\u00d6nceki yaz\u0131lar\u0131m\u0131zdan birinde, yeniden yat\u0131r\u0131m s\u00f6zle\u015fmelerini ve bir \u015firket sat\u0131\u015f\u0131ndan sonra yat\u0131r\u0131ma devam edilmesine ili\u015fkin ticari karar\u0131 ele alm\u0131\u015ft\u0131k. Bu yaz\u0131 ise bir sonraki a\u015famaya odaklanmaktad\u0131r: Yeniden Yat\u0131r\u0131m S\u00f6zle\u015fmesi h\u00fck\u00fcmleriyle belirlenen ve \u00fczerinde mutabakata var\u0131lan Rollover Yap\u0131s\u0131n\u0131n fiilen nas\u0131l uyguland\u0131\u011f\u0131.<\/p>\n
Bir\u00e7ok \u015firket sahibi, karma\u015f\u0131k M&A i\u015flemlerinde \u201crollover\u201d kavram\u0131yla s\u00fcrecin nispeten ileri bir a\u015famas\u0131nda kar\u015f\u0131la\u015fmaktad\u0131r. Bu a\u015famada ticari ko\u015fullar genellikle kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r. Taraflar, kapan\u0131\u015f sonras\u0131 ortakl\u0131k yap\u0131s\u0131n\u0131n nas\u0131l olaca\u011f\u0131n\u0131 ve bu yap\u0131da kimlerin yer alaca\u011f\u0131n\u0131 bilmektedir.<\/p>\n
Art\u0131k mesele yap\u0131n\u0131n nas\u0131l olmas\u0131 gerekti\u011fine karar vermek de\u011fil, bu yap\u0131y\u0131 hayata ge\u00e7irmektir. Bu uygulama s\u00fcreci genellikle rollover olarak adland\u0131r\u0131l\u0131r ve \u00e7o\u011fu zaman imza ile kapan\u0131\u015f aras\u0131ndaki d\u00f6nemde en yak\u0131ndan koordine edilen i\u015f ak\u0131\u015flar\u0131ndan biri haline gelir.<\/p>\n
Rollover S\u00fcreci: \u00dczerinde Anla\u015f\u0131lan Yap\u0131n\u0131n Hukuken Hayata Ge\u00e7irilmesi<\/strong><\/p>\n Rollover s\u00fcreci, taraflar\u0131n gelecekteki ortakl\u0131k yap\u0131s\u0131 \u00fczerinde anla\u015fmaya varmas\u0131yla ba\u015flar.<\/p>\n Ama\u00e7 a\u00e7\u0131kt\u0131r:<\/p>\n <\/p>\n M\u00fcvekkil a\u00e7\u0131s\u0131ndan rollover, bu nedenle m\u00fczakereden \u00e7ok uygulamaya ili\u015fkindir. Ticari yap\u0131 \u00fczerinde anla\u015fmaya var\u0131lm\u0131\u015f olabilir; ancak gerekli uygulama ad\u0131mlar\u0131 tamamlanmadan bu yap\u0131 hukuken hayata ge\u00e7irilemez.<\/p>\n Uygulaman\u0131n Planlanmas\u0131 ve Y\u00fcr\u00fct\u00fclmesi: Ortakl\u0131k Yap\u0131s\u0131ndaki Ge\u00e7i\u015fin Planlanmas\u0131<\/strong><\/p>\n Rollover i\u015flemleri genellikle nispeten basit olmakla birlikte, karma\u015f\u0131k i\u015flem yap\u0131lar\u0131 bir Rollover S\u00f6zle\u015fmesine ihtiya\u00e7 duyulmas\u0131na yol a\u00e7abilir. Bu durum \u00f6zellikle yap\u0131n\u0131n, \u015firketler toplulu\u011funun holding yap\u0131s\u0131 i\u00e7inde birden fazla seviyede dolayl\u0131 pay edinimini i\u00e7ermesi halinde s\u00f6z konusu olabilir.<\/p>\n Her rollover i\u015fleminin nihayetinde ilgili \u015firketlerin kurumsal kay\u0131tlar\u0131na yans\u0131t\u0131lmas\u0131 gerekir. Bu s\u00fcre\u00e7 \u00e7o\u011fu zaman a\u015fa\u011f\u0131dakileri gerektirir:<\/p>\n <\/p>\n Bu i\u015flemler basit ancak temel bir i\u015flev g\u00f6r\u00fcr: \u00fczerinde anla\u015fmaya var\u0131lan ortakl\u0131k yap\u0131s\u0131n\u0131n kapan\u0131\u015f sonras\u0131nda hukuken mevcut olmas\u0131n\u0131 sa\u011flar. Bunlar olmadan ticari anla\u015fma uygulamaya ge\u00e7irilmemi\u015f olarak kal\u0131r.<\/p>\n Uygulama Koordinasyonu: Onaylar\u0131n ve \u0130mzalar\u0131n Y\u00f6netilmesi<\/strong><\/p>\n Rollover s\u00fcrecinin \u00e7o\u011fu zaman yeterince \u00f6nem verilmeyen y\u00f6nlerinden biri koordinasyondur.<\/p>\n Genellikle nispeten s\u0131n\u0131rl\u0131 say\u0131da taraf\u0131n kat\u0131l\u0131m\u0131yla m\u00fczakere edilen SPA\u2019n\u0131n aksine, rollover uygulamas\u0131 farkl\u0131 \u00fclkelerde bulunan birden fazla sat\u0131c\u0131n\u0131n, y\u00f6neticinin, yat\u0131r\u0131mc\u0131n\u0131n, \u015firket temsilcisinin ve dan\u0131\u015fman\u0131n s\u00fcrece dahil olmas\u0131n\u0131 gerektirebilir.