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wenxing · 2023年06月17日

第二个答案是什么来的,为啥不选第一个?

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NO.PZ202301100200000302

问题如下:

Which of the following clauses is most likely to be included in Section 2 of Shoshone’s brochure?

选项:

A.Liquidation preference

B.Reserved matters

C.Tag-along, drag-along rights

解释:

Solution

C is correct. Tag-along, drag-along rights protect the interests of managers, not the private equity firm. Tag-along, drag-along rights ensure that any potential future acquirer of the company may not acquire control without extending an acquisition offer to all shareholders, including the management of the company.

A is incorrect because liquidation preferences place the returns of the private equity firm ahead of those of other investors, including the portfolio firm’s managers.

B is incorrect because private equity firms may require that certain strategically important decisions (such as acquisitions or divestitures) be approved by the private equity firm, protecting its equity interests, not those of managers.

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1 个答案

Lucky_品职助教 · 2023年06月19日

嗨,努力学习的PZer你好:


选C是正确的。Tag-along和drag-along权利主要保护的是管理层的利益,而不是私募股权公司的利益。这些权利确保未来任何潜在的收购方在收购公司控制权之前,必须向所有股东(包括公司管理层)提供收购报价。

A不正确,因为Liquidation preference清算优先权将私募股权公司的回报置于其他投资者(包括组合公司的管理层)的回报之前。

B不正确,因为私募股权公司可能要求批准Reserved matters某些具有战略重要性的决策(如收购或剥离),以保护其股权利益,而不是管理层的利益。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!