All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ I. CORPORATION LAW (R.A. No. 11232, Revised Corporation Code) ▸ G. Mergers, Consolidations, and Acquisitions (Sections 39 and 75-79) ▸ 2. Business Enterprise Transfer

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G. Mergers, Consolidations, and Acquisitions (Sections 39 and 75-79)

2. Business Enterprise Transfer

Scenario: ABC Corporation and XYZ Corporation are two competing companies in the manufacturing industry. ABC Corporation, being in financial distress, decides to transfer its business to XYZ Corporation. They enter into a Business Enterprise Transfer agreement, wherein XYZ Corporation will acquire all assets, liabilities, and operations of ABC Corporation.

Question: In the given scenario, what are the legal requirements and procedures that ABC Corporation and XYZ Corporation should comply with in order to effectuate a valid Business Enterprise Transfer? Discuss the relevant provisions of the Philippine law on mergers, consolidations, and acquisitions.

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