GLOSSARY

Texas shoot out definition

What does Texas shoot out mean?

A deadlock transfer provision which, unlike Russian roulette where one party responds to another party's first bid only, usually involves one party (A) offering to buy the other party’s (B’s) shares at a price specified by A. B is then entitled either to accept A's offer or to reject A's offer and state that it wishes to buy A's shares at a price higher than that specified by A. A and B then make sealed bids or enter into an auction, and the person who bids the highest is entitled to buy out the other. This procedure is subject to the same objections as Russian roulette but is also more open to exploitation, as a party who does not really want to buy out the other party could force the other party into paying a higher price than it initially offered.

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