Right of first refusal makes sense, it still exists in Europe for publicly traded companies. Shareholders of companies that issue new equity can sell their rights to other investors, or exercise those rights.

But what we have here is not only that but also a prohibition on sale to an outsider. So not only "we can intercept the sale at the same price you offered to someone else" but also "we can block that sale even if we don't want to participate in it".