Common use of Acquisition Proposals Clause in Contracts

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 3 contracts

Sources: Merger Agreement (Retail Ventures Inc), Merger Agreement (DSW Inc.), Merger Agreement (Retail Ventures Inc)

Acquisition Proposals. (a) Each of DSW Without limiting Parent's or the Company's other obligations under this Agreement (including under Section 8.1(b) hereof), Parent and RVI agrees the Company agree that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shallthey will not, and that it shall use its reasonable best efforts to will cause its each of their subsidiaries and its Subsidiaries’ their respective officers, directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesit) not to, directly or indirectly, (iA) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (iiB) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (C) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiD) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior "Acquisition Proposal” " means any inquiry, proposal or offer from any Person with respect to (A) any purchase of a bona fide written Acquisition Proposal which business or asset of Parent and the RVI Board Company that constitutes 15% or more of Directors the net revenues, net income or assets of Parent and the Company, taken as a whole, (B) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction (other than a Permitted Transaction) involving Parent or any of its Significant Subsidiaries (as defined in Rule 1-02 of Regulation S-X of the SEC), or (C) any purchase or sale of, or tender or exchange offer for, the equity securities of Parent that, if consummated, would result in any Person (or the DSW Board stockholders of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects such Person) beneficially owning securities representing 15% or more of the proposal and total voting power of Parent (or of the person making the proposal (surviving parent entity in such transaction) or any of its Significant Subsidiaries, including any required voting agreements, breaksingle or multi-up fees, expense reimbursement provisions and conditions to consummation): step transaction or series of related transactions (i) is more favorable to the unaffiliated shareholders of RVI other than a proposal or DSW, as the case may be, from offer made by Buyer or an affiliate thereof or a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(aPermitted Transaction), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 3 contracts

Sources: Asset Purchase Agreement (Alanco Technologies Inc), Asset Purchase Agreement (Alanco Technologies Inc), Asset Purchase Agreement (ORBCOMM Inc.)

Acquisition Proposals. (a) Each of DSW and RVI Banknorth agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, solicit or knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as defined below), or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ the total voting power of Banknorth (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementTD or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) . Notwithstanding anything in the foregoing provisions of this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”Section 6.4(a), (C) engage in any discussions or negotiations withthe event that, or provide any confidential information or data toprior to obtaining the Required Banknorth Vote, any person in response to Banknorth receives an unsolicited bona fide written Acquisition Proposal by any such person first made after the date and its board of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this AgreementBanknorth may, and has considered in good faith, after consulting with may permit its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, Subsidiaries and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions furnish or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed cause to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.furnished

Appears in 2 contracts

Sources: Merger Agreement (Banknorth Group Inc/Me), Merger Agreement (Toronto Dominion Bank)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of the Company or its Subsidiaries shall, and that the Company shall use its reasonable best efforts to cause its and its Subsidiaries' employees, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, initiate or solicit any inquiries or the making of any proposal or offer with respect to a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of the Company, or any purchase or sale of 20% or more of the consolidated assets (including without limitation stock of Subsidiaries) of the Company and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, 20% or more of the equity securities of the Company (any such proposal or offer (other than a proposal or offer made by Parent, Merger Sub or any of their affiliates) being hereinafter referred to as an "Acquisition Proposal"). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, (ii) engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve grant any waiver or recommend, release under any standstill or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related with respect to any Acquisition Proposal class of equity securities of the Company or agree or publicly propose to do any of its Subsidiaries, provided, however, that the foregoing. (b) Company may waive any provision in such standstill or similar agreement which has the effect of prohibiting direct communication relating to a proposal between such third party and the Company's Board of Directors or executive officers, and provided, further, that such waiver or release was made without prior solicitation or negotiation by the Company or its directors, officers, employees, agents or representatives. Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards the Company or its Board of Directors shall be permitted to (1) at any time prior to the time at which the Company's Shareholder Approval shall have been obtained, engage in discussions or negotiations with a third party who seeks, without prior solicitation by or negotiation with the Company or its directors, officers, employees, agents or representatives, to initiate such discussions or negotiations and may furnish such third party information concerning the Company and its business, properties, and assets if, and only to the extent that (A) the Board of Directors has determined, in their reasonable judgment, that such discussions may reasonably lead to a Superior Proposal, and (B) prior to furnishing such information to, or entering into discussions with, such third party, the Company receives from such third party an executed confidentiality agreement containing terms customary in transactions of such nature and the Company promptly notifies Parent of its intention to provide information to a third party; and (2) comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal. Except as set forth below, or make any disclosure that such party’s neither the Board of Directors of the Company nor any committee thereof may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (Bi) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in the Company Recommendation”), (Cii) engage approve or recommend or propose publicly to approve or recommend an Acquisition Proposal or (iii) cause the Company or any of its Subsidiaries to enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement related to any discussions or negotiations withAcquisition Proposal. Notwithstanding the foregoing, or provide any confidential information or data toprior to the time at which the Company Shareholders Approval has been obtained, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of from a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementthird party, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsDirectors of the Company determines, in its reasonable judgment, after consultation with its outside legal counselfinancial advisor, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the Board of Directors receives from such person an executed confidentiality of the Company or any committee thereof may, subject to payment of the Company Termination Fee set forth in Section 7.2(b) if and when applicable: (i) enter into a definitive agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and or (yii) prior to effecting such effect a Change in Recommendation, has (together with its financial of the Company Recommendation and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that approve or recommend such Acquisition Proposal no longer requires a Change Proposal, but in Recommendation; and (iii) in any such each case referred to in clause the foregoing clauses (Di) aboveand (ii), only if the Company notifies Parent, in writing and at least 72 hours prior to taking any such action, promptly of its intention to take such action, specifying the material terms of such Acquisition Proposal is and identifying the Person making such Acquisition Proposal, and Parent does not withdrawn and make, within 72 hours of receipt of such written notification, an offer that the applicable party’s Board of Directors determines of the Company determines, in good faith, faith after consultation with its financial advisors, is at least as favorable to the stockholders of the Company as such Acquisition Proposal, it being understood that the Company shall not enter into any binding agreement with respect to such offer constitutes a Superior ProposalAcquisition Proposal prior to the expiration of such 72-hour period. (cb) Each In addition to the notification required under the final sentence of DSW and RVI Section 5.4(a), the Company shall notify Parent promptly (but in no event later than 24 hours) after receipt by the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it Company (or any of its representativesadvisors) of any inquiry relating to any potential Acquisition Proposal and the terms of such proposal or inquiry, indicating, in connection with such notice, including the identity of such the person and its affiliates making the material terms and conditions same, that it may receive in respect of any such Acquisition Proposal or request for information (including transaction, and shall keep Parent informed on a copy thereof if in writing current basis with respect to any significant developments with respect to the foregoing. The Company shall, and shall cause its Subsidiaries and the advisors, employees and other agents of the Company and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Subsidiaries to, cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations negotiations, if any, with any third parties party conducted heretofore prior to the date hereof with respect to any Acquisition Proposal, Proposal and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of shall use its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform cause any such party (or its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors agents or advisors) in possession of confidential information about the Company that was furnished by or on behalf of the obligations undertaken in this Section 5.4Company to return or destroy all such information. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Quaker Oats Co), Merger Agreement (Pepsico Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its commercially reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 15% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it the Company and its Subsidiaries, taken as a whole, having an aggregate value equal to 10% or more of the market capitalization of the Company, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or the equity securities of the surviving parent entity in such transaction) Company (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this Agreementor an affiliate thereof or any proposal or offer made in conjunction with Specified Efforts) being hereinafter referred to as an “Acquisition Proposal”). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall use its commercially reasonable efforts to cause its and its Subsidiaries’ employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Proposal. Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards the Company or the Company’s Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI the Company Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”accordance with Section 5.01(b), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (BC), (Ci) or (D) above, (x) such partythe Company’s Required Shareholders Stockholders Meeting shall not have occurred, (yii) such party has complied in all material respects with this Section 5.4 and (z) its the Company’s Board of Directors, Directors concludes in good faith (I) after consultation with its outside legal counselindependent financial advisor, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to could result in a Superior Proposal, and (II) after consultation with its outside legal counsel, that failure to take such action could be reasonably expected to result in a breach of its fiduciary duties under applicable law, (iii) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such partythe Company’s Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; customary for a transaction of this type (provided that (x) such party furnished agreement shall not be required to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal contain standstill provisions), and (yiv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) abovePerson, the Acquisition Proposal is not withdrawn and the applicable party’s Board Company notifies Parent promptly of Directors determines in good faithsuch inquiries, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI The Company agrees that it will promptly keep the other party Parent informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also The Company agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI The Company agrees that it will use commercially reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 5.04. Nothing in this Section 5.4 5.04 shall (x) permit either party Parent or the Company to terminate this Agreement (except as specifically provided in Article 7 hereof) or to submit to (y) affect any other obligation of Parent or the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of Company under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Gillette Co), Merger Agreement (Procter & Gamble Co)

