The Business Acquisition Letter of Intent is a crucial preliminary document used in Nigerian business acquisitions to establish the fundamental understanding between parties before proceeding with a full acquisition agreement. It serves as a roadmap for the transaction, outlining key terms while maintaining flexibility for detailed negotiations. Typically used after initial discussions but before detailed due diligence, this document helps parties align their expectations and commence formal negotiations while protecting confidential information. Under Nigerian law, particularly considering CAMA 2020 and relevant corporate regulations, the Letter of Intent provides a structured approach to acquisition discussions while clearly delineating binding and non-binding provisions. It's particularly important in the Nigerian context where it can help address preliminary regulatory considerations and establish a framework for obtaining necessary governmental approvals.
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1. Date and Parties: Opening of the letter identifying the sender and recipient, including full legal names and addresses of both parties
2. Introduction: Brief statement of intent to acquire the target business
3. Transaction Overview: High-level description of the proposed transaction, including whether it's an asset or share purchase
4. Purchase Price: Proposed purchase price or price range and payment terms
5. Due Diligence: Framework for the due diligence process, including timing and access to information
6. Key Terms: Essential terms of the proposed transaction including timing, conditions precedent, and major assumptions
7. Exclusivity: Terms of exclusive negotiation period
8. Confidentiality: Confidentiality obligations regarding the transaction and shared information
9. Binding/Non-binding Nature: Clear statement of which provisions are binding and non-binding
10. Closing: Signature blocks and formal closing of the letter
1. Break Fee: Include when parties want to specify fees payable if either party terminates negotiations
2. Employee Matters: Include when there are specific intentions regarding employee retention or transition
3. Regulatory Approvals: Include when the transaction requires specific regulatory clearances
4. Financing: Include when the acquisition is subject to financing conditions
5. Post-Closing Management: Include when there are specific agreements about post-acquisition management
6. Environmental Matters: Include when the target business has significant environmental considerations
7. Intellectual Property: Include when IP assets are a crucial part of the transaction
1. Asset Schedule: Preliminary list of key assets included in the transaction
2. Key Terms Sheet: Summary of principal terms and conditions of the proposed transaction
3. Timeline: Proposed schedule for due diligence, negotiations, and closing
4. Due Diligence Checklist: Preliminary list of required due diligence items
5. Exclusivity Terms: Detailed terms of the exclusivity period if separate from main letter
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