The LOI for Business Purchase is a crucial preliminary document in Australian business acquisitions, serving as a bridge between initial discussions and the final purchase agreement. It is typically used when parties have reached a general understanding of key commercial terms but before conducting detailed due diligence and negotiating the definitive agreement. The document outlines the proposed structure of the transaction, purchase price, key conditions, and timeline, while usually maintaining a non-binding nature except for specific provisions like confidentiality and exclusivity. Under Australian law, this document helps establish clear communication between parties and sets expectations for the transaction process, while considering relevant regulatory requirements such as FIRB approval for foreign buyers or ACCC considerations for larger transactions.
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1. Letterhead and Date: Company letterhead of the potential buyer and current date
2. Recipient Details: Full name and address of the target business/seller
3. Subject Line: Clear identification as a Letter of Intent for Business Purchase
4. Opening Statement: Introduction of the parties and purpose of the letter
5. Business Description: Clear identification of the business being considered for purchase, including its legal entity name, location, and nature of business
6. Purchase Overview: Broad outline of the proposed transaction structure and what assets/shares are to be purchased
7. Proposed Purchase Price: Indicative purchase price or price range and payment terms
8. Due Diligence: Overview of the due diligence process and requirements
9. Key Conditions: Major conditions that need to be satisfied before proceeding with the transaction
10. Timeline: Proposed timeline for due diligence, negotiations, and completion
11. Binding Provisions: Specification of which provisions are binding (typically confidentiality, exclusivity if applicable, and governing law)
12. Closing: Signature blocks and formal closing of the letter
1. Exclusivity Period: Used when the buyer requires exclusive negotiation rights for a specified period
2. Deposit Terms: Include when a deposit is required as part of the preliminary agreement
3. Key Employee Arrangements: Used when retention of specific employees is crucial to the transaction
4. Intellectual Property: Include when IP is a significant component of the business value
5. Break Fee: Used when parties agree to compensation if either party withdraws under specific circumstances
6. Regulatory Approvals: Include when the transaction requires specific regulatory clearances
7. Asset Schedule Reference: Used when specific key assets need to be highlighted in the preliminary agreement
1. Appendix A - Key Assets: High-level list of major assets included in the proposed purchase
2. Appendix B - Due Diligence Checklist: Preliminary list of documents and information required for due diligence
3. Appendix C - Indicative Timeline: Detailed breakdown of proposed transaction milestones and dates
4. Appendix D - Confidentiality Terms: Detailed confidentiality provisions that are typically binding
5. Appendix E - Exclusivity Terms: Detailed exclusivity provisions if applicable
Relevant legal definitions
Business
Proposed Transaction
Purchase Price
Confidential Information
Due Diligence Period
Exclusivity Period
Target Assets
Completion Date
Binding Provisions
Non-Binding Provisions
Business Day
Definitive Agreement
Material Adverse Change
Deposit
Key Assets
Intellectual Property Rights
Key Employees
Permitted Purpose
Representatives
Seller's Group
Target Company
Territory
Transaction Documents
Working Capital
Proposed Transaction
Purchase Price
Confidential Information
Due Diligence Period
Exclusivity Period
Target Assets
Completion Date
Binding Provisions
Non-Binding Provisions
Business Day
Definitive Agreement
Material Adverse Change
Deposit
Key Assets
Intellectual Property Rights
Key Employees
Permitted Purpose
Representatives
Seller's Group
Target Company
Territory
Transaction Documents
Working Capital
Clauses
Subject Matter
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Transaction Structure
Conditions Precedent
Timeline
Access to Information
Binding Effect
Non-Binding Effect
Break Fee
Deposit
Employee Matters
Regulatory Approvals
Warranties
Costs
Governing Law
Jurisdiction
Term and Termination
Non-Solicitation
Notices
Good Faith
Asset Schedule
Intellectual Property
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Transaction Structure
Conditions Precedent
Timeline
Access to Information
Binding Effect
Non-Binding Effect
Break Fee
Deposit
Employee Matters
Regulatory Approvals
Warranties
Costs
Governing Law
Jurisdiction
Term and Termination
Non-Solicitation
Notices
Good Faith
Asset Schedule
Intellectual Property
Relevant Industries
Retail
Manufacturing
Technology
Professional Services
Healthcare
Hospitality
Construction
Real Estate
Financial Services
Agriculture
Mining
Transport and Logistics
Education
Media and Entertainment
Relevant Teams
Legal
Finance
Corporate Development
Strategy
Executive Leadership
Mergers & Acquisitions
Commercial
Business Development
Company Secretariat
Risk Management
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
Corporate Development Manager
Business Development Director
General Counsel
Legal Counsel
Corporate Lawyer
Investment Manager
Mergers & Acquisitions Director
Strategy Director
Business Owner
Company Secretary
Financial Controller
Commercial Director
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