This is a clause which obliges a shareholder who wishes to sell his shares to offer them in preference to the shareholders, to a purchaser designated by them or even to a third party.
It therefore prevents the entry of a new shareholder or an existing shareholder from increasing his percentage of shares in relation to the other shareholders.
It is similar to the preference clause, which allows its beneficiary to obtain by preference the shares that a shareholder wishes to sell at the same price and under the same conditions as those offered by the buyer. The pre-emption clause, on the other hand, allows the acquisition of shares at a different price, determined by an expert or by the general meeting, for example.