Acquisition Proposals. (a) Each of DSW and RVI Seasons agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as hereinafter defined), other than any such transaction permitted by Section 6.2, or any purchase or sale of 155% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 155% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal; provided, however, that subject to compliance with Subsection (iiic) approve or recommend, or execute or enter into, any letter below and after the Board of intent, agreement Directors of Seasons concludes in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any good faith based on a written opinion of its outside counsel attesting that the foregoing restriction in 7.4(a) constitutes a breach of the foregoing. (b) Notwithstanding anything Seasons Board of Director’s statutory and common law obligations to its stockholders and that failure to take such actions would result in this Agreement to the contrarya violation of its fiduciary duties under applicable law, RVI Seasons may, and DSW may permit is Subsidiaries and its and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard representatives to, in response to an unsolicited Acquisition Proposal, furnish or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required cause to be made under applicable Lawfurnished confidential information or data and participate in negotiations or discussions regarding such Acquisition Proposal; and provided further that, prior to providing (Bor causing to be provided) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response permitted to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement be provided pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementsentence, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is shall have entered into a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are with such third party on terms no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Confidentiality Agreement, . The term “Superior ProposalSignificant Subsidiary” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term ascribed thereto in Section 5.4(a), except that the reference to “15%” in the definition Rule 1-02 of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.Regulation S-X.

Appears in 2 contracts

Sources: Merger Agreement (Seasons Bancshares Inc), Merger Agreement (NBC Capital Corp)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 15% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it the Company and its Subsidiaries, taken as a whole, having an aggregate value equal to 15% or more of the market capitalization of the Company, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or the equity securities of the surviving parent entity in such transaction) Company (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this Agreementor an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iiisubject to Section 7.1(h)) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Proposal. Notwithstanding anything in this Agreement to the contrary, RVI the Company and DSW and their respective Boards the Company's Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation the Company Recommendation, or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: , with respect to the actions contemplated by clauses (B) or (C), (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders the Company's Stockholders Meeting shall not have occurred, (ii) (x) in the case of clause (B) above, (I) such change is permitted by clause (y) such of the second proviso of the first sentence of Section 5.1(b) or (II) the Company has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its the Company's Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal (iias defined in Section 8.11) and (y) in any such the case referred to in of clause (C) above, such party’s the Company's Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to could result in a Superior Proposal, and (iii) in the case of clause (C) above, prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Company's Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than containing terms at least as stringent as those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal 5.2 and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iiiiv) in any such the case referred to in of clause (DC) above, prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, the Acquisition Proposal is not withdrawn and the applicable party’s Board Company notifies Parent promptly of Directors determines in good faithsuch inquiries, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI The Company agrees that it will promptly keep the other party Parent informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also The Company agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI The Company agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) . Nothing in this Section 5.4 shall (x) permit either party Parent or the Company to terminate this Agreement (except as specifically provided in Article VII hereof) or to submit to (y) affect any other obligation of Parent or the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of Company under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Pharmacia Corp /De/), Merger Agreement (Pfizer Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries Subsidiary nor any of the officers officers, directors and employees of the Company or directors of it or its Subsidiaries any Subsidiary shall, and that it the Company shall use its reasonable best efforts to cause its and its the Subsidiaries’ directorsagents and representatives (including any investment banker, attorney or accountant retained by it or any Subsidiary) not to initiate or solicit any inquiries or the making of any proposal or offer with respect to a merger, reorganization, share exchange, tender offer, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any Subsidiary to acquire all or a substantial part of the business or properties of the Company or any Subsidiary or 5% or more of any capital stock of the Company or any capital stock of any Subsidiary (other than a proposal or offer made by Parent, Merger Subsidiary or any of their Affiliates), any such inquiry, proposal or offer being hereinafter referred to as an “Acquisition Proposal.” The Company further agrees that neither it nor any Subsidiary nor any of the officers, employeesdirectors and employees of it or the Subsidiaries shall, affiliates, and that it shall cause its and the Subsidiaries’ agents and representatives (including any investment banker, attorney or accountant retained by it or any of its the Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or (ii) engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoingProposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW prior to the receipt of the required stockholder approval of the Merger, the Company, any Subsidiary, the Company Board or a committee of the Company Board and their respective Boards of Directors the Company’s and any Subsidiary’s officers, directors, employees, agents and representatives shall be permitted (i) to engage in discussions or negotiations with a third party who seeks, without prior solicitation (other than solicitations occurring prior to the date of this Agreement) by the Company, any Subsidiary or any of their directors, officers, employees, agents or representatives, to initiate such discussions or negotiations and may furnish such third party information concerning the Company and its business, properties, and assets if, and only to the extent that, in response to a bona fide written Acquisition Proposal, (A) the Company Board has determined in good faith, after consultation with its legal and financial advisors, that such discussions may reasonably lead to a Superior Proposal and (B) prior to furnishing such information to, or entering into discussions with, such third party, the Company receives from such third party an executed confidentiality agreement containing terms customary in transactions of such nature, and the Company notifies Parent of its intention to provide information to a third party one (1) Business Day prior to providing such information, and (ii) to comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal. Except as set forth below, or make neither the Company Board nor any disclosure that such party’s Board of Directors committee thereof may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (Bi) effect a Change change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”)its recommendation to holders of the Company Common Stock because of receipt of an Acquisition Proposal, (Cii) engage approve or recommend or propose publicly to approve or recommend an Acquisition Proposal or (iii) cause the Company or any Subsidiary to enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement related to any discussions or negotiations withAcquisition Proposal. Notwithstanding the foregoing, or provide any confidential information or data to, any person in response to an unsolicited a bona fide unsolicited written Acquisition Proposal by any such person first made after from a third party that the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Company Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its legal and financial advisors, that such offer constitutes is a Superior Proposal, the Company Board may change its recommendation and may enter into a definitive agreement with respect to such Acquisition Proposal, but only if the Company notifies Parent, in writing of its intention to take such action at least two (2) Business Days prior to taking such action, specifying the material terms of such Superior Proposal and identifying the Person making such Superior Proposal, and if Parent does not make, within two (2) Business Days of receipt of such written notification, an offer that the Company Board determines, in good faith after consultation with its legal and financial advisors, is at least as favorable to the stockholders of the Company as such Superior Proposal, it being understood that the Company shall not change its recommendation as a result of such Superior Proposal or enter into any binding agreement with respect to such Superior Proposal prior to the expiration of such two (2) Business Day period, and that the Company shall postpone or adjourn the Company Stockholders’ Meeting, as necessary, to accommodate the procedures set forth in this sentence. (c) Each In addition to the notification required under the final sentence of DSW and RVI Section 6.3(b), the Company shall notify Parent promptly after receipt by the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it Company (or any of its representativesadvisors) of any inquiry relating to any potential Acquisition Proposal and the terms of such proposal or inquiry, indicating, in connection with such notice, including the identity of such person the Person and its Affiliates making the material terms and conditions same, that it may receive in respect of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence)transaction, and in shall keep Parent informed on a current basis with respect to any event each of DSW and RVI shall provide written notice significant developments with respect to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationforegoing. (d) Each of DSW and RVI agrees that (i) it will and will cause its SubsidiariesThe Company shall, and its shall cause the Subsidiaries and their the officers, directors, affiliatesadvisors, agentsemployees, representatives and advisors other agents of the Company and the Subsidiaries to, cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore prior to the date hereof with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Safeguard Scientifics Inc), Merger Agreement (Compucom Systems Inc)

