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Select your form of letter of intent for a share purchase transaction, depending on the company ownership profile and corporate structure of the target company.

letters of intent at paper rock docs

Why use a letter of intent?

While the terms of a letter of intent are typically not legally binding (aside from specific areas such as confidentiality and possibly exclusivity), they serve as the basis for the detailed terms in the long form transaction documents. Agreeing matters at this stage helps identify particularly contentious issues and should save time and expense in the long run.

Other preliminary documents for an M&A transaction

Alongside the letter of intent, the seller(s) and target company should also require a confidentiality agreement (or NDA) with the potential buyer. This will safeguard the confidentiality of the company’s proprietary information which the buyer will need access to for its due diligence and decision-making.

A buyer may also require an exclusivity agreement, under which sellers agree not to engage in discussions with other potential buyers for a specified period. This allows the buyer to invest time and resources in its due diligence and negotiations, knowing that the sellers aren’t simultaneously considering offers from competing buyers.

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