Typical conditions to closing a transaction

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by a searcher from Cornell University
in Calgary, AB, Canada

2yrs ago

Typical conditions to closing a transaction

I am working on my first EOI and one of the requirements is that I submit "Details of any significant conditions to closing a transaction such as regulatory, board, or head office approvals"

Are there any typical conditions to closing that I should include in this list? I am a solo self-funded searcher without any investors lined up behind me yet. I won't need approval from anyone other than my wife...

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reply by a professional 1yr ago
from University of Michigan in Detroit, MI, USA

Hi ^redacted‌, here is a list of typical conditions:

(1) buyer’s satisfactory completion of due diligence; (2) the parties’ execution of the purchase agreement and the ancillary agreements (3) buyer’s receipt of cash from sources of finance, on terms and conditions satisfactory to buyer, in an amount necessary to finance the transaction; (4) the receipt of any third party consents, on terms satisfactory to buyer; (5) the key employees of the business entering into employment agreements with buyer on terms agreed with buyer; (6) seller entering into restrictive covenants, in a form acceptable to buyer; and (7) there being no material adverse change in the business, results of operations, prospects, condition (financial or otherwise) or assets of the business.

But I think ^redacted‌ has given a better response. Try reaching out to the broker to get a feel for what the concerns are and tailor your response appropriately.

Always happy to discuss further. Feel free to DM me here or reach out at redacted if I can be of any help.

reply by an intermediary 1yr ago
from The University of Chicago in Chicago, IL, USA

The request to provide "Details of any significant conditions to closing a transaction such as regulatory, board, or head office approvals" seems to indicate that either the broker, or more likely the seller's attorney, comes from selling to public companies, or to subsidiaries/division of large strategic buyers, or from dealing with regulatory industries. If you are like most Searchers here, my guess is all you have to say is "none such requirement".