A Letter of Intent to Purchase Shares is typically used in the initial stages of a share acquisition transaction when a potential buyer wishes to formally express their interest and outline the basic terms of the proposed purchase. This document, governed by Canadian federal and provincial laws, serves multiple purposes: it demonstrates the buyer's serious intent, establishes the fundamental terms of the transaction, and provides a framework for due diligence and further negotiations. While primarily non-binding, it often includes binding provisions regarding confidentiality, exclusivity, and access to information. The LOI helps parties align their expectations early in the process and can be particularly useful in securing preliminary financing commitments or regulatory approvals. It's an essential step before proceeding to the more detailed and binding share purchase agreement.
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1. Date and Parties: Identification of sender and recipient, including full legal names and addresses of both parties
2. Subject Line: Clear indication that this is a Letter of Intent to Purchase Shares
3. Introduction: Brief statement of intent to purchase shares and identification of the target company
4. Transaction Overview: Key details of the proposed transaction including number of shares, purchase price, and payment terms
5. Due Diligence: Outline of the due diligence process and requirements
6. Timeline: Proposed schedule for completion of due diligence, definitive agreements, and closing
7. Confidentiality: Statement regarding the confidential nature of the LOI and proposed transaction
8. Exclusivity: Period during which the seller agrees not to negotiate with other potential buyers
9. Binding/Non-binding: Clear statement of which provisions are binding and non-binding
10. Closing: Signature blocks and formal letter closing
1. Financing Contingency: Include when the purchase is contingent on the buyer securing specific financing
2. Regulatory Approvals: Include when the transaction requires government or regulatory approval
3. Employee Matters: Include when there are specific arrangements or requirements regarding existing employees
4. Break Fee: Include when parties agree to a fee if either party terminates negotiations
5. Earnout Provisions: Include when part of the purchase price is contingent on future performance
6. Board Composition: Include when there are specific requirements for board representation post-transaction
7. Conditions Precedent: Include when there are specific conditions that must be met before proceeding with the transaction
1. Share Information Schedule: Details of the shares being purchased, including class, rights, and current ownership
2. Price Calculation Schedule: Detailed breakdown of how the purchase price was determined, if complex
3. Due Diligence Checklist: List of required documents and information for due diligence review
4. Timeline Schedule: Detailed timeline of key dates and milestones for the transaction
5. Material Contracts Summary: List of material contracts that may affect the transaction
Relevant legal definitions
Buyer
Seller
Company
Shares
Purchase Price
Closing Date
Due Diligence Period
Confidential Information
Exclusivity Period
Business Day
Definitive Agreement
Material Adverse Change
Binding Provisions
Non-Binding Provisions
Transaction
Board of Directors
Closing Conditions
Permitted Disclosure
Target Business
Working Capital
Regulatory Approvals
Break Fee
Security Interest
Encumbrance
Earnout Period
Seller
Company
Shares
Purchase Price
Closing Date
Due Diligence Period
Confidential Information
Exclusivity Period
Business Day
Definitive Agreement
Material Adverse Change
Binding Provisions
Non-Binding Provisions
Transaction
Board of Directors
Closing Conditions
Permitted Disclosure
Target Business
Working Capital
Regulatory Approvals
Break Fee
Security Interest
Encumbrance
Earnout Period
Clauses
Identification of Parties
Transaction Overview
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Access to Information
Timeline
Binding vs Non-Binding Provisions
Representations and Warranties
Conditions Precedent
Break Fee
Governing Law
Dispute Resolution
Expenses
Termination Rights
Regulatory Compliance
Employee Matters
Assignment
Notices
Amendments
Entire Understanding
Survival
Good Faith Negotiation
Transaction Overview
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Access to Information
Timeline
Binding vs Non-Binding Provisions
Representations and Warranties
Conditions Precedent
Break Fee
Governing Law
Dispute Resolution
Expenses
Termination Rights
Regulatory Compliance
Employee Matters
Assignment
Notices
Amendments
Entire Understanding
Survival
Good Faith Negotiation
Relevant Industries
Financial Services
Technology
Manufacturing
Real Estate
Healthcare
Retail
Energy
Mining
Telecommunications
Professional Services
Transportation
Agriculture
Consumer Goods
Media and Entertainment
Construction
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Board of Directors
Compliance
Risk Management
Strategy
Business Development
Investment Banking
Due Diligence
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Development Director
General Counsel
Legal Director
Investment Director
Mergers & Acquisitions Manager
Corporate Secretary
Board Member
Finance Director
Business Development Manager
Strategy Director
Investment Banker
Due Diligence Manager
Compliance Officer
Risk Manager
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