M&A Boot Camp booklet 2023 - Flipbook - Page 55
Introduction to Representations & Warranties
What’s a representation? What’s a warranty? What’s the difference?
Purposes of representations and warranties
– Indemnification
– Walk rights
– Facilitating the provision of information
Who makes the representations to the buyer?
– The target company?
– The target company’s stockholders?
– Both?
Why are the representations made by the buyer less extensive than the
ones it gets?
Hogan Lovells US LLP
1