rights of first refusal

rights of first refusal
USA
This requires an equity holder in a company (such as a stockholder or a member) to offer to sell its equity to the other holders after receiving a bona fide third party offer. The offer to the other holders must typically be made on substantially the same terms offered by the third party, which terms are usually detailed in the notice to the other holders. This is the primary difference from the right of first offer, when the holders do not know the identity of the third party purchaser when deciding whether or not to buy the offered equity.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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