In corporate and commercial transactions, the term \u201cright of first refusal\u201d (ROFR) frequently appears in contracts, shareholder agreements, and joint venture arrangements. Though often used interchangeably with other pre-emption rights, the right of first refusal carries distinct implications and should be carefully negotiated and clearly drafted to avoid disputes. <\/p>\n\n\n\n
Este art\u00edculo ofrece una visi\u00f3n detallada del derecho de tanteo, incluyendo su funcionamiento, los escenarios t\u00edpicos en los que surge, su aplicaci\u00f3n en contextos de accionistas y joint ventures, y las consideraciones clave en la negociaci\u00f3n y redacci\u00f3n de tales derechos. <\/p>\n\n\n\n
A right of first refusal is a contractual right that gives a specified party the option to enter into a transaction before the asset holder offers it to a third party. In practice, this means that if the owner of an asset (such as shares, property, or intellectual property) intends to sell or transfer it, the holder of the ROFR can match the terms of a third-party offer or to purchase the asset on agreed terms before it is offered more widely. <\/p>\n\n\n\n
ROFR provisions are widely used as a mechanism to maintain control over who may become a stakeholder in a business or gain access to valuable assets. They act as a safeguard, giving existing investors, shareholders, or strategic partners a chance to prevent undesired third parties from entering a venture. <\/p>\n\n\n\n
While specific terms may vary, ROFRs generally share the following features: <\/p>\n\n\n\n
La ROFR suele activarse cuando el vendedor recibe una oferta de buena fe de un tercero. <\/p>\n\n\n\n
El vendedor debe notificar la oferta al titular del ROFR y proporcionar detalles suficientes (incluido el precio y las condiciones materiales). <\/p>\n\n\n\n
El titular de la ROFR suele disponer de un plazo fijo para decidir si iguala la oferta. <\/p>\n\n\n\n
If the ROFR holder declines the offer, the seller is then free to proceed with the sale to the third party, usually on the same or better terms. <\/p>\n\n\n\n
It\u2019s important to distinguish a ROFR from a right of first offer (ROFO). A ROFO gives the holder the opportunity to make an offer before the asset is marketed to others, whereas a ROFR is reactive and applies after a third-party offer has been received. <\/p>\n\n\n\n
In the context of private companies, particularly those with multiple shareholders, ROFR provisions are commonly embedded in shareholder agreements to control the transfer of shares. These rights serve to protect existing shareholders from having unknown or unwanted third parties acquire shares, potentially impacting control or direction of the company. <\/p>\n\n\n\n
A shareholder proposes to sell their shares to a third party purchaser. <\/p>\n\n\n\n
El accionista vendedor debe ofrecer las acciones a otros accionistas en las mismas condiciones que la oferta de terceros. <\/p>\n\n\n\n
The offer may be extended on a pro-rata basis, allowing each shareholder to purchase a proportionate number of shares based on existing ownership. <\/p>\n\n\n\n
If shareholders decline to purchase, the seller may proceed with the third-party sale, usually within a limited time and on terms not more favourable than those rejected. <\/p>\n\n\n\n
This type of arrangement is closely aligned with pre-emption rights, though there is a subtle distinction. Pre-emption rights often refer to rights of existing shareholders to purchase new shares in an issuance (to prevent dilution) and in many agreements, both types of rights co-exist. <\/p>\n\n\n\n
In joint venture (JV) arrangements, the ROFR can be especially important in managing exit strategies and maintaining strategic balance among the partners. <\/p>\n\n\n\n
A typical scenario is where one JV party wishes to exit by selling its interest. The ROFR allows the remaining parties the first opportunity to purchase that stake. This ensures that a competitor or non-aligned entity doesn\u2019t acquire a position of influence within the JV. <\/p>\n\n\n\n
Some JV agreements go further by including \u201ctag-along\u201d and \u201cdrag-along\u201d rights, in conjunction with a ROFR, offering more complex exit mechanics. ROFRs may also interact with broader governance arrangements, such as reserved matters or board composition, making it critical to assess the full commercial context. <\/p>\n\n\n\n
Las disposiciones ROFR tambi\u00e9n aparecen en: <\/p>\n\n\n\n
Tenants may have a ROFR to purchase the property if the landlord decides to sell. <\/p>\n\n\n\n
In IP-heavy industries, licensors may grant licensees a ROFR over future rights or ownership of the IP, allowing them to accept the offer before it goes to others. <\/p>\n\n\n\n
Buyers may seek a ROFR for key components or raw materials in the event of a sale by the supplier. <\/p>\n\n\n\n
Las cl\u00e1usulas ROFR bien redactadas deben ser claras, inequ\u00edvocas y adaptadas al contexto espec\u00edfico de la transacci\u00f3n. Los puntos clave a tener en cuenta son: <\/p>\n\n\n\n
1. \u00c1mbito de aplicaci\u00f3n: Defina exactamente a qu\u00e9 activo se aplica el ROFR, por ejemplo, \u00bfs\u00f3lo a las acciones ordinarias o a todas las participaciones? <\/p>\n\n\n\n
2. Eventos desencadenantes: \u00bfDebe aplicarse el ROFR s\u00f3lo a las ventas o tambi\u00e9n a las donaciones, reestructuraciones o transferencias dentro de un grupo? <\/p>\n\n\n\n
3. Offer Terms: Should the seller be required to disclose all material terms of the third-party offer, or just the price? <\/p>\n\n\n\n
4. Tiempo de respuesta: Deje tiempo suficiente para que el titular de la ROFR eval\u00fae y organice la financiaci\u00f3n si es necesario. <\/p>\n\n\n\n
5. Non-Compliance: What are the consequences if a sale proceeds in breach of the ROFR? Is it void, or does it give rise to damages? <\/p>\n\n\n\n
6. 6. Exclusiones: \u00bfDeben excluirse del ROFR las transferencias a filiales, familiares o fideicomisos? <\/p>\n\n\n\n
Tambi\u00e9n es importante tener en cuenta las disposiciones antielusi\u00f3n. Por ejemplo, impedir que las partes eludan el ROFR estructurando una transacci\u00f3n como una venta de activos en lugar de una venta de acciones. <\/p>\n\n\n\n
El derecho de tanteo es una herramienta poderosa en los acuerdos corporativos y comerciales, pero requiere una cuidadosa consideraci\u00f3n. Aunque ofrece protecci\u00f3n a las partes interesadas existentes, tambi\u00e9n puede introducir complejidad y obstaculizar potencialmente las transacciones con terceros. <\/p>\n\n\n\n
Tanto si es usted un fundador que firma un acuerdo de accionistas como si es un socio de una empresa conjunta que planea una salida, entender c\u00f3mo funcionan los ROFR (y en qu\u00e9 se diferencian de otros derechos preferentes) es vital para salvaguardar sus intereses. <\/p>\n\n\n\n
Si est\u00e1 pensando en firmar un acuerdo que incluya cl\u00e1usulas ROFR, no est\u00e1 seguro de c\u00f3mo pueden aplicarse a su empresa o desea crear un nuevo acuerdo, le recomendamos que busque asesoramiento jur\u00eddico en las primeras fases del proceso de negociaci\u00f3n. En Ronald Fletcher Baker, tenemos una amplia experiencia en la redacci\u00f3n y negociaci\u00f3n de acuerdos empresariales y comerciales en una amplia gama de sectores y tipos de operaciones. <\/p>\n\n\n\n