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Can you have both tag along and drag-along rights?
For example, even if you disagree about at what price the majority is selling their shares, you might be dragged along to sell at the same price. If your co-owner wants to tag along with your sale, he or she can do so as well.
Where can I find drag along rights?
Sometimes known as bring along rights or drag rights, these provisions are usually found in the term sheet and subsequent shareholders rights agreement, if included in a deal. In venture capital, the majority shareholders can either be the investors or the foundersit typically depends on the companys stage.
How do you invoke drag-along rights?
In most cases, drag-along rights may only be invoked by the majority shareholder where the transfer to the third-party purchaser is for cash consideration. Where the drag provision will apply equally to transfers for non-cash consideration, this may be met with strong resistance from the minority shareholders.
What is drag and tag?
The drag along clause requires the minor shareholder to sell their shares. The tag along clause requires the minor shareholder to be allowed to join in on a sale. Both clauses are designed to give the minor shareholder the rights to receive the same price, terms and conditions as any other seller.
How do you invoke drag-along rights?
In most cases, drag-along rights may only be invoked by the majority shareholder where the transfer to the third-party purchaser is for cash consideration. Where the drag provision will apply equally to transfers for non-cash consideration, this may be met with strong resistance from the minority shareholders.
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A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller.
What are drag along tag-along rights?
Tag-along or co-sale rights are essentially the opposite of drag-along rights. Whereas tag-along rights give minority shareholders negotiating rights in the event of a sale, drag-along rights force the minority shareholders to accept whatever deal is negotiated by majority shareholders.
What is a bring along right?
A drag-along right, drag along provision, or bring along right, is a right that gives majority investors the ability to sell a company to a third-party without consent from minority shareholders. This helps protect the majority and eliminate the minority.
How do drag-along rights work?
A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller.
Can you have both tag along and drag-along rights?
For example, even if you disagree about at what price the majority is selling their shares, you might be dragged along to sell at the same price. If your co-owner wants to tag along with your sale, he or she can do so as well.
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