Acquisition Proposals. (a) Each of DSW Nara and RVI Center Financial agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of it (or of the surviving parent entity in such transaction) or of any of its Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementParty or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) (i) Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards the board of Directors directors of each Party shall be permitted permitted, prior to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board its respective meeting of Directors may determine (after consultation with its outside legal counsel) is required stockholders to be made under applicable Lawheld pursuant to Section 5.1, (B) effect and subject to material compliance by such Party with the other terms of this Section 5.4 and to such Party first entering into a Change confidentiality agreement with the Person making the Acquisition Proposal described below having provisions that are no less favorable to such Party than those contained in RVI Recommendation or a Change in DSW Recommendation (as applicablethe Confidentiality Agreement, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person Person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case which such Party’s board of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Center Financial Corp), Merger Agreement (Nara Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI Seller agrees that neither it none of Seller, the Company nor any of its Subsidiaries Subsidiaries, nor any of the their respective officers or directors of it or its Subsidiaries and directors, shall, and that it Seller shall use its commercially reasonable best efforts to cause its each of Seller’s, the Company’s and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it Seller, the Company or any of its Subsidiaries) not to (and shall not authorize any of them to, ) directly or indirectly, indirectly (i) solicit, initiate, solicit, knowingly encourage or knowingly facilitate the making of any proposal or offer inquiries with respect to, or a transaction to effectthe making, a mergersubmission or announcement of, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution any offer or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more proposal for an Acquisition (as defined below) of the consolidated assets Company (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage participate in any discussions or negotiations withregarding, or provide furnish to any confidential Person any nonpublic information or data with respect to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information (iii) engage in discussions with any Person with respect to any Acquisition Proposal, except as to the existence of these provisions, or initiation (iv) enter into any letter of such discussions intent or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of similar document or any such contract agreement or commitment contemplating any Acquisition Proposal (including whether withdrawn or rejected)transaction contemplated thereby. Seller, the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, Company and its and their officers, directors, affiliates, agents, representatives and advisors to, Subsidiaries will cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it and, promptly after the Closing, will not release request in writing the return or destruction of any confidential information provided to such third party fromparty, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) the terms of any confidentiality agreement with such third party. For purposes of this AgreementSection 5.1, “Superior ProposalAcquisition” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects shall mean any of the proposal and the person making the proposal following transactions (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, other than the transactions contemplated by this Agreement Agreement) (after giving effect to i) a merger, consolidation, business combination or similar transaction involving the Company or any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSWSubsidiary, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed a sale or reasonably capable other disposition by the Company of being fully financed and is otherwise reasonably capable all or a substantial part of being completed on the terms proposed; provided thatassets of the Company, for purposes or (iii) the acquisition by any Person or group, directly or indirectly, of this definition beneficial ownership or a right to acquire beneficial ownership of “Superior Proposal,” any shares of capital stock or equity interests of the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beCompany.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Science Applications International Corp), Stock Purchase Agreement (Science Applications International Corp)

Acquisition Proposals. (a) Each of DSW Company and RVI Parent agrees that that, except as expressly permitted by this Section 0, neither it nor any of its Subsidiaries subsidiaries nor any of the officers or and directors of it or its Subsidiaries subsidiaries shall, and that it shall use its commercially reasonable best efforts to instruct and cause its and its Subsidiariessubsidiaries’ directors, officers, employees, affiliatesagents, agents representatives and representatives advisors (including any investment banker, attorney or accountant retained by it or any of its Subsidiariessubsidiaries) not to, directly or indirectly, (i) : initiate, solicit, encourage or knowingly facilitate the making of (including by providing information) any effort or attempt to make or implement any proposal or offer with respect to, or a transaction to effect, a merger, amalgamation, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries subsidiaries (other than any such transaction permitted by Section 0 or Section 4.2(e), as the case may be) or any purchase or sale of 1510% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiariessubsidiaries) of it and its Subsidiariessubsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”); have, (ii) have continue, participate or otherwise engage in any discussions or negotiations with or provide any confidential information or data to any person relating to an Acquisition Proposal; approve or recommend, engage in or propose to approve or recommend, any negotiations concerning an Acquisition Proposal or knowingly facilitate submit to the vote of its stockholders any effort or attempt to make or implement an Acquisition Proposal prior to the termination of this Agreement; or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, amalgamation agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW Company and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI Parent agrees that (i) it will shall, and will shall cause its Subsidiaries, subsidiaries and its and their respective officers, directors, affiliatesemployees, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will shall not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Company and RVI Parent agrees that it will shall use commercially reasonable best efforts to promptly inform its and its Subsidiariessubsidiaries’ respective directors, officers, affiliatesemployees, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing 0. Notwithstanding anything in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders contrary, if at any Acquisition Proposal other than the Merger time prior to obtaining the termination Required Company Vote, in the case of this Agreement Company, or the Required Parent Vote, in accordance with Section 7.1. (f) For purposes the case of this AgreementParent, “Superior Proposal” means a Company or Parent, as the case may be, receives an unsolicited bona fide written Acquisition Proposal which Proposal, Company, its Board of Directors and its Special Committee or Parent, its Board of Directors and its Special Committee, as the RVI case may be, shall be permitted to engage in discussions or negotiations with, and to provide any confidential information or data to, such person in response to such Acquisition Proposal, if and only to the extent that, (i) Company or Parent, as the case may be, has not breached its obligations under this Section 0, (ii) the Special Committee of Company or Parent, as the case may be, has received from the person so requesting such information an executed confidentiality agreement on terms no less restrictive on and no more favorable to such person than those contained in the applicable Confidentiality Agreement (except that the confidentiality agreement with such person shall not be required to contain the standstill provision in the ninth paragraph of such Confidentiality Agreement), (iii) the Board of Directors or Special Committee of the DSW Company or Parent, as the case may be, after consultation with its outside legal counsel and its financial advisors, concludes in good faith that (A) such Acquisition Proposal constitutes, or could reasonably be expected to constitute, a Superior Proposal and (B) such action is reasonably likely to be required in order for the relevant directors to comply with such directors’ fiduciary duties under applicable law and (iv) Company or Parent, as the case may be, has notified the other party of such Acquisition Proposal pursuant to and in accordance with this Section 0. Each of Company or Parent shall promptly notify the other party of any Acquisition Proposal or any request for information that could reasonably be expected to be related to an Acquisition Proposal received by, or any request that could reasonably be expected to be related to an Acquisition Proposal for discussions with or negotiations by, it, any of its subsidiaries or any of their respective directors, officers, employees, agents, representatives or advisors (including any investment bankers, attorneys or accountants), indicating, in connection with such notice, the identity of the person making such Acquisition Proposal or request and the material terms and conditions thereof (including a copy thereof and any related available documentation and correspondence), and in any event Company or Parent, as the case may be, shall provide written notice to the other party of any Acquisition Proposal, request for information or request for such discussions or negotiations within 24 hours of such event. Company or Parent, as the case may be, will keep the other party reasonably informed on a reasonably current basis of the status and terms of any such Acquisition Proposal or request (including whether such Acquisition Proposal or request is withdrawn or rejected and any material change to the terms thereof) and concurrently will provide the other party with copies of any written information that it provides to the person making an Acquisition Proposal or any such request. Notwithstanding anything in this Agreement to the contrary, if, at any time prior to obtaining the Required Company Vote, in the case of Company, or the Required Parent Vote, in the case of Parent (in each case, after the expiration of the Notice Period), the Board of DirectorsDirectors and/or Special Committee of Company or Parent, as the case may be, concludes that an unsolicited bona fide written Acquisition Proposal that did not result from a breach of this Section 5.5 constitutes a Superior Proposal (after giving effect to all of the adjustments to this Agreement which may be offered by the other party prior to or during the Notice Period), the Board of Directors and/or Special Committee of Company or Parent, as the case may be, may (i) approve or recommend, or propose publicly to approve or recommend, such Superior Proposal to its shareholders or stockholders (it being understood that any such approval or recommendation shall constitute a Change in Company Recommendation or a Change in Parent Recommendation, as the case may be) and (ii) approve or recommend, or propose to approve or recommend, and execute or enter into any letter of intent, agreement in principle, merger agreement, amalgamation agreement, asset purchase or share exchange agreement, option agreement or other similar agreement related to such Superior Proposal; provided that the Board of Directors and/or Special Committee of Company or Parent, as the case may be, may not take any of the actions set forth in the foregoing clause (i) or (ii) unless (A) the party seeking to take such actions has provided a written notice to the other party (a “Notice of Superior Proposal”) advising such other party that it has received a Superior Proposal and specifying the identity of the person making such Superior Proposal and the material terms thereof (including a copy thereof and any related available documentation and correspondence) and (B) such other party does not, within three business days following its receipt of the Notice of Superior Proposal (the “Notice Period”), make an offer that, as determined in good faithfaith by the Board of Directors and/or Special Committee of Company or Parent, as the case may be, after consultation with its outside legal counsel and financial advisors, results in the applicable Acquisition Proposal no longer being a Superior Proposal (provided that, during the Notice Period, Company or Parent, as the case may be, shall, and shall cause its outside legal counsel and its financial advisors to, negotiate in good faith with the other party (to the extent such other party desires to negotiate) with respect to any proposal from such other party). The parties understand and legal advisors, taking into account agree that to comply with this Section 5.5(e) any material revisions to the legal, financial, regulatory, timing and other aspects terms of such Superior Proposal shall require the party seeking to take any of the proposal and actions set forth in the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): foregoing clause (i) is more favorable or (ii) of this Section 5.5(e) to deliver to the unaffiliated shareholders other party a new Notice of RVI Superior Proposal and the commencement of a new Notice Period. Nothing contained in this Section 0 shall prohibit Company or DSWParent, as the case may be, from a financial point of view, than (i) complying with Rule 14d-9 or 14e-2 promulgated under the transactions contemplated by this Agreement (after giving effect to any adjustments Exchange Act to the terms and provisions extent applicable with regard to an Acquisition Proposal (provided that, in the case of this Agreement committed to in writing an Acquisition Proposal made by RVI way of a tender offer or DSWexchange offer, any failure by Company or Parent, as the case may be, in response its Board of Directors or its Special Committee to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except recommend that the reference to “15%” stockholders of Company or Parent, as the case may be, reject such offer within the time period specified in the definition of “Acquisition Proposal” Rule 14e-2(a) shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI Change in Company Recommendation or DSWChange in Parent Recommendation, as the case may be), or making any legally required disclosure to its stockholders with regard to an Acquisition Proposal (provided that any disclosure (other than a “stop, look and listen” or similar communication of the type contemplated by Rule 14d-9(f) under the Exchange Act) made pursuant to Rule 14d-9 or 14e-2(a) shall be deemed to be a Change in Company Recommendation, or Change in Parent Recommendation, as the case may be, unless the Board of Directors or Special Committee of Company or Parent, as the case may be, expressly reaffirms its recommendation to its stockholders in favor of approval of this Agreement and the transactions contemplated hereby) or (ii) informing any person of the existence of the provisions contained in this Section 0.

