Closing Accounts vs. Locked Box by Jan Steinbacher
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Closing Accounts vs. Locked Box

Closing Accounts vs. Locked Box


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About the Book

Masterarbeit aus dem Jahr 2013 im Fachbereich Jura - Zivilrecht / Handelsrecht, Gesellschaftsrecht, Kartellrecht, Wirtschaftsrecht, Note: 2,0, German Graduate School of Management and Law gGmbH, Sprache: Deutsch, Abstract: Die Kaufpreisfindung und -vereinbarung spielt bei M&A-Transaktionen eine zentrale Rolle. Hierbei wird geregelt, welcher Kaufpreis nach welcher Berechnungsmethode wann und wie wem zufließen soll. Der angelsächsischen M&A-Praxis entlehnt, bedient man sich seit jeher der Closing Accounts-Methode. Hierbei wird ein Basiskaufpreis beim Signing vereinbart und nach dem Closing auf Basis einer Stichtagsbilanz nachträglich angepasst. Dies erfordert eine präzise Definition der Wertermittlungsparameter, die regelmäßig sehr komplex ist. Nicht selten sind daher deren rechtliche Ausgestaltung, ggf. damit verbundene Missverständnisse oder "Einigungslücken" die Ursache für gerichtliche Auseinandersetzungen nach der Transaktion. Aus diesem Grund wurde die einfachere Kaufpreisvereinbarungsmethode nach "Locked Box" erschaffen. Diese wurde erstmals verstärkt in den verkäuferfreundlichen Jahren 2005 bis 2007 angewandt. "Locked Box" bezeichnet im Zusammenhang der Kaufpreisvereinbarung, dass das Target bzw. dessen Bilanz zum vereinbarten Stichtag "abgeschlossen" wird und das Eigentum am Closing-Stichtag rückwirkend zum Locked-Box-Stichtag gegen Zahlung eines fixen Kaufpreises auf den Käufer übergeht. Beide oben genannten Verfahren unterscheiden sich erheblich und haben aus Käufer- und Verkäufersicht verschiedene Vor- und Nachteile. Die Arbeit stellt aus rechtlicher Perspektive beide Methoden gegenüber, weist auf Fallstricke hin und zeigt Gestaltungsmöglichkeiten die Transaktions-Praxis auf.
About the Author: Jan Steinbächer ist seit 2010 bei IMAP M&A Consultants AG als Projektmanager tätig. Er betreut nationale und internationale Buy- und Sell-side Mandate, hauptsächlich im Automotive-Sektor. Zuvor war Jan Steinbächer zwei Jahre für die mittelstandsfokussierte Investment Bank Silvia Quandt & Cie. AG in Frankfurt tätig. Als Analyst im Bereich Corporate Finance begleitete er sowohl M&A- als auch Kapitalmarkttransaktionen. Jan Steinbächer studierte internationale Betriebswirtschaftslehre an der International University of Monaco, wo er 2007 mit einem Bachelor abschloss. Zusätzlich absolvierte er ein berufsbegleitendes Master-Studium im Bereich Wirtschaftsrecht (LL.M.).


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Product Details
  • ISBN-13: 9783656420743
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Weight: 186 gr
  • ISBN-10: 3656420742
  • Publisher Date: 05 Aug 2013
  • Height: 210 mm
  • No of Pages: 96
  • Series Title: German
  • Sub Title: Rechtliche Gestaltungsmöglichkeiten bei M&A Transaktionen
  • Width: 148 mm


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