Colleges FRI
Inhoudsopgave
Hoorcollege 1: Fusiemethoden en splitsing....................................................12
Enkele motieven............................................................................................................ 12
Begrip fusie................................................................................................................... 12
Open en besloten verhoudingen...................................................................................12
Fusiemethoden.............................................................................................................. 12
Bedrijfsfusie............................................................................................................... 12
Aandelenfusie............................................................................................................. 13
Juridische fusie........................................................................................................... 14
Nationale splitsing......................................................................................................... 14
Splitsing........................................................................................................................ 14
Rechtsgevolgen splitsing I............................................................................................. 15
Bijzondere vormen van splitsing (uitzondering)............................................................15
Vereisten voor splitsing & fases....................................................................................15
Grensoverschrijdende splitsing.....................................................................................16
Hoorcollege 2 en 3: Aandelenfusie in besloten verhoudingen.........................17
Kernbegrippen............................................................................................................... 17
Overnameproces........................................................................................................... 17
Overname proces (One on One)....................................................................................17
Overname proces (Auction) – veilingprocedure.............................................................18
Contractsvorming - Onderhandelingen (wilsvorming)...................................................18
Contractsvorming.......................................................................................................... 18
Contractsvrijheid........................................................................................................... 18
Terug naar de basis.................................................................................................... 18
Uitleg van contracten - arresten....................................................................................19
Haviltex (HR 13 maart 1981, NJ 1981/635).................................................................19
Meyer / PontMeyer (HR 19 januari 2007, NJ 2007/575)...............................................19
Lundiform / Mexx (HR 5 april 2013, NJ 2013/214).......................................................20
Afvalzorg / Slotereind (HR 7 februari 2014, JOR 2014, 92)..........................................20
Monumentenmaatschappij Valerbosch (HR 13 december 2019,
ECLI:NL:HR:2019:1940).............................................................................................. 22
Contractueel uitsluiten van Haviltex.............................................................................22
HR 25 augustus 2023, ECLI:NL:HR:2023:1131, JAR 2023/257....................................22
Conclusie uitleg van contracten....................................................................................23
Voorfase........................................................................................................................ 23
Pre-contractuele fase................................................................................................. 23
Geheimhoudingsovereenkomst (NDA)...........................................................................23
Intentieovereenkomst (LOI, MoU, HoT)..........................................................................24
Due diligence – een definitie......................................................................................... 24
Due diligence – jurisprudentie.......................................................................................24
Baris / Riezenkamp (HR 15 november 1957, NJ 1958/67)...........................................24
Hoog Catharijne (HR 22 december 1995, NJ 1996/300)..............................................25
1
, M&M Beheer (HR 14 maart 2004)..............................................................................25
Due diligence – overige zaken.......................................................................................25
Due diligence – Gevolgen voor het overnameproces.....................................................25
Contractueel – garanties en vrijwaringen......................................................................26
SPA – SER en WOR......................................................................................................... 26
SPA – onderwerpen........................................................................................................ 26
W&I verzekering............................................................................................................ 27
Procedure................................................................................................................... 27
Waarvoor krijg je dekking?......................................................................................... 28
Aandeelhoudersovereenkomst......................................................................................28
Hoorcollege 4 en 5: Private Equity................................................................29
Wat is private equity?.................................................................................................... 29
Waarin is private equity geïnvesteerd?.........................................................................29
Herkomst van private equity (fondsen).........................................................................29
Venture capital vs. Buyouts (verschijningsvormen van private equity in Nederland.....29
Venture Capital-investeringen.......................................................................................30
Milestone-financiering (risicobeperking voor de venturecapitalist)...............................30
Contractuele verwateringsbescherming (anti-dilution adjustments).............................30
Voorbeeld: Full Ratchet (meest aggressieve voorbeeld!)............................................31
Liquidatiepreferentie (voordringen)...............................................................................31
Voorbeeld: Participating Preferred..............................................................................31
Wat is een buyout?........................................................................................................ 31
Deal structuur bij buy-outs............................................................................................ 32
Buy-outs: het proces..................................................................................................... 32
Wat gebeurt er bij closing (bij de notaris)?....................................................................32