Appears in 2 contracts

Sources: Merger Agreement (CastlePoint Holdings, Ltd.), Merger Agreement (CastlePoint Holdings, Ltd.)

Acquisition Proposals. (a) Each of DSW and RVI Without limiting New Core’s other obligations under this Agreement (including under Article VI hereof), New Core agrees that neither it nor any from and after the date of its Subsidiaries nor any this Agreement until the earlier of the officers Effective Time or directors the termination of this Agreement in accordance with Article X, it or its Subsidiaries shallshall not, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ officers, directors, officers, employees, affiliates, agents and representatives (including any investment bankerfinancial advisor, attorney or accountant retained by it or any of its Subsidiariesit) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, any New Core Acquisition Proposal (as defined below), (ii) have any discussions with or provide any confidential information or data to any Person relating to any New Core Acquisition Proposal, or engage in any negotiations concerning any New Core Acquisition Proposal, or knowingly facilitate any effort or attempt to make or implement any New Core Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any New Core Acquisition Proposal or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar agreement related to any New Core Acquisition Proposal. (b) For purposes of this Agreement, “New Core Acquisition Proposal” means any inquiry, proposal or offer from any Person with respect to (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or New Core, (B) any purchase or sale or other disposition of 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken New Core except as a wholepermitted under Section 6.1(f) of this Agreement, or (C) any purchase or sale of, or tender or exchange offer for, its voting or similar transaction with respect to, the equity securities of New Core that, if consummated, would result in any person Person (or the shareholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of New Core (or of the surviving parent entity in such transaction), including in the case of each of clauses (A) through (C), any such proposal, offer single or multi-step transaction or series of related transactions (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”)RDSI, (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition ProposalMerger Corp., engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation Rurban or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”Subsidiary thereof), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Rurban Financial Corp), Merger Agreement (Rurbanc Data Services Inc)

Acquisition Proposals. (a1) Each of DSW and RVI agrees that neither it Neither the Parent nor the Sub or any of its Subsidiaries nor any of the their respective officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to the Parent and Sub will cause its and its Subsidiaries’ directors, officers, their respective employees, affiliates, agents and representatives (including including, without limitation, any investment banker, attorney or accountant retained by it the Parent or any of its SubsidiariesSub) not to, directly or indirectly, (i) initiate, solicit, initiate or encourage (including by way of furnishing information), or knowingly take any other action designed or reasonably likely to facilitate (including, without limitation, any amendment, modification or termination, or any agreement to do any of the making foregoing, to the Rights Agreement or any redemption of rights issued thereunder) any inquiries or the submission or any proposal or offer from any Person relating to an Acquisition Proposal (as defined below) involving Parent, Sub or any other Parent Subsidiary or participate in any discussions or negotiations regarding any such Acquisition Proposal; provided, however, that subject to compliance with this Section 6.1(b), the Parent, the Sub and their respective directors and officers may participate in any discussions or negotiations regarding, furnish any information with respect to, assist or facilitate any effort or attempt by any Person to do or seek, an Acquisition Proposal, solely to the extent that the Board of Directors of Parent or Sub, as applicable, determines in good faith, that such actions are necessary in order for the Board of Directors of Parent or Sub, as applicable, to comply with its fiduciary obligations under applicable law in response to an Acquisition Proposal or material modification to an Acquisition Proposal, which Acquisition Proposal or material modification was made after the date hereof and was not solicited after the date hereof. As used herein, the term "Acquisition Proposal" means, with respect to a transaction to effectparticular Person, a merger, reorganizationconsolidation, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeinvolving, or any purchase of all or sale any significant portion of the assets or any equity securities of, or any tender offer or exchange offer forfor shares of any class of equity securities of, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made Person. The transactions contemplated by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to Agreement shall not be deemed an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI . The Parent and DSW Sub will cease and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required cause to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in terminated any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition ProposalProposal and will notify Purchaser promptly if any such Acquisition Proposal is received by, and (ii) it will not release any third party such information is requested from, or waive any provisions ofsuch negotiations or discussions are sought to be instituted or continued with, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors Parent or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beSub.

Appears in 2 contracts

Sources: Merger Agreement (Intelligent Electronics Inc), Merger Agreement (Xlconnect Solutions Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, (i) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving involving, or any purchase or sale of all or any significant portion of the assets or more than 15% of the common stock of, it or any of its Subsidiaries, or (ii) any tender offer (including a self tender offer) or exchange offer that if consummated would result in any person beneficially owning 15% or more of any class of capital stock of it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementMerger Sub or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its best efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, endorse an Acquisition Proposal, grant any waiver or release under any standstill or similar agreement with respect to any capital stock of the Company or any of its Subsidiaries, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of Proposal. Notwithstanding the foregoing. (b) Notwithstanding anything in this Agreement to , the contrary, RVI and DSW and their respective Boards Company or its Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 l4d-9 and Rule 14e-2 14e-2(a) promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation response to an unsolicited bona fide written Acquisition Proposal by any Person, recommend approval of such an unsolicited bona fide written Acquisition Proposal to the stockholders of the Company or a Change withdraw or modify in DSW Recommendation (as applicable, a “Change any adverse manner its recommendation referred to in Recommendation”), Section 3.26 hereof or (C) engage in any discussions or negotiations with, or provide (subject to an appropriate confidentiality agreement which shall not be less favorable to the Company in any confidential material respect than the Confidentiality Agreement (as defined herein) and a copy of which shall be provided to Merger Sub) any information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (B), (C) or (D) aboveC), (x) the Board of Directors of the Company shall have concluded in good faith after consultation with outside counsel that such party’s Required Shareholders Meeting shall not have occurred, action is required to prevent the Board of Directors of the Company from breaching its fiduciary duties to the stockholders of the Company under applicable law and (y) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, Directors of the Company shall have concluded in good faith after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood advisors that such Acquisition Proposal constitutes or is reasonably likely to (1) would, if accepted, result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions transaction that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, Company's stockholders (in their capacities as the case may bestockholders), from a financial point of view, than the transactions contemplated by this Agreement and (after giving effect 2) is reasonably likely to any adjustments to be completed, taking into account all legal, financial, regulatory and other aspects of the terms proposal and provisions the Person making the proposal (an Acquisition Proposal meeting the requirements of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposalclauses (1) and (ii2) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; referred to herein as a "Superior Proposal," provided that, that for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), 5.4 except that the reference to “"15%” " in the definition of “"Acquisition Proposal” " shall each be deemed to be a reference to “a majority” "50%"); provided, however, that the Board of Directors shall not take any of the foregoing actions referred to in clauses (A) through (C) until after giving 24 hours written notice to Merger Sub with respect to its intent to take any such action and “informing Merger Sub of the terms and conditions of such proposal and the person making it. The Company agrees that it will immediately cease and cause to be terminated any existing activities, discussions or negotiations with any parties conducted heretofore with respect to any Acquisition Proposal” . The Company agrees that it will take the necessary steps to promptly inform the individuals or entities referred to in the first sentence of this Section 5.4 of the obligations undertaken in this Section 5.4. (b) The Company and its Subsidiaries shall only be deemed to refer to (i) promptly notify Merger Sub of the terms of any written proposal which it may receive in respect of any such Acquisition Proposal, including, without limitation, the identity of the prospective purchaser or soliciting party and (ii) provide Merger Sub with a transaction involving RVI or DSWcopy of any such Acquisition Proposal, as if written. The Company shall keep Merger Sub reasonably informed of the case may bestatus of any such Acquisition Proposal.

