M&A im Streit Die Auswertung und Sicherung von Daten - im Spannungsfeld des Datenschutzes
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
P+P Pöllath + Partners
www.pplaw.com
Dr. Alice Broichmann
M&A im Streit
Die Auswertung und Sicherung von Daten -
im Spannungsfeld des Datenschutzes
Freitag, 8. April 2011
P+P Pöllath + Partners
I. Discovery und E-Discovery www.pplaw.com
1. Discovery
Umfassende Aufklärung der streitigen Tatsachen durch
• „discovery of documents"
• verschiedene Formen der Zeugen- und Parteibefragung
• Begutachtung oder Untersuchung von Sachen und Personen
2. E-Discovery
Reproduktion von elektronisch gespeicherten Informationen ("Electronically Stored
Information", kurz "ESI"), z.B.
• Daten auf unterschiedlichsten Speichermedien (PCs; CDs; DVDs; Handys)
• Metadaten
• Backups
3. Nationale Schiedsverfahrensrechte und institutionelle Schiedsordnungen
• Parteien können Zulässigkeit von Discovery + E-Discovery in Schiedsvereinbarung
regeln
z. B. durch Verweis auf die IBA Rules on the Taking of Evidence in International Arbitration
• Nationale Schiedsverfahrensrechte und gängige Schiedsordnungen sehen - in
unterschiedlicher Ausprägung - die Möglichkeit einer Discovery ausdrücklich vor
vgl. z.B. § 27.1 DIS-SchO; Art. 20.5 ICC-Rules; Art. 21.1 (d)-(f) LCIA-Rules; Art. 24.3 UNCITRAL-Rules
II.Die Auswertung und Sicherung von Daten – im Spannungsfeld des Datenschutzes
P+P Pöllath + Partners
www.pplaw.com
M&A-Prozess + M&A-Streitfall
Due Diligence / Unternehmens- M&A-Streitfall
Datenraum kaufvertrag
Discovery/E-Discovery,
z.B. Listen über Kunden, zwischen Parteien vom (Schieds-)Gericht zur
Angestellte, Lieferanten vereinbarte Beweismittel, Herausgabe bestimmte
etc. Vertragsanlagen Unterlagen
Datenschutzbestimmungen
• Umgang mit personenbezogenen Daten nur zulässig, wenn Rechtsvorschrift dies erlaubt
oder Betroffener einwilligt (vgl. 4 Abs.1 BDSG)
"Rechtsvorschriften" sind insbesondere Tarifverträge und Betriebsvereinbarungen
• Umgang mit personenbezogenen Daten zulässig nach Abwägung der Interessen von
Unternehmen und Betroffenem (vgl. 28 Abs.1 Nr.2 BDSG)
Verteidigung gegen rechtliche Ansprüche gilt als berechtigtes Interesse des Unternehmens
• Bei Übermittlung personenbezogener Daten ins Ausland ist Bestehen eines
angemessenen Schutzniveaus erforderlich (Sonderfall USA → "safe harbor principles" )
• Übermittlung personenbezogener Daten ins Ausland zulässig, wenn zur Wahrung eines
wichtigen öffentlichen Interesses oder zur Geltendmachung oder Verteidigung von
Rechtsansprüchen vor Gericht erforderlich
P+P Pöllath + Partners
III. Die Auswertung und Sicherung von Daten – im Spannungsfeld des Datenschutzes
www.pplaw.com
M&A-Prozess + M&A-Streitfall
Due Diligence / Unternehmens- M&A-Streitfall
Datenraum kaufvertrag
Discovery/E-Discovery,
z.B. Listen über Kunden, zwischen Parteien vom (Schieds-)Gericht zur
Angestellte, Lieferanten vereinbarte Beweismittel, Herausgabe bestimmte
etc. Vertragsanlagen Unterlagen
Konsequenzen für den M&A-Prozess + M&A-Streitfall
• Geldbuße bis zu EUR 300.000 oder Freiheitsstrafe bis zu 2 Jahren
• Schadensersatzansprüche aus dem SPA wegen • Negative Schlussfolgerungen
Garantieverletzung "compliance with applicable laws" des Schiedsgerichts bei
• Nichtigkeit des Unternehmenskaufvertrages? Nichtvorlage
• Negative Auswirkungen auf Geschäft und Geschäfts- • Beweisverwertungsverbot bei
beziehungen Verstoß gegen
Datenschutzbestimmungen
• Präventiv: Berücksichtigung
eines späteren Rechtsstreits in
der Datenschutzordnung im
Hinblick auf die Aufbewahrung
und Löschung von DatenP+P Pöllath + Partners
IV. Beweissicherung des Verkäufers und des Käufers www.pplaw.com
1. Verkäufer
● Verkäufer hat nur bis zum Closing Zugriff auf sämtliche Daten; Daten verbleiben
bei Share Deal im Zielunternehmen
Überprüfung des Status Quo vor dem Closing (pre closing due diligence)
● Möglichkeiten der Beweissicherung:
− Vertragliche Regelung im Unternehmenskaufvertrag von Informations- und
Betretungsrechten zur Untersuchung von Garantieansprüchen
− Aufbewahrung von Arbeitspapieren
− Datenraum
2. Käufer
● Dokumentation des Due Diligence Prozesses und der Vertragsverhandlungen
● Datenraum
● Überprüfung des Status Quo nach dem Closing (post closing due diligence)
● Forensische SachverhaltsaufbereitungP+P Pöllath + Partners
www.pplaw.com
Vielen Dank für Ihre Aufmerksamkeit!
