* Ability to Purchase--If the preemptive right is in the nature of a right of first offer
and the offer terms are skeletal, exercising the right might be a challenge if your client and the owner do not agree on the balance of the purchase terms.
Under the agreement, Sabanci Holding will abandon its right of first offer
related to the sale of Citigroup's 10.1% interest in Akbank.
Right of First Offer
. Owners of minority equity interests in a closely held company often negotiate transfer restrictions subject to a right of first offer
A right of first offer
requires a shareholder who wishes to sell his or her shares to offer those shares to the other parties to the agreement before looking for potential buyers beyond the existing shareholder group.
Baxter says it is retaining the rights to NEX-1285, a proprietary and specialized immunosuppressant drug that was developed by the company, and Baxter has acquired from Mayo the right of first offer
on any commercialization activities that result from the continuing research.
Abgenix also has the right of first offer
to manufacture additional antibodies stemming from this alliance.
Moreover, the co-owners, the sponsor or the lessee may have a right of first offer
(i.e., the right to have the first opportunity to offer to purchase a co-ownership interest) for any co-owner's interest.
In addition, PCCW Japan has right of first offer
on sale of any PCCW Japan shares by Circadence above a certain minimum share amount.
As part of the accord, GM has the right of first offer
on the remaining 80% stake in Fiat Auto if Fiat decides to sell it.
Peace Naturals will also have a right of first offer
to purchase an additional approximately $18M of cannabis concentrate over the same period, subject to the availability of such supply from MediPharm.
The deed contained a right of first offer
to Riverside to provide it with the opportunity to control its entire block when Union no longer needed McGiffert Hall.