This document is a standstill agreement for a firm that considering merger with another firm. It assures that the status quo remains while the partners pursue various alternatives.
Virginia Standstill Agreements
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Multi-State
Control #:
US-L0804
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Word;
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FAQ
The standstill period provides for a short (at least 10 calendar day) pause between the point when the contract award decision is notified to bidders, and the final contract conclusion, during which time suppliers can challenge the decision.
A standstill agreement can effectively stall or stop the process of a hostile takeover if the parties cannot negotiate a friendly deal. A company that comes under pressure from an aggressive bidder or activist investor finds a standstill agreement helpful in blunting the unsolicited approach.
A standstill agreement prevents a party from issuing proceedings during the currency of that agreement. As such a standstill agreement is a voluntary contractual arrangement between the parties to pause limitation for an agreed length of time (typically 3-6 months).
In the banking world, a standstill agreement between a lender and borrower halts the contractual repayment schedule for a distressed borrower and forces certain actions that the borrower must undertake. A new deal is negotiated during the standstill period that usually alters the loan's original repayment schedule.
The standstill agreement prevents these potential buyers from publicly announcing a bid for the target, without first acquiring the consent of the target (the public company exploring a sale). In this sense, the standstill agreement is seen to help the target company control the bidding process.
An investor makes a purchase of shares in a company which brings their holdings to 45%. Concerned about the potential for a controlling share takeover by the investor, the company enters negotiations over a standstill, which prevents further purchasing beyond this point.
In a ?standstill clause? the parties to a trade agreement commit to keeping the market at least as open in the future as it was as at the time of conclusion of the agreement.