Arbitration in Merger and Acquisition Transactions Problem Of Consent in Parallel Proceedings and in the Transfer Of Arbitration Agreements in Merger And Acquisition Arbitration Yrd. Doç. Dr. Cahit Ağaoğlu  - Kitap

Arbitration in Merger and Acquisition Transactions

Problem Of Consent in Parallel Proceedings and in the Transfer Of Arbitration Agreements in Merger And Acquisition Arbitration

1. Baskı, 
Aralık 2016
Kitabın Detayları
Dili:
İngilizce
Ebat:
17x25
Sayfa:
303
Barkod:
9789750240720
Kapak Türü:
Ciltli
Kitabın Fiyatı:
710,00
İndirimli (%46):
380,00
24 saat içerisinde temin edilir.
Kitabın Açıklaması
This book is the product of research I conducted in Queen Mary University of London, School of International Arbitration for my PhD degree under the supervision of Prof. Loukas A. Mistelis. In the book, two main problems of arbitration in M&A transactions have been covered. Firstly, the problem of consent in consolidation of parallel proceedings during M&A transactions, and, secondly, parties consent validating arbitration agreements/clauses in "assignment""succession" after M&A transactions have been completed. The subject gives rise to the following questions:
How the consolidation of parallel proceedings, including multi-step proceedings, can arise in M&A transactions, and what is the effect of consent in order to deal with this problem?
Are M&A arbitrations typical examples of multi-party, multi-contract arbitration? Is-it possible to directly apply "consolidation" rules to M&A arbitration?
What is the role and importance of different phases of M&A transactions and what are the issues with the problem of consent of the parties concerning the liability of the obligations and responsibilities of the successor arising after the M&A transactions?
Does current arbitration law and practice adequately deal with the challenges M&A disputes pose to arbitration? If not, are there any specific rulesspecially drafted arbitration clauses that may evidence consent? Do we need new rules?
Kitabın Konu Başlıkları
.
Chronological Phases of Merger and Acquisition Transactions
.
Arbitration and Merger and Acquisition Transactions
.
Cooperaton and Coordination of Arbitral Proceedings in Merger and Acquisition Transactions
.
Multi–Step Processes in Merger and Acquisition Transactions
.
Issues of Consent in Merger and Acquisition Transactions
Yorumlar
Kitabın İçindekileri
Contents
Acknowledgments 
7
Abstract 
9
Abbreviations 
17
General Abbreviations 
19
INTRODUCTION
Dramatic Increase of Merger and Acquisition Transactions Around The World 
23
Why Arbitration in Merger and Acquisition Transactions? 
26
Literature Review 
27
Problems Focused on Merger and Acquisition Arbitration 
28
Terminology 
29
Merger 
30
Acquisition 
35
Takeover 
36
A Working Definition of Merger, Acquisition, and Takeover 
37
Working Hypothesis 
38
Methodology 
42
Delimitation of the Subject 
45
Structure of The Thesis 
46
PART I:
THEORETICAL FOUNDATIONS
CHAPTER I:
CHRONOLOGICAL PHASES OF MERGER AND
ACQUISITION TRANSACTIONS
I. Introduction 
53
A. The Value–Increrasing Theories 
53
B. The Value (Decreasing or) Destroying Theories 
55
C. Negotiation Phase 
60
1. Preliminary Contacts 
60
2. Letter of Intent 
63
a. Delimitations of The Notion 
66
b. Related Instruments 
67
aa. Options 
67
bb. Confidentiality Agreements 
68
cc. Variations in Terminology 
68
dd. Pre–Contractual Agreements and Promises to Contract 
69
ee. Bilateral (or Multilateral) and Unilateral Letters of Intent 
69
c. Content 
70
aa. Necessary Clauses 
70
bb. Optional Clauses 
70
cc. Legal Nature 
71
aaa. Does the Letter of intent Amount to a Contract? 
71
bbb. Does the Letter of Intent amount to a Promise to Contract? 
74
ccc. Is the Letter of Intent an Offer? 
74
d. Legal Effects 
75
e. Contractual Interpretation and Completion 
78
3. Due Diligence 
79
D. Signing Phase (Purchase Agreement) 
81
E. Closing Phase (Completion) 
82
F. Post–Closing Phase 
83
G. Representations, Warranties and Indemnification 
84
II. Conclusion of Chapter I 
84
CHAPTER II:
