ma course outline (revised)

8/6/2019 MA Course Outline (Revised)

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[2005 CLD 93]

Shakarganj Mills LTD v. Crescent Ujala LTD

[2005 CLD 36]

Kohinoor Raiwind Mills Limited v. Kohinoor Gujar Khan Mills, 2002 CLD 1314

In Re: Kohinoor Raiwind Mills Limited and others, 2002 CLD 1747

In Re: Pfizer Laboratories Limited, 2003 CLD 1209

International Multi Leasing Limited v. CALCORP, 2004 CLD 1

Adamjee Insurance Company Limited v. Muslim Commercial Bank, 2003 CLD 463

Adamjee Insurance Company Limited v. Muslim Commercial Bank, 2005 SCMR

318

Books:

i) Buying and Selling Private Companies Simon Beswick & HumphreyWine (Butterworths)

ii) Shareholders Agreements Graham Stedman & Janet Jones (Sweet &Maxwell)

iii) Shareholders Agreements John Cadman (Sweet & Maxwell)iv) The Acquisition of Business Assets Jonathan Myers (Sweet & Maxwell)

v) Guide to Takeovers & Mergers Sridharan & Pandian (Wadhwa andCompany Nagpur)

(Relevant extracts from Books will be provided at the material time)

Classes

There will be 20 Classes. The Classes are divided as follows:-

Class 1: Introduction to mergers and acquisition and a generalassessment of their significance in the Pakistan jurisdiction. How can mergers

and acquisitions (M&A) take place. A general introduction to the three methods

for M&A. What is an asset transfer? What is a share sale? What is a statutory

merger? What are the legal provisions which would enable each of these

transactions.

Class 2: An example of an asset transfer. How are movable assets

transferred? How are immovable assets transferred. What are the transaction

costs associated with such transfers? What is the documentation required to

implement such transfer?


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Class 3: An example of a share sale in a private company. How are

shares transferred in private companies? What are the transaction costs

associated with the transfer? What is the documentation required to implement

such transfer?

Class 4: An example of a share sale in a public company. How areshares transferred in public companies? What are the transaction costs

associated with the transfer? What is the documentation required to implement

such transfer.

Class 5: What are shareholder agreements? What purpose do they

serve and what provisions are customarily included in shareholder agreements.

Share transfer restrictions, rights of first refusal, voting rights, tag along rights,

drag along rights etc. will be considered.

Class 6: An example of a statutory merger under the Companies

Ordinance, 1984. How is it undertaken and what does it involve. A comparativeanalysis of available options for statutory or other mergers in other jurisdictions.

Class 7: Activities prior to initiation of acquisition process. What is a

legal due diligence? What does it involve and how is it undertaken?

Class 8: Detailed consideration of Share Purchase Agreements and

Asset Transfer Agreements. Warranties/indemnities and covenants.

Class 9: What is the takeover law applicable in Pakistan and how to

comply with provisions of the takeover law.

Class 10: What is the competition law applicable in Pakistan and how to

comply with provisions of the competition law.

Class 11: Comparison of Pakistan takeover law with takeover law in India and

UK.

Class 12: Comparison of Pakistan competition law with competition law in

India and UK.

Class 13: How to close an acquisition. Conditions precedent to closing and

legal opinions.

Class 14: Acquisitions by foreign entities of Pakistan companies. Restrictions

in Foreign Exchange Laws and how to structure the acquisition.

Class 15: Taxation implications of M&A. What are the types of taxes that are

relevant and other transaction costs associated with transfers.

Class 16: What is a hostile takeover and how is it regulated in the Pakistan

jurisdiction? An example of a hostile takeover under Pakistan law. Comparison

with hostile take regimes in other jurisdictions.

Class 17: What is the general role of regulators in connection with mergers

and acquisitions? What is the rationale and aim of regulation in this area of the


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law and how does the local regulatory regime compare with regulatory regimes

in other jurisdictions?

Classes 18 to 20 will involve the division of the Class into two groups, one group

representing the Seller and one group the Buyer. There will be a negotiation and

finalization of a Share Sale Agreement and a Shareholders Agreement betweenthe two groups during these four sessions based on a transaction structure and

factual matrix to be provided.

Assessment

Class participation: 20%

Final Exam: 50%

2 Course Assignments: 15% each

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ma course outline (revised)

Documents