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#1 |
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forced but unwanted buyout
my buisness partners offered to buy me out for a very low amount. In our shareholder agreement in the forced buy paragraph it states, "Provided there has been strict compliance with this Paragraph, the Offeree shall be deemed to have accepted the offeror's offer unless, within thirty days after such written offer has been delivered to the offeree, the offeree shall have elected in writing to purchase all, of the offeror's shares for the purchase price, proportionately increased or decreased, as the case may be, to the extent that the offeror's shares at the time of the offer is greater or lesser than the offeree's shares and upon the same terms and conditions as the offer. If the offeree shall so elect to purchase the offeror's shares as provided in the preceding sentence, the offeror shall have no further right to make any offer or counter-offer to the offeree and shall be obligated to sell the offeror's shares to the offeree pursuant to the offeree's written offer.
Question: If I offer one penny more per share can I not buy them out without them counter offering according to the paragraph? |
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#2 |
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Yes that is what it seems to say; that was to make sure their offer is valid and reasonable otherwise you could do what you propose.
Have the entire contract reviewed however. Email the lawyers below if need be. |
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#3 |
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I have read the whole shareholder agreement and their is nothing in it about fair offers and so I assume if they feel their offer is fair mine should be fair in return. I did not see a list of lawyers to email could you respond with that information please.
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#4 |
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