Appears in 2 contracts

Sources: Merger Agreement (Mark Iv Industries Inc), Merger Agreement (Miv Acquition Corp)

Acquisition Proposals. (a) Each of DSW Parent and RVI Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its commercially reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) or (f) in the case of Parent, and Section 4.2(f) in the case of Company) or any purchase or sale of 1525% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1525% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or otherwise approve, endorse or recommend any Acquisition Proposal, or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their either party to this Agreement or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable and being otherwise in compliance with this Section 5.4(b), comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s the Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Lawlaw, (B) effect a Change in RVI Company Recommendation or a Change in DSW Parent Recommendation (as applicable, a “Change in Recommendation”), and (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that:, (i) in any such case referred to in clause (B), (C) or (DC) above, (xI) such party’s with respect to Company, the Required Shareholders Meeting shall Company Vote has not have occurredbeen obtained or, with respect to Parent, the Required Parent Vote has not been obtained, (yII) such party has complied in all material respects with this Section 5.4 5.4, and (zIII) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Lawlaw; (ii) in any such the case referred to in of clause (CB) above, such party’s (I) there has been a development, event or occurrence after the date of this Agreement (an “Occurrence”) as a result of which the Board of Directors, after consultation with its outside legal counsel and financial advisors, determines in good faith that there is failure to effect a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely Change in Recommendation would be inconsistent with its fiduciary duties under applicable law, (II) it has notified the other party to result this Agreement, at least three (3) business days in advance of a Superior Proposaldate of its consideration of a resolution to effect a Change in Recommendation, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the any material information and documentation required possessed by Section 5.4(c) it with respect to such Occurrence (including, if the Occurrence is the receipt of an Acquisition Proposal from a third party, the material terms and conditions of such Acquisition Proposal, the identity of the party making such Acquisition Proposal and a copy of any relevant proposed transaction agreements with the party making such Acquisition Proposal and any other material documents received by it or its representatives in connection therewith), and (yIII) prior to effecting such a Change in Recommendation, it has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s the Board of Directors to conclude that such Acquisition Proposal Occurrence no longer requires a Change in Recommendation; andor (iii) in any such the case referred to in of clause (DC) above, the Acquisition Proposal is not withdrawn and the applicable party’s its Board of Directors determines in good faithDirectors, after consultation with its outside legal counsel and financial advisors, concludes in good faith that there is a reasonable likelihood that such offer Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, its Board of Directors receives from such person an executed confidentiality agreement having provisions that are no less favorable to the party providing such information than those contained in the Confidentiality Agreement; provided that the provisions in such confidentiality agreement with respect to treatment of certain sensitive confidential information to ensure compliance with applicable antitrust laws may differ due to the nature of the person or entity making such Acquisition Proposal. (c) Each of DSW Parent and RVI Company shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW Parent and RVI Company shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 48 hours of such event. Each of DSW Parent and RVI Company agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW Parent and RVI Company shall provide the other party with written notice of any material development thereto within 24 48 hours thereof. Each of DSW Parent and RVI Company also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto (i) has already been provided with such informationinformation or (ii) is restricted from receiving such information to ensure compliance with applicable antitrust laws; provided that in such case, such party shall inform the other party of the type of information to be provided to the third party making the request. (d) Each of DSW Parent and RVI Company agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Parent and RVI Company agrees that it will use commercially reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives executive officers and financial and legal advisors of the obligations undertaken in this Section 5.4. Each party shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the six months prior to the date of this Agreement in connection with its consideration of any Acquisition Proposal to return or destroy all confidential information or data heretofore furnished to any person by or on behalf of it or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Neither party shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1Agreement. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors of Parent or the DSW Board of DirectorsCompany, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders stockholders of RVI Parent or DSWCompany, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI Parent or DSWCompany, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI Parent or DSWCompany, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Traffix Inc), Merger Agreement (New Motion, Inc.)

