According to the right of first refusal, a selling shareholder must offer to sell his or her shares to the other parties to the agreement before selling them to anyone else.

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The right of first refusal typically requires a selling shareholder to offer their shares to other parties to the agreement before selling them to anyone else. This gives those parties the opportunity to exercise their right to purchase the shares before they are offered to outsiders.

According to the Right of First Refusal, a Selling Shareholder