翻译有风险,旗渡更保险
翻译热线:400 100 6256

中文简体

随售权与拖售权之比较

随售权(Tag-along right)和拖售权(Drag-along right)两个条款是股东协议、投资协议等商业合约中常见的条款。这两个条款常常会因为约定不明,而给相关交易方带来一些问题和不便,甚至导致交易破裂。对于并购交易的相关方而言,一旦交易涉及这样的机制安排,为有效控制风险,需要提前充分考虑行权过程中可能出现的各种问题,并针对这些问题,在相关的股东协议或者投资协议的文本中做出相应约定。

1.随售权 Tag-along right

随售权条款的权利要求多来自于小股东。它是指在大股东出让股权时(或者是出让控股权时),小股东有权按照大股东出让的比例,等比例要求出让自身的股权,从而在某种程度上达到与大股东“同进同出”的目的,可以视为是对大股东转让股权的限制。在并购交易中,如果对随售权条款重视不够或处理不当,往往会给交易带来阻碍。

Tag along rights comprise a group of clauses in a contract which together have the effect of allowing the minority shareholder(s) in a corporation to also take part in a sale of shares by the majority shareholder to a third party under the same terms and conditions.[1] Consider an example: A and B are both shareholders in a company, with A being the majority shareholder and B the minority shareholder. C, a third party, offers to buy A's shares at an attractive price, and A accepts. In this situation, tag-along rights would allow B to also participate in the sale under the same terms and conditions as A. 具体例句如下:

例句1

As with other contractual provisions, tag-along rights originated from the doctrine of freedom of contract and is governed by contract law (in common law countries) or the law of obligations (in civil law countries). As tag-along rights are contractual terms between private parties, they are often found in venture capital and private equity firms but not public companies.

与其他合同条款一样,随售权源于合同自由原则,受合同法(英美法系国家)或债务法(大陆法系国家)管辖。由于随售权是私人方之间的合同条款,它们通常出现在风险资本和私募股权公司中,而不是上市公司中。

例句2

The main purpose of tag-along rights is to protect minority shareholder interests in any transaction. Majority shareholders are usually big firms with many connections, better negotiating power and stronger capital, and as such are more likely to be able to find a buyer for their shares.

随售权的主要目的是在任何交易中保护少数股东的利益。多数股东通常是大公司,有很多关系,更好的谈判能力和更强的资本,因此更有可能为他们的股份找到买家。

例句3

Tag-along rights allow minority holders to also join in this premium and be able to sell their shares at this higher price in any sale between a majority and a third party.

随售权允许少数股东也加入这一溢价,并能够在多数股东和第三方之间的任何销售中以更高的价格出售他们的股份。

相关知识拓展:

随售权的初始目的是为了保护私募股权投资机构在被投资公司的实际控制人发生变更时有权强制退出。现在也延伸到非全资收购或者新设合资公司时,如果一方股东要转让,另一方股东在既不愿意行使优先购买权,又不愿意与新股东继续合营的情况下可享有强制退出权。

 

2.拖售权 Drag-along right

与随售权条款的权利要求多来自于小股东相对应,拖售权条款的权利要求一般来自于大股东,常常被视为对大股东有利的条款。它意味着在大股东出让股权时,有权“强拉”着小股东将其股份一并卖出。实务中,随售权条款与拖售权条款几乎都是在股东协议中同时出现,往往在小股东要求随售权的同时,大股东也会要求拖售权。在今年阿里巴巴对“饿了么”剩余57%股权的收购,和美团对摩拜100%股权的收购中,均出现了拖售权条款的身影。

Drag-along right (DAR) is a legal concept in corporate law. Under the concept, if an entity's majority shareholder(s) sells their stake, the prospective owner(s) have the right to force the remaining minority shareholders to join the deal. However, the owner must usually offer the same terms and conditions to the minority shareholders as to the majority shareholder(s). Drag-along rights are fairly standard terms in a stock purchase agreement. 具体例句如下:

例句1

The drag-along provision itself is important to the sale of many companies because buyers are often looking for complete control of a company. Drag-along rights help to eliminate the current minority owners and sell 100% of a company's securities to a potential buyer.

拖售条款本身对许多公司的出售很重要,因为买方通常希望完全控制一家公司。拖售权有助于消除目前的少数股东,并向潜在买家出售公司100%的证券。

例句2

In most jurisdictions, drag-along and tag-along rights are not statutory rights and will need to be included in the shareholder's agreement or articles of association of the company. The provisions will typically specify the percentage of shareholders required for triggering the drag-along right.

在大多数管辖区,拖售权和随售权不是法定权利,需要列入股东协议或公司章程。这些条款通常会具体规定触发拖售权所需的股东比例。

例句3

A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller.

拖售权是协议中的一项条款,允许多数股东强迫少数股东参与公司的出售。进行拖售的多数股东必须给少数股东与任何其他卖方相同的价格、条款和条件。

相关知识拓展:

拖售权最初是为了使私募股权投资机构这样的小股东在转让被投公司的股权时可享受更高的估值,因为转让公司全部股权或控股权的估值通常要高于转让公司少数股权。这个定律同样也适用于非全资并购和新设合资公司中的一方股东要转让其持有的股权。

来源:译问

分享到
相关资讯