What operations inside the SPV have to be approved by the target ?

Edited

Target involvement in the SPV

The only time the target has a say in the SPV is regarding the transfer of shares of the SPV, to ensure that a competitor or disgruntled ex-employee does not indirectly become a shareholder of the target. This being said, the SPV will always abide by the shareholder agreement entered into with the SPV (as this agreement is approved by the investors in the SPV).

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