<Table> <Tr> <Td> </Td> <Td> This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . (April 2013) (Learn how and when to remove this template message) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed . (April 2013) (Learn how and when to remove this template message) </Td> </Tr> <P> Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party . A first refusal right must have at least three parties: the owner, the third party or buyer and the option holder . In general, the owner must make the same offer to the option holder before making the offer to the buyer . The right of first refusal is similar in concept to a call option . </P>

When does a right of first refusal expire