Acquisition Proposals. (a) Each of DSW WorldCom and RVI MCI agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly otherwise facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving involving, or any purchase or sale of all or any significant portion of the assets or 10% or more of the equity securities of, it or any of its Subsidiaries or that, in any purchase or sale of 15% or more such case, could reasonably be expected to interfere with the completion of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (Merger or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) other transactions contemplated by this Agreement (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “"Acquisition Proposal”"). Each of WorldCom and MCI further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its best efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly otherwise facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of Proposal. Notwithstanding the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards MCI or its Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2(a) promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation response to an unsolicited bona fide written Acquisition Proposal by any Person, recommend such an unsolicited bona fide written Acquisition Proposal to the stockholders of MCI, or a Change withdraw or modify in DSW Recommendation (as applicable, a “Change in Recommendation”), any adverse manner its approval or recommendation of this Agreement or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders the MCI Stockholders Meeting shall not have occurred, (yii) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, after consultation with its outside legal counsel, determines Directors of MCI concludes in good faith that failure to take such action would Acquisition Proposal (x) in the case of clause (B) above would, if consummated, constitute a Superior Proposal or (y) in the case of clause (C) above could reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in constitute a Superior Proposal, and (iii) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the MCI Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable on terms substantially similar to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Confidentiality Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (yiv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with any Person, the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that of MCI notifies WorldCom immediately of such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI MCI agrees that it will promptly keep the other party informed WorldCom informed, on a current basis, of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW WorldCom and RVI also MCI agrees to provide the other party hereto with copies of any written information that it provides will immediately cease and cause to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW WorldCom and RVI MCI agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence of this Section 5.5 of the obligations undertaken in this Section 5.4. (e) 5.5. Nothing in this Section 5.4 5.5 shall (x) permit either party WorldCom or MCI to terminate this Agreement (except as specifically provided in Article VII hereof) or to submit to the vote (y) affect any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of MCI or WorldCom under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Mci Communications Corp), Merger Agreement (Mci Communications Corp)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause not permit its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney attorney, consultant or accountant (“Representatives”) retained by it or any of its Subsidiaries) not on its behalf to, directly or indirectly, (i) initiate, solicit, encourage solicit or knowingly facilitate encourage any inquiries or the making of any proposal or offer from any Person or group of Persons other than Parent or its affiliates, with respect to, or a transaction to effect, : (i) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution plan of liquidation or similar transaction involving it the Company; (ii) any purchase of 15% or more of any class of voting securities of the Company or its Subsidiaries Subsidiaries; or (iii) any purchase or sale of 15% or more of the equity interest in the Company or the consolidated assets (including equity interests of its Subsidiarieson a book value basis) of it the Company and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) whole (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall not permit its and its Subsidiaries’ Representatives to, (iii) have engage in any discussions with or negotiations with, or provide any confidential or non-public information or data to to, any person Person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or ; (ii) knowingly facilitate encourage any effort or attempt to make or implement an Acquisition Proposal or Proposal; (iii) approve approve, recommend, agree to or accept, or propose to approve, recommend, agree to or accept any Acquisition Proposal; (iv) approve, recommend, agree to or accept, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal Proposal; (v) withdraw, modify, qualify or change the Recommendation or (vi) resolve, propose or agree or publicly propose to do any of the foregoing. The Company agrees that it, and its Subsidiaries will immediately cease and cause to be terminated, and it will not permit its Representatives to continue, any existing activities, discussions or negotiations with any Persons with respect to any Acquisition Proposal (except with respect to the transactions contemplated by this Agreement). (b) Notwithstanding anything Nothing contained in this Agreement to shall prevent the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to Company or the Company Board from (Ax) comply complying with Rule its disclosure obligations under Sections 14d-9 and Rule 14e-2 under of the Exchange Act with regard to an Acquisition ProposalProposal so long as any action taken or statement made to so comply does not include a withdrawal, modification, qualification or make change of the Recommendation in a manner adverse to Parent that is made in contravention of Section 7.3(b) (provided, however, that any disclosure that such party’s Board “stop, look and listen” or similar communication of Directors may determine (after consultation with its outside legal counselthe type contemplated by Rule 14d-9(f) is required under the Exchange Act shall not be deemed to be made under applicable Lawa withdrawal, modification, qualification or change of the Recommendation in a manner adverse to Parent) and (By) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in at any discussions or negotiations with, or provide any confidential information or data time prior to, but not after, the conditions set forth in Section 8.1(a) has been satisfied, and as long as there has not been a material or intentional failure to comply with any person of the obligations under this Section 7.2 with respect to the applicable Acquisition Proposal (A) providing information in response to a request therefor by a Person who has made an unsolicited bona fide written Acquisition Proposal by any if the Company receives from the Person so requesting such person first made after information an executed confidentiality agreement on terms no less restrictive on such Person than the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (terms contained in the case Confidentiality Agreement, and concurrently discloses the same non-public information to Parent if such non-public information has not been previously disclosed to Parent; (B) engaging in any negotiations or discussions with any Person who has made an unsolicited bona fide written Acquisition Proposal if the Company receives from such Person an executed confidentiality agreement as described in (A) above; or (C) withdrawing, modifying, qualifying or changing the Recommendation so as to recommend such an unsolicited bona fide written Acquisition Proposal to the stockholders of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementCompany, if and only to the extent that: that (iI) in any such each case referred to in clause (BA), (CB) or (DC) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied the Company Board determines in all material respects with this Section 5.4 and (z) its Board of Directorsgood faith, after consultation with its outside legal counsel, that such action is required to comply with the Company directors’ fiduciary duties to stockholders of the Company under applicable Law, (II) in each case referred to in clause (A), (B) or (C) above, the Company Board determines in good faith after consultation with its outside legal counsel and financial advisors that failure such Acquisition Proposal constitutes, or is reasonably likely to lead to, an Acquisition Proposal (which, for all such purposes, shall substitute 50% for 15% in the definition thereof) that, if accepted, is reasonably likely to be consummated, and if consummated, would result in a more favorable transaction (taking into account legal, financial, regulatory and other aspects of such Acquisition Proposal and the Merger and other transactions contemplated by this Agreement deemed relevant by the Company Board, the identity of the third party making such Acquisition Proposal, the terms and conditions of the Acquisition Proposal and the anticipated timing and prospects for completion of such Acquisition Proposal) to the Company’s stockholders than the transaction contemplated by this Agreement (taking into account all of the terms of any proposal by Parent to amend or modify the terms of the Merger and other transactions contemplated by this Agreement) (any such more favorable Acquisition Proposal is referred to in this Agreement as a “Superior Proposal”), and (III) in the case of clause (C) above, (i) Parent shall have been provided by the Company prompt written notice of (x) the Company Board’s intention to take such the action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any the Acquisition Proposal, including the identity of the party making such Acquisition Proposal or request for information (including Proposal, and, if available, a copy thereof of the relevant proposed transaction agreements with such party and other material documents, (ii) the Company shall have given Parent four business days after delivery of such notice to propose revisions to the terms of this Agreement (or make another proposal) and shall have negotiated in good faith with Parent with respect to such proposed revisions or other proposal, if any and (iii) the Company Board shall have determined in writing good faith, after considering the results of such negotiations and any related available documentation giving effect to the proposals made by Parent, if any, and after consultation with its outside legal counsel, that such withdrawal, modification, qualification or correspondencechange of the Recommendation is required to comply with its fiduciary obligations to the stockholders of the Company under applicable Law; provided, further that in the event the Company Board does not make the determination referred to in clause (iii) of this paragraph but thereafter determines to withdraw, modify, qualify or change the Recommendation pursuant to this Section 7.2, the procedures referred to in clauses (i), (ii) and (iii) shall apply anew and shall also apply to any subsequent withdrawal, modification, qualification or change. (c) The Company agrees that it will notify Parent promptly (and in any event each within 24 hours of DSW and RVI shall provide written notice to the other party of Company gaining Knowledge thereof) if any Acquisition Proposal, request for or any inquiry or indication that would reasonably be expected to lead to any Acquisition Proposal, by any Person is received by, any non-public information relating to the Company or initiation any of its Subsidiaries is requested by such a Person from, or any inquiry, discussions or negotiations regarding any Acquisition Proposal are sought to be initiated by such a Person with, the Company, its Subsidiaries or any of its Representatives. Such notice shall include the identity of the person making such Acquisition Proposal, indication, inquiry or request and a copy of such Acquisition Proposal, indication, inquiry or request (or, where no such copy is available, a description of such Acquisition Proposal, indication, inquiry or request), including any modifications thereto. The Company shall keep Parent reasonably informed on a current basis (and in any event within 24 hours of the occurrence of any material changes, developments, discussions or negotiations) of the status of any such event. Each Acquisition Proposal, indication, inquiry or request and of DSW and RVI agrees that it will promptly keep the other party informed of any material changes in the status and terms of any such Acquisition Proposal Proposal, indication, inquiry or request (including whether withdrawn or rejectedthe material terms and conditions thereof). Without limiting the foregoing, the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, Company shall promptly (and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofhours) notify Parent orally and in writing if it determines to initiate actions concerning an Acquisition Proposal as permitted by Section 7.2(b) (y) (A) and (B). Each of DSW The Company shall not, and RVI also agrees to provide the other party hereto shall cause it Subsidiaries not to, enter into any confidentiality agreement with copies of any written information that it provides Person subsequent to the third party making date of this Agreement which prohibits the request therefor within 24 hours of the time it provides Company from providing such information to such third party, unless the other party hereto has already been provided with such informationParent. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Merck & Co Inc), Merger Agreement (Sirna Therapeutics Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that that, except as expressly permitted hereby, during the Pre-Closing Period, neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to instruct and cause its and its Subsidiaries’ directors, officers, employees, affiliatesagents, agents investment bankers, attorneys, accountants and other representatives (including any such employees, agents, investment bankerbankers, attorney or accountant retained by it or any of its Subsidiariesattorneys, accountants and other representatives, collectively, “Representatives”) not to, directly or indirectly, (i) initiate, solicit, encourage solicit or knowingly facilitate encourage any inquiries or the making of any proposal or offer with respect that constitutes, or could reasonably be expected to lead to, any Acquisition Proposal (as defined below) or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have engage in, continue or otherwise participate in, any discussions with or negotiations concerning, or provide any confidential information or data to any person relating to Person for the purpose of encouraging or facilitating, an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or otherwise facilitate knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal. For purposes of this Agreement, the term “Acquisition Proposal” shall mean (i) any proposal or offer for a merger, consolidation, dissolution, tender offer, recapitalization, reorganization, share exchange, business combination or similar transaction involving the Company or (iiiii) approve any proposal or recommendoffer to acquire in any manner, directly or execute or enter intoindirectly, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any over 15% of the foregoing. equity securities or consolidated total assets (bincluding, without limitation, equity securities of its Subsidiaries) of the Company, in each case other than the transactions contemplated by this Agreement. Notwithstanding anything to the contrary set forth in this Agreement Agreement, prior to the contraryadoption of this Agreement at the Company Meeting (the “Specified Time”), RVI and DSW and their respective Boards of Directors shall be permitted to the Company may (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to a request therefor by a Person who has made an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (as defined above, but substituting 50% for 15%, except in the case of an asset sale, in which case “all or substantially all” shall be substituted for 15%) that did not result from a termination breach of this Section 7.2(a) and subject to compliance with Section 7.2(b) if the Company Board receives from the Person so requesting such information an executed confidentiality agreement on terms not less restrictive of the other party than those contained in the Confidentiality Agreement by RVI(and promptly discloses (and if applicable, provides copies of) any such information to Parent to the extent not previously provided to Parent) or 7.1(g(B) (engage in the case of a termination of this Agreement by DSW) of this Agreementor participate in any negotiations or discussions with any Person who has made such an Acquisition Proposal, if and only to the extent that: , (ix) in any each such case referred to in clause (A) or (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its the Company Board of Directors, after consultation with its outside legal counsel, determines in good faith after consultation with outside legal counsel that failure to take such action would reasonably be expected to be inconsistent with its the fiduciary duties obligations of the Company Board under applicable Law; , and (iiy) in any such case referred with respect to in clause (CB) above, such party’s the Company Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood (after consultation with its outside counsel and financial advisor) that such Acquisition Proposal constitutes or (1) if accepted, is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisorsbe consummated, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person Person making the proposal (including any required voting agreementsproposal, break-up feesand if consummated, expense reimbursement provisions and conditions to consummation): (i) is would result in a transaction more favorable to the unaffiliated shareholders holders of RVI or DSW, as the case may be, Company Common Stock from a financial point of view, view than the transactions transaction contemplated by this Agreement (after giving effect any such more favorable Acquisition Proposal being referred to any adjustments to the terms and provisions of in this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of a “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned ”) or (2) is reasonably likely to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer lead to a transaction involving RVI or DSW, as the case may beSuperior Proposal.

