Corporate Acquisitions and Mergers in Bulgaria

Name: Corporate Acquisitions and Mergers in Bulgaria
Brand: Wolters Kluwer
Price: 62.99 EUR
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Diana Dimova Nina Tsifudina Simeon Vachev Debora Dineva Nikolay Gergov Yasen Toshev Simona Damyanova(Autor*in)

Wolters Kluwer (Verlag)

Erschienen am 25. September 2023

136 Seiten

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978-94-035-1817-6 (ISBN)

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Inhalt

Cover
Half Title
Title
Copyright
Contents
Author
1 LEGAL ECONOMIC, POLITICAL AND CULTURAL ASPECTS
1.1 General Comments on the Country Profile
1.1.1 Geographic Location
1.1.2 Population and Population Growth
1.1.3 Language
1.1.4 Natural Resources
1.1.5 Currency
1.1.6 Employment Cost and Availability of Labour
1.1.7 Infrastructure
1.2 Government and Political System
1.2.1 Political Stability
1.2.2 Entrepreneurship Environment
1.3 Legal System
1.4 Current Economic Aspects
1.4.1 Growth Rate of Economy
1.4.2 M&A Trends
1.5 Main Industries
1.5.1 Key Industries
1.5.2 Foreign Investments
1.5.3 Role of the State in the Economy
1.5.4 Local M&A Deals
1.6 Cultural Aspects
1.6.1 Investment Climate
1.6.2 Exchange of Gifts
1.6.3 Cultural Differences
2 THE REGULATORY FRAMEWORK
2.1 Business Vehicles in Bulgaria
2.1.1 Forms of Business Vehicles
2.1.2 Registration Requirements
2.1.3 Reporting Requirements
2.1.4 General Characteristics of an LLC
2.1.5 General Characteristics of a JSC
2.2 Laws Affecting M&A
2.2.1 Legislative Framework
2.2.2 Reorganisation of Companies: Acquisition of Shares and Businesses
2.3 Relevant Regulatory Authorities
2.3.1 Commercial Registry
2.3.2 Commission for Protection of Competition (CPC)
2.3.3 Central Depository AD
2.3.4 Financial Supervision Commission
2.3.5 Bulgarian National Bank
2.3.6 National Revenue Agency
2.3.7 Financial Investigations Directorate of the State Agency for National Security
2.4 Controls/Restrictions on Foreign Investment
2.4.1 Restrictions on Foreign Investments
2.4.2 Formal Approvals
2.4.3 Restrictions on Foreign Directors or Managers
2.4.4 Trade Permits/Minimum Capital Requirements
2.4.5 Restrictions on Acquisition of Real Estate
2.5 Incentives for Foreign Investment
2.5.1 Grants and Investment Incentives Available to Foreign Investors
2.5.2 Special Economic Zones
2.5.3 Guarantees Against Expropriation or Nationalisation: Repatriation of Profits
2.5.4 Financing Options for Acquisitions by Foreign Investors in Bulgaria
2.6 Specific Issues of Company/Securities Law
2.6.1 Shareholder Approval of M&A Transactions
2.6.2 Form of Consideration
2.6.3 Financial Assistance
2.6.4 Security Interests
2.6.5 Completion Formalities
2.6.6 Costs and Fees
2.6.7 Dividends
2.6.8 Purchase of Own Shares
2.6.9 Piercing the Corporate Veil
2.6.10 Insolvency
2.6.11 Choice of Law/Jurisdiction
2.7 Specific Rules on Public Takeovers
2.7.1 Legislative Framework and Competent Authority
2.7.2 Specific Requirements
2.7.3 Principles of Public Takeovers
2.7.4 Available Takeover Structures
2.7.5 Directors' Responsibilities
2.7.6 Partial Offer
2.7.7 Mandatory Bids
2.7.8 Voluntary Bids
2.7.9 Buying Shares in Advance of, or During a Bid
2.7.10 Disclosure Obligations
2.7.11 Exclusivity and Break Fees
2.7.12 Constraints on Due Diligence
2.7.13 Announcement Obligations
2.7.14 Minimum Price Obligations Imposed on a Buyer
2.7.15 Same Terms
2.7.16 Conditions with Respect to the Bid
2.7.17 General Comments on Timetable
2.7.18 Merger Control
2.7.19 Content of Documents
2.7.20 Withdrawal of the Bid
2.7.21 Amendments to the Initial Offer
2.7.22 When Does Control Formally Pass to the Buyer?