Kenmerken buy-outfinanciering....................................................................................33
Debt pushdown / garanties door Target........................................................................33
Achtergestelde aandeelhoudersleningen......................................................................33
Allocatie van verkoopopbrengst: waterfall....................................................................34
Effecten van leverage (I)...............................................................................................34
Effecten van leverage (II) (versimpeld voorbeeld).........................................................34
Effecten van leverage (III).............................................................................................35
Effecten van leverage (IV)............................................................................................. 35
Impact van financieringsstructuur.................................................................................36
Aandeelhoudersovereenkomst – typische elementen...................................................36
Good / bad leaver clausule............................................................................................ 36
Governance: wie doet wat?........................................................................................... 36
Toezicht op het management........................................................................................37
Beslissende invloed....................................................................................................... 37
Exits: meest voorkomende vormen...............................................................................38
Tag Along recht (niet controversieel).............................................................................38
2
, Drag Along recht (dit is wel controversieel)...................................................................38
Hoe moet het NIET? – Estro........................................................................................... 38
Estro (Catalpa): waardegroei en neergang....................................................................39
Buyout Catalpa door Providence: sources & uses..........................................................39
(Totale) debt push down via juridische fusie..................................................................39
Eerste toepassing van artikel 2:346 lid 3 BW!...............................................................39
OK wijst enquêteverzoek toe (I)....................................................................................40
Uitspraak OK: wanbeleid bij Estro (III)...........................................................................40
Wat beslist de OK?...................................................................................................... 42
Hoorcollege 6 en 7: Medezeggenschap: de rol van de ondernemingsraad........43
Inspraak van werknemers............................................................................................. 43
Vormen van medezeggenschapsoverleg.......................................................................43
Wet op de ondernemingsraden 4 mei 1950..................................................................44
Instelling OR.................................................................................................................. 44
Inhoud deel 1................................................................................................................ 44
Werkwijze na instelling.................................................................................................. 45
Faciliteiten voor de OR..................................................................................................45
Geheimhouding art. 20 WOR.........................................................................................45
Geheimhouding art. 20 WOR – bescherming van de OR-leden......................................45
Bijzondere ondernemingsraden.....................................................................................45
Twee of meer ondernemingsraden?..............................................................................46
COR/GOR....................................................................................................................... 46
Vaker conflict COR/GOR met ondernemingsraden over bevoegdheden onderling.........46
Wanneer moet een EOR/COR/GOR/GEMOR worden ingesteld?......................................47
Bevoegdheden.............................................................................................................. 47
Overlegrecht (art. 23 WOR)........................................................................................... 47
Inititiatiefrecht (art. 23 lid 3 WOR)................................................................................47
Overleg (art. 24 WOR)................................................................................................... 48
Informatierecht (art. 31 e.v.)......................................................................................... 48
Adviesrecht (art. 25 WOR)............................................................................................ 48
Wat is een voorgenomen besluit?..................................................................................48
Adviesmoment en inhoud advies..................................................................................49
OK 10-10-2017 (OR Uniface).........................................................................................49
Hoge Raad 2 juni 2017, ECLI:NL:HR:2017:982..............................................................50
Artikel 26 WOR – niet behandeld in college...................................................................50
Toerekeningscriterium art. 26 WOR – niet behandeld in college....................................51
Marginale toets! (is advies gevraagd) – niet behandeld in college................................51
Art. 36 WOR Algemene geschillenregeling – niet behandeld in college.........................51
Art. 32 lid 2 WOR: de ondernemingsovereenkomst – niet behandeld in college............52
Artikel 30 WOR – niet uitgebreid behandeld in college..................................................52
3
, Medezeggenschap in concernverhoudingen..................................................................52
In het kort..................................................................................................................... 52
Toerekening................................................................................................................... 53
Toerekening (II)............................................................................................................. 53
Medeondernemerschap................................................................................................. 53
OK 19 oktober 2016 (SHL).............................................................................................54
Zijn aandeelhouders medeondernemer?.......................................................................54
Hoorcollege 8 – Remedies bij overnames.......................................................55
Overzicht....................................................................................................................... 55
Voorvraag (1): tekortkoming?........................................................................................ 55
