The Acquisition Letter of Intent (LOI) is a crucial preliminary document in Nigerian corporate transactions, typically used in the early stages of a potential acquisition or business combination. It serves as a formal expression of interest and outlines the basic terms and understanding between parties before proceeding with detailed due diligence and definitive agreements. Under Nigerian law, particularly considering the Companies and Allied Matters Act (CAMA) 2020 and relevant securities regulations, the LOI helps establish the framework for negotiations while protecting both parties' interests through confidentiality and exclusivity provisions. While mostly non-binding, it demonstrates commitment to the transaction and can help secure financing or regulatory approvals. The document is particularly important in Nigeria's business environment where clear documentation of intentions and preliminary agreements is essential for smooth corporate transactions.
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1. Date and Addresses: Opening with formal letter date and addresses of both parties
2. Introduction: Identifying the parties and their authorized representatives
3. Transaction Overview: Brief description of the proposed transaction and assets/shares to be acquired
4. Purchase Price: Proposed purchase price or price range and payment structure
5. Due Diligence: Process and timeline for conducting due diligence
6. Exclusivity: Terms of exclusive negotiation period
7. Confidentiality: Obligations regarding confidential information exchange
8. Transaction Timeline: Proposed schedule for completing the transaction
9. Binding Nature: Clear statement of which provisions are binding and non-binding
10. Closing Conditions: Key conditions that must be met to proceed with the transaction
11. Governing Law: Specification of Nigerian law as governing law
12. Signatures: Execution blocks for authorized representatives of both parties
1. Break Fee: Terms of any break-up fee if the transaction doesn't proceed, used in larger transactions
2. Management Retention: Preliminary terms for retaining key management, relevant when management continuity is crucial
3. Financing Contingency: Details about financing arrangements, included when buyer requires external funding
4. Regulatory Approvals: List of required regulatory approvals, included for regulated industries or large transactions
5. Employee Matters: Preliminary agreements regarding employee treatment, relevant in share purchases or full business acquisitions
6. Real Estate: Special provisions for real estate assets, included when property is a significant component
7. Intellectual Property: Special provisions for IP assets, included when IP is a significant component
1. Target Assets Schedule: Preliminary list of key assets included in the transaction
2. Exclusivity Terms: Detailed terms of the exclusivity period and related obligations
3. Due Diligence Checklist: Initial list of required due diligence documents and information
4. Timeline Schedule: Detailed timeline with key milestones and deadlines
5. Price Calculation: Details of purchase price calculation methodology if complex
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