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The locked-box refers to a set price, which the purchaser is obliged to pay in full. The costs ('permitted leakage') that might be deducted from this figure include dividends, short-term expenditures, and any operating costs that are payable in the interim. This is so that purchasers, having...

Locked-box: The price agreed upon by the seller and buyer is fixed, which provides both sides with certainty about cashflow. There is a concept of 'permitted leakage', which refers to specific costs that can be deducted from that agreed price, but these costs have to be identified. Completion...

It is possible, but it would depend on the specific deal and the company's articles of association. I don't believe that those terms automatically arise. In any case, PE houses often seek 100% shareholding so I suspect it's not a question that arises often. I imagine that PE houses are a lot...