Voorvraag (2): Verzuim en klachtplicht?........................................................................55
1. Nakoming: art. 3:296 BW..........................................................................................56
Nakoming (ii).............................................................................................................. 56
Nakoming (ii) – uitzondering: het Plaza-arrest............................................................56
Nakoming (iii) – de overnamepraktijk.........................................................................56
2. Ontbinding: art. 6:265 BW.........................................................................................57
Ontbinding (ii): tenzij… en het Eigen Haard arrest.....................................................57
Ontbinding (iii)........................................................................................................... 57
3. Vernietiging wegens dwaling (of ander wilsgebrek)..................................................58
4. Schadevergoeding (art. 6:74 BW).............................................................................58
Schadevergoeding (ii) – overmacht? (Force Majeure).................................................58
5. Onvoorziene omstandigheden - vereisten.................................................................60
Onvoorziene omstandigheden (i)...............................................................................60
Onvoorziene omstandigheden (ii): overnames en Corona?........................................60
Onvoorziene omstandighden (iii) – MAC-clausule.......................................................60
Onvoorziene omstandighden (vi): contractuele invulling...........................................61
Hoorcollege 9: (Grensoverschrijdende) juridische fusie en Societas Europaea. 62
Fusiemethoden.............................................................................................................. 62
Juridische fusie.............................................................................................................. 62
ABN AMRO..................................................................................................................... 62
Juridische fusie.............................................................................................................. 63
Rechtsgevolgen van een juridische fusie I:....................................................................63
Driehoeksfusie (speciale soort juridische fusie).............................................................63
Voorbereidingsfase van de juridische fusie...................................................................63
Openbaarmakingsfase van de juridische fusie..............................................................63
De uitvoeringsfase van de juridische fusie....................................................................63
Vernietiging van een juridische fusie.............................................................................65
Schuldeisers/contractspartijen bij een juridische fusie..................................................65
Grensoverschrijdende fusie (GOF).................................................................................65
GOF............................................................................................................................... 65
Societas Europaea - Europese rechtsvormen................................................................66
De Societas Europaea................................................................................................... 66
SE: wijzen van oprichting (art. 2)................................................................................66
4
Inhoudsopgave
Hoorcollege 1: Fusiemethoden en splitsing....................................................12
Enkele motieven............................................................................................................ 12
Begrip fusie................................................................................................................... 12
Open en besloten verhoudingen...................................................................................12
Fusiemethoden.............................................................................................................. 12
Bedrijfsfusie............................................................................................................... 12
Aandelenfusie............................................................................................................. 13
Juridische fusie........................................................................................................... 14
Nationale splitsing......................................................................................................... 14
Splitsing........................................................................................................................ 14
Rechtsgevolgen splitsing I............................................................................................. 15
Bijzondere vormen van splitsing (uitzondering)............................................................15
Vereisten voor splitsing & fases....................................................................................15
Grensoverschrijdende splitsing.....................................................................................16
Hoorcollege 2 en 3: Aandelenfusie in besloten verhoudingen.........................17
Kernbegrippen............................................................................................................... 17
Overnameproces........................................................................................................... 17
Overname proces (One on One)....................................................................................17
Overname proces (Auction) – veilingprocedure.............................................................18
Contractsvorming - Onderhandelingen (wilsvorming)...................................................18
Contractsvorming.......................................................................................................... 18
Contractsvrijheid........................................................................................................... 18
Terug naar de basis.................................................................................................... 18
Uitleg van contracten - arresten....................................................................................19
Haviltex (HR 13 maart 1981, NJ 1981/635).................................................................19
Meyer / PontMeyer (HR 19 januari 2007, NJ 2007/575)...............................................19
Lundiform / Mexx (HR 5 april 2013, NJ 2013/214).......................................................20
Afvalzorg / Slotereind (HR 7 februari 2014, JOR 2014, 92)..........................................20
Monumentenmaatschappij Valerbosch (HR 13 december 2019,
ECLI:NL:HR:2019:1940).............................................................................................. 22
Contractueel uitsluiten van Haviltex.............................................................................22
HR 25 augustus 2023, ECLI:NL:HR:2023:1131, JAR 2023/257....................................22
Conclusie uitleg van contracten....................................................................................23
