irrevocable undertaking
irrevocable undertaking Also known as a lock-up. A binding agreement by a target shareholder to accept a takeover offer. An irrevocable undertaking may be either hard (binding in all circumstances), soft (ceases to be binding if a higher offer emerges) or semi-hard (ceases to be binding if a higher offer emerges which exceeds the existing offer by an agreed amount).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • irrevocable — ir·rev·o·ca·ble /ir re və kə bəl/ adj: not capable of being revoked the offer was irrevocable for ten days ir·rev·o·ca·bil·i·ty n ir·rev·o·ca·bly adv Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • undertaking — noun 1 piece of work/business ADJECTIVE ▪ big, considerable (esp. BrE), large, major ▪ enormous, great, huge, massive, monumental …   Collocations dictionary

  • irrevocable — adj. Irrevocable is used with these nouns: ↑decision, ↑step, ↑undertaking …   Collocations dictionary

  • lock-ups — irrevocable undertaking Also known as a lock up. A binding agreement by a target shareholder to accept a takeover offer. An irrevocable undertaking may be either hard (binding in all circumstances), soft (ceases to be binding if a higher offer… …   Law dictionary

  • lock-up — irrevocable undertaking Also known as a lock up. A binding agreement by a target shareholder to accept a takeover offer. An irrevocable undertaking may be either hard (binding in all circumstances), soft (ceases to be binding if a higher offer… …   Law dictionary

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