{"id":12618,"date":"2026-05-15T05:49:49","date_gmt":"2026-05-15T05:49:49","guid":{"rendered":"https:\/\/virconlegal.com\/term\/munhasirlik-maddesi-no-shop\/"},"modified":"2026-05-15T06:04:26","modified_gmt":"2026-05-15T06:04:26","slug":"munhasirlik-maddesi-no-shop","status":"publish","type":"term","link":"https:\/\/virconlegal.com\/tr\/term\/munhasirlik-maddesi-no-shop\/","title":{"rendered":"M\u00fcnhas\u0131rl\u0131k Maddesi (No-Shop)"},"content":{"rendered":"

TLDR:<\/h3>\n

No-Shop Maddesi (M\u00fcnhas\u0131rl\u0131k Anla\u015fmas\u0131 veya M\u00fcnhas\u0131r \u0130\u015flem D\u00f6nemi olarak da adland\u0131r\u0131l\u0131r), M&A i\u015flemlerinde\u2014tipik olarak niyet mektuplar\u0131nda<\/a> veya kesin anla\u015fmalarda\u2014sat\u0131c\u0131n\u0131n belirli bir d\u00f6nem boyunca rekabet\u00e7i teklifleri talep etmesini, m\u00fczakere etmesini veya kabul etmesini yasaklayan bir h\u00fck\u00fcmd\u00fcr. No-shop maddeleri, al\u0131c\u0131lara, rakip teklif sahiplerinin s\u00fcreci bozmadan pahal\u0131 durum tespitine ve m\u00fczakereye yat\u0131r\u0131m yapma anla\u015fma kesinli\u011fi verir.<\/p>\n

Standart No-Shop H\u00fck\u00fcmleri<\/h3>\n

Tipik no-shop ko\u015fullar\u0131 \u015funlar\u0131 i\u00e7erir: rekabet\u00e7i tekliflerin talep edilmesi yasa\u011f\u0131, di\u011fer potansiyel teklif sahiplerine bilgi sa\u011flama k\u0131s\u0131tlamas\u0131, di\u011fer taraflarla esasl\u0131 m\u00fczakerelere girme k\u0131s\u0131tlamas\u0131, istenmeyen tekliflerin al\u0131nmas\u0131 durumunda al\u0131c\u0131y\u0131 bildirme g\u00f6revi (genellikle 24-48 saat i\u00e7inde), m\u00fcnhas\u0131rl\u0131k d\u00f6nemi (LOI<\/a>’lerde tipik olarak 30-90 g\u00fcn; kesin anla\u015fmalarda kapan\u0131\u015f<\/a> boyunca) ve ihlal i\u00e7in \u00e7areler (tipik olarak al\u0131c\u0131n\u0131n makul giderlerine e\u015fit sona erdirme \u00fccreti veya s\u00f6zle\u015fmesel olarak belirlenmi\u015f \u00fccret). Madde, \u00e7o\u011fu di\u011fer LOI ko\u015fulu ba\u011flay\u0131c\u0131 olmasa bile tipik olarak ba\u011flay\u0131c\u0131d\u0131r.<\/p>\n

Fiduciary Out \u0130stisnas\u0131<\/h3>\n

\u00c7o\u011fu no-shop maddesi\u2014\u00f6zellikle halka a\u00e7\u0131k \u015firket anla\u015fmalar\u0131nda\u2014g\u00fcven y\u00fck\u00fcml\u00fcl\u00fckleri<\/a> gerektirdi\u011finde kurulun istenmeyen “\u00fcst\u00fcn teklifleri” de\u011ferlendirmesine izin veren bir “fiduciary out” istisnas\u0131 i\u00e7erir. Tipik bir fiduciary out: sat\u0131c\u0131 alternatif teklifler talep edemez ancak istenmeyen bir teklif gelirse, kurul teklifin makul olarak “\u00fcst\u00fcn bir teklife” yol a\u00e7abilece\u011fi sonucuna var\u0131rsa sat\u0131c\u0131 g\u00f6r\u00fc\u015fmelere girebilir ve nihayetinde \u00fcst\u00fcn bir anla\u015fma lehine no-shop’u sona erdirebilir (sona erdirme \u00fccretine tabi olarak). Delaware mahkemesinin QVC v. Paramount karar\u0131 bu esnekli\u011fi gerektiren g\u00fcven y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ilkelerini belirledi.<\/p>\n

Go-Shop Alternatifi<\/h3>\n

“Go-shop” maddesi no-shop’un tersidir: \u00f6zellikle sat\u0131c\u0131n\u0131n imzalama sonras\u0131 tan\u0131mlanm\u0131\u015f bir d\u00f6nem (tipik olarak 30-45 g\u00fcn) i\u00e7in aktif olarak rekabet\u00e7i teklifler talep etmesine izin verir\u2014asl\u0131nda gerektirir, go-shop d\u00f6nemi s\u0131ras\u0131nda bir topping teklifini kabul etmek i\u00e7in daha d\u00fc\u015f\u00fck bir break-up \u00fccreti ile. Go-shop’lar kurulun pazar\u0131 test ederek g\u00fcven y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamak istedi\u011fi PE liderli\u011findeki i\u015flemlerde yayg\u0131nd\u0131r. Aktif talep hakk\u0131na ra\u011fmen, go-shop’lar nadiren topping teklifleri \u00fcretir\u2014anla\u015fma kesinli\u011fi, zamanlama bask\u0131s\u0131 ve bilgi dezavantajlar\u0131 tipik olarak orijinal al\u0131c\u0131y\u0131 tercih eder. T\u00fcrk M&A uygulamas\u0131 tarihsel olarak no-shop h\u00fck\u00fcmlerini kulland\u0131; go-shop yap\u0131lar\u0131 daha az yayg\u0131nd\u0131r ancak daha b\u00fcy\u00fck \u00f6zel anla\u015fmalarda g\u00f6r\u00fcnmektedir.<\/p>\n","protected":false},"excerpt":{"rendered":"

TLDR: No-Shop Maddesi (M\u00fcnhas\u0131rl\u0131k Anla\u015fmas\u0131 veya M\u00fcnhas\u0131r \u0130\u015flem D\u00f6nemi olarak da adland\u0131r\u0131l\u0131r), M&A i\u015flemlerinde\u2014tipik olarak niyet mektuplar\u0131nda veya kesin anla\u015fmalarda\u2014sat\u0131c\u0131n\u0131n belirli bir d\u00f6nem boyunca rekabet\u00e7i teklifleri talep etmesini, m\u00fczakere etmesini veya kabul etmesini yasaklayan bir h\u00fck\u00fcmd\u00fcr. No-shop maddeleri, al\u0131c\u0131lara, rakip teklif sahiplerinin s\u00fcreci bozmadan pahal\u0131 durum tespitine ve m\u00fczakereye yat\u0131r\u0131m yapma anla\u015fma kesinli\u011fi verir. Standart […]<\/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-12618","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12618","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=12618"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12618\/revisions"}],"predecessor-version":[{"id":12891,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12618\/revisions\/12891"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}