2.7.23 Squeeze-Out and Buy-Out Procedures
2.7.24 Sanctions
2.8 Other Relevant Laws and Due Diligence Issues
2.8.1 Anti-bribery and Anti-corruption Laws Affecting M&A Activity in Bulgaria
2.8.2 Money-Laundering Regulations
2.8.3 Significant Environmental or Product Safety Laws
2.8.4 Protection and Enforcement of IPRs in Bulgaria
2.8.5 Agents and Distributors
2.8.6 The Use of 'Change of Control' Clauses in Bulgaria
2.9 The Due Diligence Process
2.9.1 Due Diligence
2.9.2 Immovable Properties
2.9.3 Energy and Environmental Audits
2.9.4 Data Rooms
2.9.5 Important Aspects
2.9.6 Avoidable Pitfalls
2.9.7 Representations, Warranties and Indemnities
2.10 Role of the Courts
2.10.1 Dispute Resolution
2.10.2 Enforceability of Key Contractual Provisions
3 MERGER CONTROL
3.1 Relevant Legislation and Competent Authorities
3.1.1 Legislative Framework
3.1.2 Competent Authorities
3.1.3 Filing Obligation
3.2 Scope of the Control
3.3 Process/Mechanics
3.3.1 Notification Procedure
3.3.2 Assessment of a Concentration
3.3.3 Timing Implications of Obtaining Approvals
3.3.4 Deals That Are Likely to Be Refused
3.3.5 Participation of Competitors and Other Stakeholders in the Procedure
3.3.6 Scope for Offering Remedies to Obtain Clearance
3.3.7 Timing of Approvals in the Context of a Bid for a Publicly Held Company
3.3.8 Sanctions for a Breach of the Merger Control or Other Anti-trust Laws
3.4 Anticompetitive Restraints
3.4.1 Non-compete and Non-solicitation Obligations
3.4.2 Main Constraints Affecting Competitive Behaviour after a Deal Has Been Implemented and Relevant Competition Authorities
4 TAXATION ASPECTS
4.1 Nature of the Tax Regime
4.1.1 General Comments
4.2 Liability to Tax
4.2.1 Liable Persons
4.2.2 Permanent Establishment
4.2.3 Main Taxes
4.3 Tax Consolidation: Group Relief of Gains and Losses
4.3.1 Use of Gains or Losses of the Target Company Elsewhere Within the Purchaser's Group
4.3.2 Controlled Foreign Companies Rules
4.4 Tax Considerations Arising from M&A Transactions
4.4.1 Main Tax Issues Related to M&A Transactions
4.4.2 Negotiation of Values
4.4.3 Carry Forward of Losses
4.4.4 Deferred Payments, Retentions, Holdbacks and 'Earn-Outs'
4.4.5 Deductibility of Acquisition Expenses as a Business Expense
4.5 Structuring the Investment
4.5.1 Withholding Taxes
4.5.2 Double Tax Treaties
4.6 Thin Capitalisation
4.7 Transfer Pricing
5 EMPLOYMENT CONSIDERATIONS
5.1 Legislative Framework
5.1.1 Main Legislative Acts
5.2 Employment Protection
5.2.1 Employment Continuity on Business Transfers
5.2.2 Management Representation of Employees
5.2.3 Information and Consultation: Obligation upon a Share Transfer or Sale of a Business
5.2.4 Employees' Representatives and Trade Unions
5.2.5 Information and Consultation: Other Instances
5.2.6 Waiver of Employment Rights
5.2.7 Termination of Employment Agreements
5.2.8 Termination by Mutual Consent
5.2.9 Termination by Notice
5.2.10 Termination by the Employer with Notice
5.2.11 Immediate Termination by the Employee Without Notice
5.2.12 Immediate Termination by the Employer
5.2.13 Termination Procedure
5.2.14 Labour Conditions
5.3 Pensions
5.3.1 Types of Pension
5.3.2 Pension Schemes in Light of M&A Transactions
5.4 Retention of Key Management and Employees
5.4.1 Non-compete Undertakings
5.5 Treatment of Foreign Employees
5.5.1 Foreign Managers and Employees
5.5.2 Work Permits
5.5.3 Taxation of Foreigners
5.5.4 Managers' Responsibility
6 ACCOUNTING TREATMENT
6.1 Accounting Rules
6.2 Reporting Obligations
6.3 Annual Financial Statements
6.4 Filling Formalities
7 FUTURE DEVELOPMENTS
8 DISCLAIMER
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