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John | 13th Jun 2011, 11:12 AM | 法律英語 | (7686 Reads)
Tag-along right drag-along right share purchase agreement常用的規定。中文概要

Tag-along right(随賣權;随售權)(買方利)用於購買股份等的合同。例如,買方購買一家公司的股份後,可能成為小股東,合同規定,任何原股東若向第三方出售本身股份,買方有權按相同條款和價格,按相同比例跟随該股東出售股份。這樣規定的用意,是一旦那家公司原來是百孔千瘡的,賣方在將一部分股份賣給買方後,又很快將本身其餘的股份賣出「走人」,買方也可以「按比例地」跟着「走人」。

Drag-along right (強賣權;拖售權)(買方制別方一起利)用於購買股份等的合同。例如,買方購買一家公司的股份後,可能成為大股東,合同規定,若買方其後向第三方出售本身股份,賣方(屆時已成為小股東)要跟着出售其股份,從而令公司的100%股份可以出售給賣方。這樣規定的用意,是買方不會因為小股東不肯出售股權而無法將自已的股份賣出,因為有些買家只想100%收購,不想公司「有他不想見的無謂人當小股東,阻頭阻勢」。留意:中文名稱全部從買方的角度來看,只有這樣才能正確理解。

The tag-along right (随賣權;随售權)(買方利)is designed to protect the minority shareholder.

It is a contractual obligation usually used in a (proposed) purchase of shares to protect a purchaser who may become a minority shareholder.  It requires that if the majority shareholder sells its shares in the company, then the minority shareholder has the right to join the transaction and proportionally sell its minority shares/stake in the company on the same terms.

A draft on the tag-along right in a purchase deal may be as follows:

Tag-along Right. If any of the Sellers intends to directly or indirectly transfer the equity held directly or indirectly by it in the Company to any third party other than the Purchaser, then the Purchaser shall have the right, but not the obligation, to request such Seller to ensure that the contemplated purchaser shall, at least proportionally and on terms and conditions which are at least as favourable as those offered to such Seller, acquire the relevant interests held by the Purchaser.

The drag-along right(強賣權;拖售權)(買方制別方一起利)is designed to protect the majority shareholder.

The drag-along right is a contractual obligation usually used in a (proposed) purchase of shares to protect a purchaser who may become the majority shareholder.  It enables a majority shareholder who intends to sell its stake to force a minority shareholder to join in the sale on the same terms, so that 100% of the stake in the company can be sold to the buyer.  Because some buyers may be only be interested in having complete control of a company.

A draft on the drag-along right in a purchase deal may be as follows:

Drag-along right. The Purchaser may transfer by direct or indirect means to any third party other than the Seller the equity held directly or indirectly by it in the Company.  In addition, at the request of the Purchaser, the Seller must, given the same transaction conditions, unconditionally accept and effect the transfer by the Purchaser and the Sellers to a third party of the entire equity in the Company. 

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