I am trying to figure out the difference between the two. Is it Tag along drag along gives managers the right to buy into the firm and ratchet gives managers the ability to increase the percentage they own ??
Schweser screwed up on this… read the CFAI curriculum instead 
i think so. see schweser’s errata: http://www.schweser.com/news/notes_updates.php?show_book=4 Tag along rights: Stipulate that if the majority shareholder sells their stake in the venture, the acquirer must extend the same offer to all shareholders (including management). The idea is to protect minority shareholders. Drag-along rights: Permit the acquirer to force the minority shareholders to accept the same terms as those accepted by the majority shareholders in a takeover transaction. The idea is to allow acquirer to obtain complete control over the acquired firm.
tag a long …- function of price paid by PE and future price received if sold ratchet- function of equity (stocks) given to mgmt