Dr. Alice Broichmann
P+P Pöllath + Partners
Kardinal-Faulhaber-Straße 10
80333 München
www.pplaw.com
E-Mail: alice.broichmann@pplaw.com
Tel.: +49 (89) 24 240 - 224Alvarez & Marsal
Dispute Analysis & Forensic Services
Unpleasant Surprises – The Challenge to Find & Analyze Data !
LEADERSHIP PROBLEM SOLVING VALUE CREATION 8. April 2011
Günter Degitz
Managing Director, Geschäftsführer
Alvarez & Marsal Dispute Analysis &
Forensic Services GmbH
Bürkleinstraße 10
80538 München
Tel.: +49 89 710 40 60 0
Fax.: +49 89 710 40 60 1
Mob: +49 151 1626 7599
© Copyright 2011. Alvarez & Marsal Holdings, LLC. All Rights Reserved.The Transaction Process – Where
I. Dispute Analysis & Forensic Services in M&A
Disputes in the Start of negotiations Purchase Agreement Closing Balance Sheet Dispute Resolution
transaction process are Letter of Intent Closing Objection Notice
effected by key moments
where information is
exchanged that is later
the subject of the dispute.
Post-Closing
Exclusivity /
Negotiations Audit / Integration Dispute
Pending Period
Valuations
• Information • Vendor Due • Very little sleep • Initial control by • 100-Day Plans • International
Memorandum Diligence the Purchaser Arbitration
• Risk specific • Implementation of
• Bid Submissions Reps & • First unlimited Synergies • Out-of-court
Warranties access to all settlement
• Winning Bidder • Performance
available
Chosen Improvement • Litigation
information
• Forensic risk • First recognition
• Compliance
assessment of problems
Assessment
(data room)
(DD) • Buyer Side
• Red-flag Investigation
analysis
(data room)
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.SPA Accounting Language Review
I. Dispute Analysis & Forensic Services in M&A
As part of A&M’s ▲ Calculation of completion account balances, purchase-price adjustments and earn-out
forensic due provisions require valuation and classification of various amounts
diligence, we can ▲ Disagreement forms over which amounts should be included in which buckets
assist in the drafting ▲ Often, a poorly-worded purchase agreement is also involved
and review of
purchase price
Common words that lead to disagreement:
calculations and
adjustment, as well • Material • Receipts
as other accounting- • Income • Cash flows
related clauses to • Profit or loss • Reserves
help prevent later • Earnings • Costs
disagreement due to
• Value
ambiguity in the
method of the
calculation. ▲ Other commonly-occurring key ingredients to SPA-related disputes:
• Insufficient access to information by the buyer until after closing
• Ambiguity surrounding rights to offset
• Existence of errors and irregularities
• Separation of key financial drivers from relevant time period
• Implication of lock-box or other valuation measures
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.Forensic Due Diligence Helps to Avoid Unpleasant Surprises
I. Dispute Analysis & Forensic Services in M&A
Alvarez & Marsal can Unpleasant Surprises A&M Mitigation
support you in
avoiding unpleasant
Inaccurate or “dressed-up” financial reporting Detailed investigative and background due diligence
investment surprises.
