私募投资机构通常扮演的是财务投资者的角色,一般并不会在被投企业中占有很高的股权比例,而一旦被投企业经营不善,无法实现预期业绩目标,私募投资机构就会面临巨大的退出压力,在此情形下,退出的渠道之一就是被投企业被第三方并购。如果私募投资机构自行寻找到了合适的并购方,却遭到被投企业创始股东的反对(因为并购方通常是其竞争对手),此时就很难将该并购交易继续下去。因为对并购方而言,其最终目的是通过收购被投企业的全部或大部分股权而实现对被投企业的控制,因此,仅收购私募投资机构所持有的少数股权并无意义。也就是说,创始股东的反对将直接导致并购交易无法实现,私募投资机构因而无法及时退出。因此,在Omnicare案发生后,众多私募投资机构受到了启发,为了保护自身利益,纷纷引入强制出售权条款,并在Minnesota Invco of RSA#7, Inc. v. Midwest Wireless Holdings LLC. (Del.Ch.June 7, 2006)案的判决中首次得到法庭的支持,使得该条款从此在美国的私募投资领域大行其道。不过在中国法下,强制出售权条款应仅适用于非公众公司。
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