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A standard clause in many stockholders agreements that requires a stockholder who has received an offer to purchase any portion of its securities from a third party to offer those securities to the other stockholders before selling them to the third party.
What is right of first refusal? Right of pre-emption gives shareholders the right to buy shares from another shareholder on the same terms as agreed with an external party before the external party may buy them. In other words, ROFR is the right to buy existing shares before outsiders can.
In real estate, the right of first refusal is a clause in a contract that gives a prioritized, interested party the right to make the first offer on a house before the owner can negotiate with other prospective buyers.
If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. The agreement gives the two co-chairmen first refusal on each other's shares.
The partners in a joint venture generally possess the right of first refusal on buying out the stakes held by other partners who leave the venture. Similarly, a ROFO gives non-selling shareholders in a shareholder agreement the right to purchase shares of selling shareholders before they are offered to the public.
In real estate, the right of first refusal is a clause in a contract that gives a prioritized, interested party the right to make the first offer on a house before the owner can negotiate with other prospective buyers.
The ROFR is part of the stock purchase agreement that is signed during a venture capital fund raise. It requires any shareholder who wants to sell stock - common stock, preferred stock, etc. - to give the VCs the right to purchase those shares before allowing any other party to buy them.
In the context of a corporation, an ROFR is a contractual obligation of a shareholder to offer to sell its shares to the other holders (or sometimes back to the corporation) after receiving a bona fide offer to purchase from a third party.
The clause requires the grantor of the right to offer contract terms to the grantee before it can conclude a contract on the same terms with a third party.
In a typical right of first refusal, a shareholder wishing to sell his or her shares must first strike a deal with a third party to sell his or her shares. That third party has to commit to the basic terms of a purchase of some or all of the shareholder's shares.