(the right of) first refusal

idiom

: the right to have the first choice to buy something on the same terms as offered to someone else

Examples of (the right of) first refusal in a Sentence

Recent Examples on the Web

Ryan and the late Andrew McKenna bought into the team in 1990 after the Halas family exercised right of first refusal to cancel a $17 million offer for 20 percent of the team from Chicago developers Judd Malkin and Neil Bluhm. —Phil Rogers, Forbes.com, 3 Apr. 2025

But even if the Heat tenders such a qualifying offer to retain the right of first refusal in restricted free agency, the Heat’s long-term payroll perspective could lead to declining to match an outside multi-year offer sheet. —Ira Winderman, Sun Sentinel, 10 Mar. 2025

But Real still have a right of first refusal on the youngster and buy-back clauses of around €9m in 2025 and around €12m in 2026. —Mario Cortegana, The Athletic, 26 Feb. 2025

If so, at what price? Are the shares obtained upon exercise of an option subject to a right of first refusal? —Allbusiness, Forbes, 4 Mar. 2025