For example, if a buyer wishes to acquire all the shares of a target company of 20 or more shareholders, On the other hand, the purchaser should enter into a share purchase agreement with all 20 shareholders or make an offer to acquire shares of any shareholder who is accepted (i) by holders of at least 90% of the outstanding shares (excluding Shares of the Acquiror) and who then acquire on the legal laws the remaining minority shares or (ii) be accepted by the holders of at least two-thirds of the actions in progress, and then conclude a “second phase” transaction, such as. B a merger or proposed agreement, which often requires a shareholder meeting after the first acquisition to acquire the remaining shares. Acquisition in stages without each shareholder 21st party. In the context of the merger and acquisition, the agreements may allow a buyer to acquire 100% of the shares of a target company without having to enter into a share purchase agreement with each shareholder or issue an offer accepted by each shareholder. Instead, an acquiror enters into an “agreement of agreement” with the target company that proposes a plan of arrangement. The plan of the agreement must be approved by a specific decision of the shareholders of the target company (as a rule, two-thirds of the votes of the voting shares) either at a shareholder meeting or under decisions approved in writing by all shareholders. If the plan for the agreement is approved and approved by the court (see below), it is mandatory for all shareholders of the target company, including those who may not have voted in favour or voted against it. In addition to an agreement and associated plan of agreement, acquirors often attempt to enter into “lock-up” or “support” agreements between majority shareholders and directors of the target company under which these owners agree that they will vote in favour of the agreement. However, these agreements are generally only required by a relatively small number of licensees (for example. B 10 to 15 at most). Judicial authorization fees. Another drawback is that an arrangement transaction requires one or more court orders, with the resulting legal fees for applications for such orders.