M&A Foundations · glossary
The deadline by which the conditions must be satisfied; if they are not, either party can usually terminate the signed deal. It caps how long the parties can be left in limbo waiting for approvals — in Sunrise, 31 March 2027. SPA definition · Chapter 13
Explained in Chapter 13, Signing to Completion, of M&A Foundations.
A conditional contract needs an expiry. Without one, a deal whose approval never comes would leave both parties bound — the seller unable to sell elsewhere, the buyer’s capital committed — indefinitely. The answer is the long stop date (US lawyers say “outside date” or “drop-dead date”): a date after which, if the conditions remain unsatisfied, the parties can call time.Read Chapter 13, Signing to Completion →
31 March 2027;Read the definition in the document →
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Every chapter of M&A Foundations is free to read, including the full training share purchase agreement. It is part of one complete fictional deal, with every document attached and a test after every chapter. Open M&A Foundations → · All terms A–Z →