M&A Foundations · glossary
A right of first refusal: existing shareholders must be offered shares — on a transfer or a new issue — before any outsider. On a sale, pre-emption rights in the target's constitution or shareholders' agreement must be waived or disapplied, or the transfer to the buyer can be blocked. Clause 2.2 · Chapter 3
Explained in Chapter 3, Deal Types and Structures, of M&A Foundations.
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