Appears in 2 contracts

Sources: Merger Agreement (Computer Associates International Inc), Merger Agreement (Concord Communications Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries subsidiaries nor any of its respective officers and directors or the officers or and directors of it or any of its Subsidiaries subsidiaries shall, and that it shall direct and use its all reasonable best efforts to cause its employees and its Subsidiaries’ directorsagents, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or by any of its Subsidiariessubsidiaries (collectively, its “Representatives”) not to, initiate, solicit or encourage, directly or indirectly, (i) initiate, solicit, encourage any inquiries or knowingly facilitate the making or implementation of any proposal or offer with respect toAcquisition Proposal, or a transaction or, except to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any the extent that the board of its Subsidiaries or any purchase or sale of 15% or more directors of the consolidated assets (including equity interests Company determines, in good faith, after consultation with its outside financial and legal advisors, that such action is required in order for the board of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or directors of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party Company to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions comply with or provide any confidential information or data to any person relating to an Acquisition Proposalits fiduciary duties, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations withconcerning, or provide any confidential information or data to, or have any person in response discussions with, any Person relating to an unsolicited bona fide written Acquisition Proposal by or otherwise facilitate any such person first made after the date of this Agreement effort or attempt to implement or make an Acquisition Proposal (and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B)event, (C) or (D) above, (x) such party’s Required Shareholders Meeting the Company shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in provide any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any confidential information or data to any person Person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from unless such person an shall have executed a confidentiality agreement having confidentiality provisions that are no less on terms at least as favorable to the party providing such information than as those contained in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) ). “Acquisition Proposal” means any proposal or offer with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to following involving the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it Company or any of its representativesSignificant Subsidiaries: (1) any merger, indicatingconsolidation, share exchange, business combination or other similar transaction; (2) any sale, lease, exchange, pledge, transfer or other disposition of 30% or more of its consolidated assets or liabilities in connection with such noticea single transaction or series of transactions; (3) any tender offer or exchange offer for 30% or more of the outstanding shares of its capital stock; or (4) any public announcement of a proposal, plan or intention to do any of the foregoing or any agreement to engage in any of the foregoing, other than the Merger provided for in this Plan. Notwithstanding anything in this Plan to the contrary, the identity Company shall (i) promptly advise PNC, orally and in writing, of such person and (A) the receipt by it (or any of the other persons referred to above) of any Acquisition Proposal, or any inquiry which could reasonably be expected to lead to an Acquisition Proposal, (B) the material terms and conditions of any such Acquisition Proposal proposal or request for information inquiry (including a copy thereof if in writing and any related available documentation whether written or correspondenceoral), and in (C) the identity of the person making any event each of DSW such proposal or inquiry and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly (ii) keep the other party hereto fully informed of the status and terms details of any such Acquisition Proposal (including whether withdrawn proposal or rejected), the status inquiry and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore developments with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of thereto. The Company shall use its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement enforce any existing confidentiality or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement standstill agreements in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may bethereof.

Appears in 2 contracts

Sources: Merger Agreement (Riggs National Corp), Merger Agreement (PNC Financial Services Group Inc)

Acquisition Proposals. Without limitation on any of such party's other obligations under this Agreement (a) Each including under Article IV hereof), each of DSW Parent and RVI the Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it such party and its Subsidiaries, taken as a whole, having an aggregate value equal to $5,000,000 or more, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any the equity securities of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) party (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this Agreementor an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"). Each of Parent and the Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Proposal. Notwithstanding anything in this Agreement to the contrary, RVI Parent and DSW and their respective Boards its Board of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal. Parent or the Company, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementmay be, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall promptly notify the other party to this Agreement of any Acquisition Proposal such inquiries, proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, any of it or its Subsidiaries or with any of its representativesor its Subsidiaries' officers, directors, employees, agents or other representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW Parent and RVI the Company agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofoffers. Each of DSW Parent and RVI also the Company agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliatesemployees, agents, agents and other representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Parent and RVI the Company agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective officers, directors, officersemployees, affiliates, agents, agents and other representatives and advisors of the obligations undertaken in this Section 5.45.5. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Williams Companies Inc), Merger Agreement (Apco Argentina Inc/New)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, directors, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesit) not toshall not, directly or indirectly, (i) initiate, solicit, encourage or knowingly otherwise facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeinvolving, or any purchase or sale of any substantial portion of the assets of, or tender or exchange offer forany equity securities of, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any transaction that would involve the transfer or potential transfer of its Subsidiaries’ total voting power (or of control of, the surviving parent entity in such transaction) Company (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “"Acquisition Proposal”), (ii") have and has terminated any discussions with or negotiations with, and the provision of information or data to, any Person (other than Parent) respecting an Acquisition Proposal. The Company further agrees that it and its Subsidiaries, officers, directors, employees, agents and representatives (including any investment banker, attorney or accountant retained by it) shall not, directly or indirectly, provide any confidential information or data to any person Person relating to or in contemplation of an Acquisition Proposal, Proposal or engage in any negotiations concerning or discussions relating to or in contemplation of an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommendProposal; provided, or execute or enter intohowever, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything that nothing contained in this Agreement to shall prevent the contrary, RVI and DSW and their respective Boards Company or its Board of Directors shall be permitted to from (Aa) comply complying with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an any Acquisition Proposal, or make ; and (b) if any disclosure only to the extent that such party’s the Board of Directors may determine of the Company concludes in good faith (after consultation having consulted with its and considered the advice of outside legal counsel) is required that such Acquisition Proposal would, if consummated, result in a transaction more favorable to the Company shareholders from a financial point of view than the transaction contemplated by this Agreement (any such more favorable Acquisition Proposal being referred to in this Agreement as a "Superior Proposal"), until the Required Company Vote has been obtained, the Company may furnish or cause to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any furnished confidential information or data toand may participate in such negotiations and discussions but only if (i) the Company is not then in breach of its obligations under this Section, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(fii) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, Directors of the Company concludes in good faith (after consultation having consulted with its and considered the advice of outside legal counsel, determines in good faith ) that failure to take such action would reasonably be expected is necessary in order for its directors to be inconsistent comply with its their respective fiduciary duties under applicable Law; law and (iiiii) in confidentiality arrangements on terms no less beneficial to the Company as those entered into by Parent are entered into with respect thereto. The Company will notify Parent immediately if any such case referred to in clause (C) aboveinquiries, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes proposals or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with offers respecting an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any such information related to an Acquisition Proposal or data is requested from, or any such discussions with or negotiations byare sought to be initiated or continued with, it or any of its representatives, such Persons indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence)offers, and in any event each of DSW and RVI shall provide written notice keep Parent apprised with respect to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms thereof. The Company also will promptly request each Person that has heretofore executed a confidentiality agreement in connection with its consideration of any such an Acquisition Proposal (including whether withdrawn or rejected), the status and nature of to return all confidential information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information heretofore furnished to such third party, unless the other party hereto has already been provided with such information. (d) Each Person by or on behalf of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to and will not waive any Acquisition Proposal"standstill" provision of any such, or any other, agreement. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 The Company shall permit either party to terminate this Agreement or to submit to the vote provide Parent at least two business days advance notice of its shareholders any Acquisition Proposal other than the Merger prior intention to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI present to its Board of Directors or the DSW Board accept any Superior Proposal and shall provide Parent with a summary of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions conditions thereof. Notwithstanding the foregoing, none of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such actions set forth on Schedule 5.4 shall constitute an Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (At&t Corp), Agreement and Plan of Merger (Vanguard Cellular Systems Inc)

Acquisition Proposals. (a) Each of DSW ▇▇▇▇▇▇▇▇ and RVI Tosco agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Significant Subsidiaries, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the any other party to this AgreementAgreement or an Affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI each of ▇▇▇▇▇▇▇▇ and DSW ▇▇▇▇▇ (and their respective Boards of Directors Directors) shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine Proposal (after consultation with its outside legal counsel) is required to be made under applicable Lawthe extent applicable), (B) effect a Change in RVI the ▇▇▇▇▇▇▇▇ Recommendation or a Change in DSW Recommendation (the Tosco Recommendation, as applicablethe case may be, a “Change in Recommendation”), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (CI) in the case of ▇▇▇▇▇▇▇▇, the ▇▇▇▇▇▇▇▇ Stockholders Meeting shall not have occurred, or (D) abovein the case of Tosco, (x) such party’s Required Shareholders the Tosco Stockholders Meeting shall not have occurred, (yII) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiy) in any such the case referred to in of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (III) in the case of clause (B) or (C) above, its Board of Directors, after consultation with outside counsel, determines in good faith that there is a reasonable probability that the failure to take such action would be inconsistent with its fiduciary duties under applicable law, (IV) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no customary in such agreements, as advised by counsel, provided that if such confidentiality agreement contains provisions that are less favorable to restrictive than the party providing such information than those comparable provision, or omits restrictive provisions, contained in the Master Separation Confidentiality Agreement; provided that , then the Confidentiality Agreement will be deemed to be amended to contain only such less restrictive provisions or to omit such restrictive provisions, as the case may be, and (xV) such party furnished prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, it notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW ▇▇▇▇▇▇▇▇ and RVI ▇▇▇▇▇ agrees that it will promptly keep the each other party reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofmaking such inquiry, proposal or offer. Each of DSW ▇▇▇▇▇▇▇▇ and RVI also Tosco agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than the parties to this Agreement) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW ▇▇▇▇▇▇▇▇ and RVI ▇▇▇▇▇ agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party ▇▇▇▇▇▇▇▇ or Tosco to terminate this Agreement (except as specifically provided in Article VIII hereof) or to submit to the vote (y) affect or limit any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of ▇▇▇▇▇▇▇▇ or ▇▇▇▇▇ under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Tosco Corp), Merger Agreement (Phillips Petroleum Co)