(different reports to investors, government and to determine the accuracy of financial reports and
management) identify related party transactions
Investigative due diligence on companies and key
Local management and directors committing
individuals (executives, directors, investors, etc.) in
fraud and / or corruption
terms of background, integrity, reputation, etc.
Receipt of fines for unknowingly facilitating a Forensic relationship analysis of major customers to
money-laundering scheme undertaken by a determine flows of money and payments between the
customer client and third-parties
Critical review of earn-out and other price calculation
Earn-Out provisions cannot be calculated due to
criteria in SPA to identify potential ambiguities and
ambiguity in accounting language used in SPA
other unintended accounting results
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved. 3A public case: What you don’t know could hurt you
I. Dispute Analysis & Forensic Services in M&A
International Petroleum
Investment Company
Transaction MAN reports
(IPIC) purchased MAN’s for sale of put option as
Ferrostaal division in South African newspaper 70% of “Assets held German newspaper reports that German
reports that MAN Ferrostaal to for sale” of prosecutors have evidence that Ferrostaal
March 2009, ignoring IPIC closes. 139m Euro
Ferrostaal employees employees have paid bribes to officials in
prior reports of bribes have paid bribes for work Egypt, Greece, Argentina, Portugal,
paid by company in South Africa. MAN Columbia and Indonesia. IPIC still refuses
strongly denies the to pay for put option.
employees. IPIC now allegations.
finds itself in a dispute
involving 210m Euro in
remaining purchase
Aug-08 Oct-08 Mar-09 May-09 Dec-09 Jan-10 Jun-10 Jul-10
price as well as facing
240m Euro or more in
potential fines.
MAN AG reaches
MAN exercises
deal with IPIC for
German put option to sell German prosecutor
purchase of MAN
authorities raid remaining 30% of reports it will seek 240m
Ferrostaal division.
MAN offices and Ferrostaal to Euro in fines against
70% of Ferrostaal is
employee IPIC. IPIC MAN and Ferrostaal for
purchased for 490m
residences in refuses to pay. corruption violations.
Euro. MAN retains
put option to sell bribery Current value of MAN’s
remaining 30%. investigation put option - ???
Missed Opportunity The Long Tail
- Red Flag Analysis (DD) - Massive Investigation Effort
- Reps & Warranty Provisions - Purchase Price Dispute
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved. 4Post Sales Surprise: Sour Lemons
I. Dispute Analysis & Forensic Services in M&A
The emotional and Starting Point Audit Committee
Report • Clean-up of existing data
high-stress • Client uncovered 1.1
• No indication for fraud but base information
mill. SFR differences
environment of some between reported and
weak management • Improvement of IT
actual revenue after • Total required write down structure and quality of
transactions can lead acquisition data base
of 40 mill SFR –
to a narrow focus on • Recognition of revenue
covenant breach • Purchase price
adjustments
certain issues while that did not exist
• Risk of credit covenant
disregarding other, breach
important ones.
Oct. 09 Nov. 09 Dec. 09 Jan. 10 Today
Avoid breach of
Main Challenges covenants
• The core problem? • Investigation, Interviews • Restatement of 40
Indications for fraud? and Email-Review mill SFR, allocated
• Assess the damage • Identified >8.000 over previous 3 years
projects; varying • Assisting in YE
• 2 seperate IT systems schedules and billing
with manual interface; financial statement
interval agreements process
bad data quality; no
reconciliation; no • Prioritised clarification of
controls projects/studies with >80%
of WIP value through a
standardised approach
© Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. 5Post Sales Surprise: Bitter Pill
I. Dispute Analysis & Forensic Services in M&A
Dispute / Forensic Analysis
Some transactions Pre-transaction
are simply doomed to • Buyer given exclusive access to • Buyer had access to all information
employees and systems necessary to prepare a proper
fail; Failed forecast prior to the transaction
transactions almost • Developed cash flow projections
and showed them to Seller • Seller had no reason to believe the
always end in projections weren’t reasonable
• Seller did not provide input or
disputes. feedback regarding cash flow • The cash flow forecast was actually
projections irrelevant. Due to the sharpness of the
market collapse, there was no way for
the Carve-Out to have remained solvent.
2006 2007 2008 2009 2010
Post-transaction Insolvency Administrator
files lawsuit against the
• Cash flow fell significantly short of Seller
projections
• alleging that information
• Carve-out forced into insolvency less had been intentionally
than 8 months following transaction misrepresented
• or withheld during the
• Investigate Revenue Shortfall negotiations.
© Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. 6You can also read
