Right of First Offer
"How does it differ from Right of First Refusal?"
Quick Answer
A contractual obligation where a shareholder looking to sell must first ask existing shareholders to make an offer for the shares before negotiating with outside parties.
Scope and Legal Distinctions
A right of first offer requires an agreed offer process before a sale to others. It differs from a right to match a third-party offer already received.
What to Check in Practice
Specify notice, price proposals, response deadlines and the conditions for a later third-party sale; align the clause with transfer restrictions.
Sources & Authorities
Statutory framework and official guidance for this definition.
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