What happens if Aunt Millies Bakeries' right of approval and first refusal expire?

According to Aunt Millies Bakeries' 2025 Franchise Disclosure Document, if Aunt Millie's right of approval and first refusal for a distribution rights transfer expire, the distributor may proceed with the transfer to the offeror under the terms of the offer.

Specifically, Aunt Millies Bakeries has a right of first refusal when a distributor wants to sell or transfer their distribution rights. This means that before a distributor can sell to another party, they must first offer the rights to Aunt Millies Bakeries on the same terms. Aunt Millies Bakeries also has the right to approve the potential buyer.

The expiration of these rights is contingent on Aunt Millies Bakeries failing to act within a specific timeframe. Aunt Millies Bakeries must notify the distributor within ten business days after receiving written notice of the intended sale, a personal interview with the offeror's controlling shareholder, and the offeror's financial statements and other relevant information. This notification must state whether Aunt Millies Bakeries disapproves of the offeror or intends to exercise its right of first refusal. If Aunt Millies Bakeries fails to meet this deadline, the distributor is free to complete the transfer with the original offeror.