<\/p>\n Buradaki g\u00fc\u00e7l\u00fck \u00e7o\u011fu zaman tek bir belgenin karma\u015f\u0131kl\u0131\u011f\u0131ndan kaynaklanmaz. As\u0131l mesele, her bir onay\u0131n, imzan\u0131n ve destekleyici belgenin i\u015flem takviminin do\u011fru a\u015famas\u0131nda haz\u0131r olmas\u0131n\u0131 sa\u011flamakt\u0131r.<\/p>\n Kapan\u0131\u015fa Ba\u011fl\u0131 \u0130\u015flemler: Rollover S\u00fcrecinin Genel \u0130\u015flemle Uyumlu H\u00e2le Getirilmesi<\/strong><\/p>\n Rollover nadiren ba\u011f\u0131ms\u0131z bir s\u00fcre\u00e7 olarak y\u00fcr\u00fct\u00fcl\u00fcr. Genellikle finansman i\u015flemleri, kredi veren kurulu\u015flar\u0131n teminatlar\u0131n\u0131n serbest b\u0131rak\u0131lmas\u0131, \u00fc\u00e7\u00fcnc\u00fc taraf onaylar\u0131, y\u00f6netim de\u011fi\u015fiklikleri ve sat\u0131n alma bedelinin \u00f6denmesi dahil olmak \u00fczere di\u011fer \u00f6nemli kapan\u0131\u015f i\u015f ak\u0131\u015flar\u0131yla birlikte ilerler.<\/p>\n Bu i\u015f ak\u0131\u015flar\u0131 \u00e7o\u011fu zaman birbirine ba\u011fl\u0131d\u0131r. Bir alandaki gecikme, di\u011fer baz\u0131 i\u015flemlerin zamanlamas\u0131n\u0131 da etkileyebilir. Bu nedenle rollover uygulamas\u0131 genellikle ayr\u0131 bir s\u00fcre\u00e7 olarak de\u011fil, genel kapan\u0131\u015f stratejisinin bir par\u00e7as\u0131 olarak planlan\u0131r.<\/p>\n \u0130\u015flem Y\u00f6netimi: Son Dakika Gecikmelerinin \u00d6nlenmesi<\/strong><\/p>\n Deneyimli i\u015flem ekipleri; uygulama i\u00e7in gerekli ad\u0131mlar\u0131n erken a\u015famada belirlenmesine, onaylar\u0131n ve teslim edilmesi gereken belgelerin takip edilmesine, farkl\u0131 i\u015f ak\u0131\u015flar\u0131 aras\u0131ndaki ba\u011f\u0131ml\u0131l\u0131klar\u0131n izlenmesine ve i\u015flemin tamamlanmas\u0131 i\u00e7in gereken t\u00fcm ad\u0131mlar\u0131n kapan\u0131\u015f ba\u015flamadan \u00f6nce haz\u0131r olmas\u0131na odaklan\u0131r.<\/p>\n M&A i\u015flemlerinin bir\u00e7ok y\u00f6n\u00fcnde oldu\u011fu gibi burada da ama\u00e7, sorunlar\u0131 son anda \u00e7\u00f6zmek de\u011fil, bu sorunlar\u0131n en ba\u015fta acil h\u00e2le gelmesini \u00f6nlemektir.<\/p>\n Rollover Bir Uygulama S\u00fcrecidir<\/strong><\/p>\n \u015eirket sahipleri rollover i\u015flemlerini \u00e7o\u011fu zaman ticari a\u00e7\u0131dan de\u011ferlendirmektedir. Ancak i\u015flem perspektifinden bak\u0131ld\u0131\u011f\u0131nda rollover, esas olarak bir uygulama s\u00fcrecidir. Amac\u0131, \u00fczerinde anla\u015fmaya var\u0131lan kapan\u0131\u015f sonras\u0131 ortakl\u0131k yap\u0131s\u0131n\u0131 koordineli \u015fekilde ger\u00e7ekle\u015ftirilen \u015firketler hukuku i\u015flemleri, s\u00f6zle\u015fmesel i\u015flemler ve kapan\u0131\u015f i\u015flemleri arac\u0131l\u0131\u011f\u0131yla hukuki ve operasyonel bir ger\u00e7ekli\u011fe d\u00f6n\u00fc\u015ft\u00fcrmektir.<\/p>\n M\u00fcvekkiller a\u00e7\u0131s\u0131ndan temel \u00e7\u0131kar\u0131m a\u00e7\u0131kt\u0131r: Ticari yap\u0131 kapan\u0131\u015ftan aylar \u00f6nce kararla\u015ft\u0131r\u0131lm\u0131\u015f olabilir; ancak rollover, yaln\u0131zca gerekli uygulama ad\u0131mlar\u0131 tamamland\u0131\u011f\u0131nda hukuken hayata ge\u00e7irilmi\u015f olur.<\/p>\n In one of our previous articles, we looked at Reinvestment Agreements and the commercial decision to remain invested after a business sale. This article focuses on the next step: how that agreed Rollover Structure as established by the terms of the Reinvestment Agreement is actually implemented. Many business owners encounter the term “rollover” relatively late […]<\/p>\n","protected":false},"author":29,"featured_media":56300,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-56299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n
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