Letter of Intent: Share Purchase multiple sellers group
Letter of intent for the sale by multiple sellers of a company which has one or more subsidiaries. It outlines the principal sale terms on a non-legally binding basis with legally-binding provisions covering confidentiality, exclusivity and costs.
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When do I use this document?
- for a proposed transaction involving the sale of a company including one or more subsidiaries
- where the target company is owned by multiple shareholders
- to set out the principal agreed terms for the transaction on a non-legally binding basis
- as a preliminary step before preparing long form agreements
- to save time and future discussion and negotiation on the transaction documents
What are the key features?
- comprehensive letter of intent covering aspects such as:
- principal sale terms
- shareholdings of the sellers
- various consideration options, including upfront consideration at closing, deferred consideration, earnout consideration and completion accounts adjustment
- conditions for the transaction
- principal terms of the Share Purchase Agreement
- transaction process and timetable
- legally binding provisions addressing:
- exclusivity for the buyer for a defined period (if agreed)
- confidentiality of the letter of intent
- costs
- governing law and jurisdiction
What other documents are available?
For alternative forms of letter of intent for a company sale transaction, see:
When do I use this document?
- for a proposed transaction involving the sale of a standalone company
- where the target company is owned by a number of shareholders
- to set out the principal agreed terms for the transaction on a non-legally binding basis
- as a preliminary step before preparing long form agreements
- to save time and future discussion and negotiation on the transaction documents
What are the key features?
- comprehensive letter of intent covering aspects such as:
- principal sale terms
- shareholdings of the sellers
- various consideration options, including upfront consideration at closing, deferred consideration, earnout consideration and completion accounts adjustment
- conditions for the transaction
- principal terms of the Share Purchase Agreement
- transaction process and timetable
- legally binding provisions addressing:
- exclusivity for the buyer for a defined period (if agreed)
- confidentiality of the letter of intent
- costs
- governing law and jurisdiction
What other documents are available?
For alternative forms of letter of intent for a company sale transaction, see:
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Updated by a lawyer on 10/09/2024
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