birle\u015fme<\/a>, al\u0131c\u0131n\u0131n tamamen sahip oldu\u011fu bir edinme i\u015ftiraki (“Merger Sub”) olu\u015fturdu\u011fu, ard\u0131ndan hedef \u015firkete birle\u015fti\u011fi ve hedefin al\u0131c\u0131n\u0131n tamamen sahip oldu\u011fu bir i\u015ftirak olarak hayatta kald\u0131\u011f\u0131 bir M&A yap\u0131s\u0131d\u0131r. Hedef pay sahipleri, hedef hisseleri kar\u015f\u0131l\u0131\u011f\u0131nda birle\u015fme kar\u015f\u0131l\u0131\u011f\u0131 (nakit, al\u0131c\u0131 hissesi veya her ikisi) al\u0131r. Ters \u00fc\u00e7gen birle\u015fme, hisse al\u0131mlar\u0131 i\u00e7in bask\u0131n ABD M&A yap\u0131s\u0131 haline geldi.<\/p>\nTers \u00dc\u00e7gen Birle\u015fmeler Neden Kullan\u0131l\u0131r<\/h3>\n
Anahtar avantajlar: s\u00f6zle\u015fme korumas\u0131 (hedefin \u00fc\u00e7\u00fcnc\u00fc taraflarla s\u00f6zle\u015fmeleri genellikle hayatta kalan hedef varl\u0131kla kal\u0131r\u2014do\u011frudan varl\u0131k sat\u0131n al\u0131mlar\u0131n\u0131n gerektirdi\u011fi bireysel s\u00f6zle\u015fme devirlerinden ka\u00e7\u0131n\u0131r), vergi muamelesi (ko\u015fullar kar\u015f\u0131lan\u0131rsa IRC B\u00f6l\u00fcm 368(a)(2)(E) alt\u0131nda vergisiz yeniden organizasyon olarak nitelik kazanabilir), pay sahibi onay mekanikleri (yaln\u0131zca hedef pay sahiplerinin onaylamas\u0131 gerekir, hisse ihrac\u0131 \u00f6nemli olmad\u0131k\u00e7a al\u0131c\u0131 pay sahipleri de\u011fil) ve risk izolasyonu (Merger Sub birle\u015fmeden \u00f6nce birle\u015fme i\u015flem riskini emer).<\/p>\n
\u0130leri \u00dc\u00e7gen Birle\u015fme Alternatifi<\/h3>\n
“\u0130leri \u00fc\u00e7gen birle\u015fme” y\u00f6n\u00fc tersine \u00e7evirir: hedef Merger Sub’a birle\u015fir (Merger Sub hedefe de\u011fil), Merger Sub hayatta kal\u0131r. \u0130leri \u00fc\u00e7gen daha az yayg\u0131nd\u0131r \u00e7\u00fcnk\u00fc hedef s\u00f6zle\u015fmelerinde teknik kontrol de\u011fi\u015fikli\u011fini tetikler (hedef t\u00fczel ki\u015fili\u011fi sona erer), s\u00f6zle\u015fme koruma yarar\u0131n\u0131 kaybeder. Do\u011frudan birle\u015fmeler (hedef do\u011frudan al\u0131c\u0131ya) de m\u00fcmk\u00fcnd\u00fcr ancak al\u0131c\u0131 pay sahibi onay\u0131n\u0131 ve al\u0131c\u0131 varl\u0131klar\u0131n\u0131n hedef y\u00fck\u00fcml\u00fcl\u00fcklerine do\u011frudan maruziyetini tetikler.<\/p>\n
Vergi ve Pratik D\u00fc\u015f\u00fcnceler<\/h3>\n
Vergisiz yeniden organizasyon muamelesi i\u00e7in, ters \u00fc\u00e7gen birle\u015fmeler belirli gereksinimleri kar\u015f\u0131lamal\u0131d\u0131r: hedefin varl\u0131klar\u0131n\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu hayatta kalan \u015firket taraf\u0131ndan tutulmal\u0131d\u0131r, hedef pay sahipleri kar\u015f\u0131l\u0131k olarak en az %80 al\u0131c\u0131 oy hissesi almal\u0131d\u0131r (Tip B benzeri gereksinimler), i\u015f i\u015fletmesinin devaml\u0131l\u0131\u011f\u0131 ve pay sahibi \u00e7\u0131kar\u0131n\u0131n devaml\u0131l\u0131\u011f\u0131. Kar\u0131\u015f\u0131k nakit-ve-hisse anla\u015fmalar\u0131 genellikle vergisiz muameleyi kar\u015f\u0131layamaz ancak anla\u015fma yap\u0131s\u0131 faydalar\u0131 i\u00e7in vergilendirmeyi kabul eder. T\u00fcrkiye’de e\u015fde\u011fer yap\u0131 birle\u015fmeler \u00fczerine TTK h\u00fck\u00fcmlerini (Madde 134 vd.) ve vergi n\u00f6tr\u00fc yeniden organizasyonlar \u00fczerine vergi h\u00fck\u00fcmlerini (KVK Madde 19) kullan\u0131r. S\u0131n\u0131r \u00f6tesi anla\u015fmalar ABD ve T\u00fcrk muamelesini koordine etmek i\u00e7in dikkatli vergi yap\u0131land\u0131rmas\u0131 gerektirir.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: Ters \u00fc\u00e7gen birle\u015fme, al\u0131c\u0131n\u0131n tamamen sahip oldu\u011fu bir edinme i\u015ftiraki (“Merger Sub”) olu\u015fturdu\u011fu, ard\u0131ndan hedef \u015firkete birle\u015fti\u011fi ve hedefin al\u0131c\u0131n\u0131n tamamen sahip oldu\u011fu bir i\u015ftirak olarak hayatta kald\u0131\u011f\u0131 bir M&A yap\u0131s\u0131d\u0131r. Hedef pay sahipleri, hedef hisseleri kar\u015f\u0131l\u0131\u011f\u0131nda birle\u015fme kar\u015f\u0131l\u0131\u011f\u0131 (nakit, al\u0131c\u0131 hissesi veya her ikisi) al\u0131r. Ters \u00fc\u00e7gen birle\u015fme, hisse al\u0131mlar\u0131 i\u00e7in bask\u0131n ABD […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12592","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12592"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12592\/revisions"}],"predecessor-version":[{"id":12903,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12592\/revisions\/12903"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}