ARBITRATION AND MERGER AND
ACQUISITION TRANSACTIONS
I. Introduction 
89
II. Arbitration in Pre–Signing Disputes 
90
A. Conflicts Arising Out of a Letter of Intent 
93
B. Conflicts arising out of Due Diligence 
95
III. Arbitration in Post–Signing: Disputes Arising From MergerPurchase Agreements 
96
A. Violation of Covenants 
99
B. No Material Adverse Changes 
99
C. Price Adjustment Arbitration 
102
1. Reasons For Price Adjustment Clauses 
104
2. Frequently Disputed Issues on Price Adjustments 
105
3. Expert Arbitration 
109
D. Representations and Warranties 
113
1. Breaches of Representations and Warranties 
118
a. Duty to Investigate 
118
b. Duty to Object 
118
2. Consequences of Breaches of Representations and Warranties 
120
E. Third– Party Claims 
121
F. Claims For Non–performanceFundamental Error 
121
G. Put and Sale Options 
124
IV. Particular Aspects of Merger and Acquisition Transactions Related Arbitrations 
126
A. Multi–Party and Multi–Contract Disputes 
126
B. Extension of Arbitration Agreements to Third Parties 
127
V. Conclusion of Chapter II 
129
PART II:
CHALLENGES AND PRACTICAL SOLUTIONS
CHAPTER III:
COOPERATION AND COORDINATION OF ARBITRAL PROCEEDINGS IN MERGER AND ACQUISITION TRANSACTIONS
I. Introduction 
135
II. The Scope of Arbitration Clauses in Merger and Acquisition Transactions 
136
III. Multiple Proceedings and Parallel Proceedings in Merger and Acquisition Transactions 
138
A. Terminology 
140
1. Multi–Contract and “Group of Contracts” Doctrine in Merger and Acquisition Transactions 
140
2. Parallel Proceedings in Merger and Acquisition Arbitration 
142
a. Parallel Proceeding Depending on The Same Dispute 
142
aa. Mechanism of Lis Pendens in Merger and Acquisition Arbitration 
143
aaa. Buenaventura Case 
148
bbb. Fomento Case 
150
bb. Mechanism of Res Judicata in Merger and Acquisition Arbitration 
153
b. Parallel Proceedings Depending on Related Disputes 
158
IV. Solutions Proposed by Doctrine and Case Law in Different Jurisdictions for Joinder of Parallel Proceedings 
163
V. Advantages and Disadvantages of Consolidation in Merger and Acquisition Arbitration 
168
VI. Consolidation in a Single Arbitration 
176
VII. Conclusion of Chapter III 
178
CHAPTER IV:
MULTI–STEP PROCESSES IN MERGER AND
ACQUISITION TRANSACTIONS
I. Introduction 
183
II. Background 
184
III. Different ADR Procedures used in Merger and Acquisition Transactions and Interaction with Arbitration Proceedings 
187
A. Conciliation 
187
B. Mediation 
192
C. Med–ArbArb–Med 
193
D. Expert Determination 
199
1. Problems Involving Expert Determination 
202
2. Solutions Proposed 
204
IV. The Problem of Confidentiality in Multi–Tiered Dispute Resolution Processes 
205
V. Conclusion of Chapter IV 
208
CHAPTER V:
ISSUES OF CONSENT IN MERGER AND
ACQUISITION ARBITRATION
I. Introduction 
211
II. Identifying Consent in Merger and Acquisition Arbitration 
212
A. Incorporation by Reference 
215
B. Consent to an Underlying Contract Typically Constitutes Consent to an Arbitration Agreement 
217
C. Consent to Underlying Contract Not d for Consent to Arbitration Agreement 
218
D. Consent on The Related Agreements 
220
E. Defects of Consent: Fraud (Dol), Mistake (Erreur) 
223
1. ICC Case No. 11961 
224
2. ICC Case No. 12502 
226
F. ImpliedTacit Consent 
229
III. Consent on the Transfer of the Arbitration Agreement After Merger and Acquisition Transactions 
232
A. Assignment 
233
1. ICC Case No. 12745 
242
B. The Latter Superseded the Former and Succession 
250
IV. Conclusion of Chapter V 
260
Conclusion 
267
Consecutive Phases of Merger and Acquisition Transactions 
268
Arbitration and Merger and Acquisition Transactions 
269
Coordination and Cooperation of Arbitral Proceedings in Merger and Acquisition Transactions 
270
Multi–Step Processes in Merger and Acquisition Transactions 
273
Issues of Consent in Merger and Acquisition Arbitrations 
275
Bibliography 
279
Books and Thesis 
279
Articles 
283
Regulations, Directives 
293
Table Of Cases 
294
Web Sites 
300
Conpets Index 
301
Author’s CV 
304