A letter of intent (LOI) for the purchase and sale of all the issued and outstanding shares of a private corporation. This Standard Document assumes a single corporate purchaser and a single corporate vendor. This Standard Document may also be referred to as a term sheet or memorandum of understanding (MOU). LOI typically sets out key elements of the proposed acquisition, including the structure of the acquisition and the proposed purchase price, as well as anticipated timing of the negotiation of a definitive agreement and the anticipated closing date. For more information on letters of intent, see the Corporate Law.
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