fusie (GOF).................................................................................65
GOF............................................................................................................................... 65
Societas Europaea - Europese rechtsvormen................................................................66
De Societas Europaea................................................................................................... 66
SE: wijzen van oprichting (art. 2)................................................................................66
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