Voorfase........................................................................................................................ 23
Pre-contractuele fase................................................................................................. 23
Geheimhoudingsovereenkomst (NDA)...........................................................................23
Intentieovereenkomst (LOI, MoU, HoT)..........................................................................24
Due diligence – een definitie......................................................................................... 24
Due diligence – jurisprudentie.......................................................................................24
Baris / Riezenkamp (HR 15 november 1957, NJ 1958/67)...........................................24
Hoog Catharijne (HR 22 december 1995, NJ 1996/300)..............................................25
1
, M&M Beheer (HR 14 maart 2004)..............................................................................25
Due diligence – overige zaken.......................................................................................25
Due diligence – Gevolgen voor het overnameproces.....................................................25
Contractueel – garanties en vrijwaringen......................................................................26
SPA – SER en WOR......................................................................................................... 26
SPA – onderwerpen........................................................................................................ 26
W&I verzekering............................................................................................................ 27
Procedure................................................................................................................... 27
Waarvoor krijg je dekking?......................................................................................... 28
Aandeelhoudersovereenkomst......................................................................................28
Hoorcollege 4 en 5: Private Equity................................................................29
Wat is private equity?.................................................................................................... 29
Waarin is private equity geïnvesteerd?.........................................................................29
Herkomst van private equity (fondsen).........................................................................29
Venture capital vs. Buyouts (verschijningsvormen van private equity in Nederland.....29
Venture Capital-investeringen.......................................................................................30
Milestone-financiering (risicobeperking voor de venturecapitalist)...............................30
Contractuele verwateringsbescherming (anti-dilution adjustments).............................30
Voorbeeld: Full Ratchet (meest aggressieve voorbeeld!)............................................31
Liquidatiepreferentie (voordringen)...............................................................................31
Voorbeeld: Participating Preferred..............................................................................31
Wat is een buyout?........................................................................................................ 31
Deal structuur bij buy-outs............................................................................................ 32
Buy-outs: het proces..................................................................................................... 32
Wat gebeurt er bij closing (bij de notaris)?....................................................................32
Kenmerken buy-outfinanciering....................................................................................33
Debt pushdown / garanties door Target........................................................................33
Achtergestelde aandeelhoudersleningen......................................................................33
Allocatie van verkoopopbrengst: waterfall....................................................................34
Effecten van leverage (I)...............................................................................................34
Effecten van leverage (II) (versimpeld voorbeeld).........................................................34
Effecten van leverage (III).............................................................................................35
Effecten van leverage (IV)............................................................................................. 35
Impact van financieringsstructuur.................................................................................36
Aandeelhoudersovereenkomst – typische elementen...................................................36
Good / bad leaver clausule............................................................................................ 36
Governance: wie doet wat?........................................................................................... 36
Toezicht op het management........................................................................................37
Beslissende invloed....................................................................................................... 37
Exits: meest voorkomende vormen...............................................................................38
Tag Along recht (niet controversieel).............................................................................38
2
, Drag Along recht (dit is wel controversieel)...................................................................38
Hoe moet het NIET? – Estro........................................................................................... 38
Estro (Catalpa): waardegroei en neergang....................................................................39
Buyout Catalpa door Providence: sources & uses..........................................................39
(Totale) debt push down via juridische fusie..................................................................39
Eerste toepassing van artikel 2:346 lid 3 BW!...............................................................39
OK wijst enquêteverzoek toe (I)....................................................................................40
Uitspraak OK: wanbeleid bij Estro (III)...........................................................................40
Wat beslist de OK?...................................................................................................... 42
Hoorcollege 6 en 7: Medezeggenschap: de rol van de ondernemingsraad........43
Inspraak van werknemers............................................................................................. 43
Vormen van medezeggenschapsoverleg.......................................................................43
Wet op de ondernemingsraden 4 mei 1950..................................................................44
Instelling OR.................................................................................................................. 44
Inhoud deel 1................................................................................................................ 44
Werkwijze na instelling.................................................................................................. 45
