Deal_Structure_PE

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1、Case#5-0006UpdatedJanuary12,2005NoteonPrivateEquityDealStructuresIntroductionTermSheetsarebriefpreliminarydocumentsdesignedtofacilitateandprovideaframeworkfornegotiationsbetweeninvestorsandentrepreneurs.Atermsheetgenerallyfocusesonagivenenterprise’svaluationandtheconditionsunderwhichinvestorsagre

2、etoprovidefinancing.Thetermsheeteventuallyformsthebasisofseveralformalagreementsincludingthe“StockPurchaseAgreement,”whichisalegaldocumentthatdetailswhoisbuyingwhatfromwhom,atwhatprice,andwhen.Theprocessofarrangingventurefinancingischallenging.Negotiatingdealswithtermsthataresatisfactorytobothsid

3、esandensuringthatstakeholders’interestsareproperlyalignediscrucial.Thisprocessbeginswithatermsheet.Theparagraphsbelowdescribethekeyfinancialitemsinmosttermsheets,andnumericalexamplesareincludedtoillustratethemostimportantconcepts.Typically,termsheetsalsocontainadditionalcontrolprovisions.Valuatio

4、nTraditionally,companiesintheindustryassignvaluetoenterprisesastheresultofafinancingevent.Thisapproachisbasedonaper-sharevalueandthevaluationisonafullydilutedbasis.ThiscasewaspreparedbyGeorgeBeneT’02underthesupervisionofAdjunctAssistantProfessorFredWainwrightandProfessorColinBlaydonoftheTuckSchoo

5、lofBusinessatDartmouthCollege.Itwaswrittenasabasisforclassdiscussionandnottoillustrateeffectiveorineffectivemanagementpractices.Copyright©2005TrusteesofDartmouthCollege.Allrightsreserved.Toorderadditionalcopies,pleasecall(603)646-0522.Nopartofthisdocumentmaybereproduced,storedinanyretrievalsystem

6、,ortransmittedinanyformorbyanymeanswithouttheexpresswrittenconsentoftheTuckSchoolofBusinessatDartmouthCollege.NoteonPrivateEquityDealStructureCase#5-0006Pre-moneyvalueisthevaluationofacompanyimmediatelybeforeaninjectionofcapitaloccurs.Thepre-moneyvaluemaybecalculatedasfollows:PreMoneyValue=TotalN

7、umberofOldShares*SharePricePreMoneyValue=PostMoneyValue–NewInvestmentPost-moneyvalueisthevaluationofacompanyincludingthecapitalprovidedbythecurrentroundoffinancing:PostMoneyValue=PreMoneyValue+InvestmentPostMoneyValue=