Working capital adjustment: this implies that the buyer pays or is reimbursed the working capital of the target company that exceeds or is less than an agreed “normal” working capital. However, a significant percentage (40 to 50 percent, depending on the research, including the volume of transactions that the Deloitte Sale and Purchase Agreement (SPA) specialized team of European transactions is working on and the majority of private M&A transactions in the U.S. still rely on an after-closing adjustment to calculate the final price to be paid for a company. In these closing account mechanisms, the price is adjusted by reference to a specific set of accounts, usually a balance sheet, drawn up and agreed upon by the parties during the period following completion. This approach allows parties to adjust the price of assets and liabilities actually delivered at closing, but it usually takes longer, requires more obligations from buyers, sellers and targets, and can cost more. Since closing accounts are not governed by the same legal framework as that governing the legal financial statements of the target entity, the format, content and basis for the preparation of closing accounts must be agreed by the parties and taken into account in the acquisition agreement. Among the main topics to be addressed, closing accounts are established after the end of the closing. Generally speaking, they include an allocation balance sheet from which the values are derived, often consisting of cash, debt and working capital balances, although other ratios (such as net assets) may be used depending on the sector and the basis of valuation. In the case of a cashless or debt-free structure, cash and debt balances are added together or deducted from the purchase price on a pound-by-pound basis and working capital is compared to a normal or target level of working capital.

When real labour capital exceeds the target level, the purchase price increases, and to the extent that real labour capital is below the target level, the purchase price decreases. Exclusivity agreement. This gives the buyer a certain amount of time to negotiate and close the deal in which sellers may not search for other potential buyers, provide information or negotiate with them. Here, too, exclusivity agreements are sometimes found in the spirit of the conditions or in combination with confidentiality obligations. Once completed, ownership of the business or business to be acquired will be transferred to the buyer. Cashless/debt-free adjustment: this implies that the buyer and seller agree on an enterprise value for the target company before the conclusion of the acquisition contract (which excludes the liquidity and debts of the target company). Once completed, accounts are prepared to determine the amount of cash and debt of the target entity at the time of completion. A total price of the target shares is then determined by adding the amount of cash to the value of the company and subtracting all debts.. . . .