standstill agreement

British  

noun

1. an agreement that preserves the status quo, esp one between two countries when one country cannot pay its debts to the other that a certain fixed extension of time will be given to repay the debts

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Example Sentences

Strathcona Resources SCR -3.88%decrease; red down pointing triangle terminated its takeover bid for MEG Energy MEG -2.30%decrease; red down pointing triangle , days after rival Cenovus Energy upped its offer to buy out the Canadian oil-sands producer and changed the terms of their standstill agreement.

From The Wall Street Journal

On Wednesday, the two parties said they have changed the terms to their existing standstill agreement, which would allow Cenovus to go through with buying up to 9.9% of MEG’s shares to use in favor of counteracting Strathcona’s vote.

From The Wall Street Journal

Cliffs has refused to sign a six-month standstill agreement that would prevent it from challenging U.S.

From Reuters

The Liberty Steel group owned by commodities tycoon Sanjeev Gupta said it has reached a standstill agreement with its largest creditor Greensill Bank on debt facilities for its European business.

From Reuters

But Silver Lake also agreed at the time not to acquire more than 5 percent of the company, so Twitter would have to waive that so-called standstill agreement before it could entertain any offer from Silver Lake.

From New York Times