Faciliteiten voor de OR..................................................................................................45
Geheimhouding art. 20 WOR.........................................................................................45
Geheimhouding art. 20 WOR – bescherming van de OR-leden......................................45
Bijzondere ondernemingsraden.....................................................................................45
Twee of meer ondernemingsraden?..............................................................................46
COR/GOR....................................................................................................................... 46
Vaker conflict COR/GOR met ondernemingsraden over bevoegdheden onderling.........46
Wanneer moet een EOR/COR/GOR/GEMOR worden ingesteld?......................................47
Bevoegdheden.............................................................................................................. 47
Overlegrecht (art. 23 WOR)........................................................................................... 47
Inititiatiefrecht (art. 23 lid 3 WOR)................................................................................47
Overleg (art. 24 WOR)................................................................................................... 48
Informatierecht (art. 31 e.v.)......................................................................................... 48
Adviesrecht (art. 25 WOR)............................................................................................ 48
Wat is een voorgenomen besluit?..................................................................................48
Adviesmoment en inhoud advies..................................................................................49
OK 10-10-2017 (OR Uniface).........................................................................................49
Hoge Raad 2 juni 2017, ECLI:NL:HR:2017:982..............................................................50
Artikel 26 WOR – niet behandeld in college...................................................................50
Toerekeningscriterium art. 26 WOR – niet behandeld in college....................................51
Marginale toets! (is advies gevraagd) – niet behandeld in college................................51
Art. 36 WOR Algemene geschillenregeling – niet behandeld in college.........................51
Art. 32 lid 2 WOR: de ondernemingsovereenkomst – niet behandeld in college............52
Artikel 30 WOR – niet uitgebreid behandeld in college..................................................52
3
, Medezeggenschap in concernverhoudingen..................................................................52
In het kort..................................................................................................................... 52
Toerekening................................................................................................................... 53
Toerekening (II)............................................................................................................. 53
Medeondernemerschap................................................................................................. 53
OK 19 oktober 2016 (SHL).............................................................................................54
Zijn aandeelhouders medeondernemer?.......................................................................54
Hoorcollege 8 – Remedies bij overnames.......................................................55
Overzicht....................................................................................................................... 55
Voorvraag (1): tekortkoming?........................................................................................ 55
Voorvraag (2): Verzuim en klachtplicht?........................................................................55
1. Nakoming: art. 3:296 BW..........................................................................................56
Nakoming (ii).............................................................................................................. 56
Nakoming (ii) – uitzondering: het Plaza-arrest............................................................56
Nakoming (iii) – de overnamepraktijk.........................................................................56
2. Ontbinding: art. 6:265 BW.........................................................................................57
Ontbinding (ii): tenzij… en het Eigen Haard arrest.....................................................57
Ontbinding (iii)........................................................................................................... 57
3. Vernietiging wegens dwaling (of ander wilsgebrek)..................................................58
4. Schadevergoeding (art. 6:74 BW).............................................................................58
Schadevergoeding (ii) – overmacht? (Force Majeure).................................................58
5. Onvoorziene omstandigheden - vereisten.................................................................60
Onvoorziene omstandigheden (i)...............................................................................60
Onvoorziene omstandigheden (ii): overnames en Corona?........................................60
Onvoorziene omstandighden (iii) – MAC-clausule.......................................................60
Onvoorziene omstandighden (vi): contractuele invulling...........................................61
Hoorcollege 9: (Grensoverschrijdende) juridische fusie en Societas Europaea. 62
Fusiemethoden.............................................................................................................. 62
Juridische fusie.............................................................................................................. 62
ABN AMRO..................................................................................................................... 62
Juridische fusie.............................................................................................................. 63
Rechtsgevolgen van een juridische fusie I:....................................................................63
Driehoeksfusie (speciale soort juridische fusie).............................................................63
Voorbereidingsfase van de juridische fusie...................................................................63
Openbaarmakingsfase van de juridische fusie..............................................................63
De uitvoeringsfase van de juridische fusie....................................................................63
Vernietiging van een juridische fusie.............................................................................65
Schuldeisers/contractspartijen bij een juridische fusie..................................................65
Grensoverschrijdende fusie (GOF).................................................................................65
GOF............................................................................................................................... 65
Societas Europaea - Europese rechtsvormen................................................................66
De Societas Europaea................................................................................................... 66
SE: wijzen van oprichting (art. 2)................................................................................66
4
