《拖售权与跟随权,你知道有什么区别吗》

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拖售权(Drag-along Right)是指某一方出售股权,有权要求其他一方或几方也同时出售股权。它是风险投资中的常见条款之一。从起源来说,拖售权条款并不是风险投资中独有的条款,本身起源于大股东为了防止小股东阻扰交易而设计出的条款,只是在风险投资领域中加以细化及改变,成为了优先股股东(通常是少数股东)拖售普通股股东(通常为多数股东)一起出售公司的机制。

A drag-along right is a provision 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. Drag-along rights are designed to protect the majority shareholder.

例句:

However, ComVentures' ownership percentage, plus certain rights they have (called "drag along rights"), can force the other investors and the company founders to sell.

然而,由于ComVentures的股份比例,外加他们拥有的某些权力(称为“拖售权”),使其有权迫使其他投资人和公司创始人出售公司。


跟随权也叫做随售权,共同出售权,是股东协议中相当标准的条款,英文全称为Tag-Along Right或者Right of Co-sale。它是指投资者可以自动跟随原有股东出售股权的权利。如果被投资企业上市之前,原有股东(主要是指创始人和管理层)向第三方转让股权,投资人有权按照原有股东与第三方达成的价格与条件参与到交易中来,各方基于持股比例来划分可出售股权的比例。即,如果实体的大股东出售其股份,则其余的小股东有权加入交易并按照与大股东相同的条款和条件出售其股份,新所有者必须购买这些权益也是。这项权利保护少数股东免于被迫以低于多数股东的价格出售其股份。英文释义如下:

Tag-along rights also referred to as "co-sale rights," are contractual obligations used to protect a minority shareholder, usually in a venture capital deal. If a majority shareholder sells his stake, it gives the minority shareholder the right to join the transaction and sell their minority stake in the company. Tag-alongs effectively oblige the majority shareholder to include the holdings of the minority holder in the negotiations so that the tag-along right is exercised.

例句:

Tag-along rights are mainly used to ensure that the stake of minority stakeholders is considered during a company sale.

跟随权主要用于确保在公司出售过程中考虑少数股东的利益。 

简单来说,以上二者中少数股东的主动和被动不同。Tag-Along Right保护小股东,让小股东享受大股东的报价。Drag-along Right保护大股东,强迫小股东接受报价。

发布于 2020-06-04 09:41:02
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