piggyback right

piggyback right
Also known as piggyback rights. Common provisions in joint venture or private equity agreements, which enable certain shareholders (usually minority shareholders) to force other shareholders (who wish to sell their shares) to procure an offer for the shares benefiting from the rights. The tag along rights act as protection for the minority holders in case the majority chooses not to exercise its drag along rights.
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+ tag along rights / piggyback rights / co-sale rights
Tag-along rights are the right to participate in another person's negotiated sale of its equity. They enable certain equity holders to force a selling equity holder to include their equity in the sale on a pro rata basis. They are common provisions in stockholders agreements and LLC agreements and act as protection for the minority holders.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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