Acquisition Proposals. (a) Each of DSW AMB and RVI ProLogis agrees that neither it nor any of its Subsidiaries nor any of the officers or officers, trustees and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) Representatives not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries or any purchase or sale of 1520% or more of the consolidated assets (including equity stock or other ownership interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders or other equity interest holders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other one party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have participate in any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal, (iii) approve or recommend, or execute or enter into, into any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal (an “Acquisition Agreement”), or (iv) propose or agree or publicly propose to do any of the foregoing. (b) (i) Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with of AMB and the Board of Trustees of ProLogis shall each be permitted, prior to its outside legal counsel) is required respective meeting of stockholders or shareholders to be made under applicable Lawheld pursuant to Section 5.1, (B) effect and subject to compliance with the other terms of this Section 5.4 and to first entering into a Change confidentiality agreement having provisions that are no less favorable to such party than those contained in RVI Recommendation or a Change in DSW Recommendation (as applicablethe Confidentiality Agreement, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person Person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of that did not result from a termination breach of this Agreement by RVISection 5.4) or 7.1(g) (in and which the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsDirectors of AMB or the Board of Trustees of ProLogis, as applicable, concludes in good faith (after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal ) constitutes or is reasonably likely to result in a Superior Proposal, if and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable only to the party providing such information than those contained extent that the directors of AMB or the trustees of ProLogis, as applicable, conclude in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisorstheir outside legal counsel) that failure to do so would be inconsistent with their duties under applicable Law. AMB or ProLogis, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received byas applicable, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice a copy of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees nonpublic information or data provided to provide the other a third party hereto with copies of any written information that it provides pursuant to the third party making the request therefor within 24 hours of the time it provides prior sentence prior to or simultaneously with furnishing such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Prologis), Merger Agreement (Amb Property Lp)

Acquisition Proposals. (a) Each of DSW and RVI Without limiting Alpha's other obligations under this Agreement (including under Article VI hereof), Alpha agrees that from and after the date of this Agreement until the earlier of the Effective Time or the termination of this Agreement in accordance with Article IX, neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ ' officers, directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, any Alpha Acquisition Proposal (as defined below), (ii) have any discussions with or provide any confidential information or data to any Person relating to an Alpha Acquisition Proposal, or engage in any negotiations concerning an Alpha Acquisition Proposal, or knowingly facilitate any effort or attempt to make or implement an Alpha Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Alpha Acquisition Proposal or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar agreement related to any Alpha Acquisition Proposal. (b) For purposes of this Agreement, "Alpha Acquisition Proposal" means any inquiry, proposal or offer from any Person with respect to (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it Alpha or any of its Significant Subsidiaries or (as defined in Rule 1-02 of Regulation S-X of the SEC), (B) any purchase or sale or other disposition of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it Alpha and its Subsidiaries, taken as a whole, or (C) any purchase or sale of, or tender or exchange offer for, its voting or similar transaction with respect to, the equity securities of Alpha that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of Alpha (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries, including in the case of each of clauses (A) through (C), any such proposal, offer single or multi-step transaction or series of related transactions (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation Conexant or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”Subsidiary thereof), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Agreement and Plan of Reorganization (Conexant Systems Inc), Agreement and Plan of Reorganization (Alpha Industries Inc)

Acquisition Proposals. (a) Each of DSW and RVI CCI agrees that neither it nor any of its Subsidiaries nor any of the Subsidiaries, officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesit) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly otherwise facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeinvolving, or any purchase of all or sale any significant portion of the assets or any equity securities of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) CCI (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “"Acquisition Proposal”"). CCI further agrees that neither it nor any of its Subsidiaries, officers and directors shall, and that it shall direct and use its best efforts to cause its employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it) have any discussions with not to, directly or indirectly, provide any confidential information or data to any person Person relating to an Acquisition Proposal, engage or in any negotiations concerning contemplation of an Acquisition Proposal or knowingly facilitate engage in any effort discussions or attempt negotiations relating to make or implement in contemplation of an Acquisition Proposal or (iii) approve or recommendProposal; provided, or execute or enter intohowever, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything that nothing contained in this Agreement to the contrary, RVI and DSW and their respective Boards shall prevent CCI or its Board of Directors shall be permitted to from (A) comply complying with Rule 14d-9 14e-2 and Rule 14e-2 14d-9 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, ; (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage engaging in any discussions or negotiations with, or provide providing any confidential information or data to, any person Person in response to an unsolicited a bona fide written Acquisition Proposal by any such person first made after Person; or (C) recommending such bona fide written Acquisition Proposal to the date shareholders of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementCCI, if and only to the extent that: (i) , in any such case as is referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, Directors of CCI concludes in good faith (after consultation with its outside legal counselfinancial advisors) that such Acquisition Proposal is reasonably capable of being completed, taking into account all legal, financial, regulatory and other aspects of the proposal and the Person making the proposal, and is on terms that would, if consummated, result in a transaction more favorable to CCI shareholders from a financial point of view than the transaction contemplated by this Agreement (any such more favorable Acquisition Proposal being referred to in this Agreement as a "Superior Proposal") and (ii) the Board of Directors of CCI determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes action is necessary for it not to breach its fiduciary obligations to shareholders under applicable law. CCI will notify Parent immediately if any inquiries, proposals or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with offers respecting an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any such information related to an Acquisition Proposal or data is requested from, or any such discussions with or negotiations byare sought to be initiated or continued with, it or any of its representatives, such Persons indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence)offers, and in any event each of DSW and RVI shall provide written notice keep Parent apprised with respect to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventstatus and terms thereof. Each of DSW and RVI CCI agrees that it will promptly keep the other party informed of the status immediately cease and terms of cause to be terminated any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with with, and the provision of information and data to, any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it . CCI will not release any third party from, also promptly request each Person that has heretofore executed a confidentiality agreement in connection with its consideration of an Acquisition Proposal to return all confidential information heretofore furnished to such Person by or waive any provisions of, any confidentiality or standstill agreement to which on behalf of it or any of its Subsidiaries is a party with respect to any Acquisition ProposalSubsidiaries. Each of DSW and RVI agrees that it CCI will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote provide Parent at least two business days' advance notice of its shareholders any Acquisition Proposal other than the Merger prior intention to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI present to its Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation accept any Superior Proposal and shall provide Parent with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects a summary of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions terms and conditions thereof. (b) Parent and Merger Sub agree that, while this Agreement remains in effect, at any meeting of the holders of shares of CCI Common Stock at which Parent or Merger Sub or any of their Affiliates shall have the right to consummation): vote its shares of CCI Common Stock or at any meeting of the holders of shares of CCI Common Stock, however called, or in connection with any written consent of the holders of shares of CCI Common Stock, each of Parent and Merger Sub and any such Affiliate shall vote (ior cause to be voted) is more favorable the shares of CCI Common Stock held by it, to the unaffiliated shareholders extent voting rights exist with respect to the proposals to be acted upon, in favor of RVI or DSW, as adoption of this Agreement and approval of the case may be, from a financial point of view, than the other transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beAgreement.

Appears in 2 contracts

Sources: Merger Agreement (Commnet Cellular Inc), Merger Agreement (Blackstone Cci Capital Partners Lp)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that that, except as expressly contemplated by this Agreement, neither it nor any of its Subsidiaries nor shall, and the Company shall, and shall cause its Subsidiaries to, cause their respective officers, directors, investment bankers, attorneys, accountants, financial advisors, agents and other representatives (collectively, “Representatives”) not to, (i) directly or indirectly initiate, solicit or knowingly encourage or facilitate (including by way of furnishing non-public information) any inquiries regarding or the making or submission of any proposal that constitutes, or may reasonably be expected to lead to, an Acquisition Proposal with respect to the Company, (ii) participate or engage in discussions or negotiations with, or disclose any non-public information relating to the Company or any of its Subsidiaries or afford access to the properties, books or records of the Company or any of its Subsidiaries to any Person that has made an Acquisition Proposal with respect to the Company or to any Person that the Company, any of its Subsidiaries or any of their respective Representatives knows or has reason to believe is contemplating making an Acquisition Proposal with respect to the Company, or (iii) accept an Acquisition Proposal with respect to the Company or enter into any agreement, including any letter of intent or agreement in principle (other than an Acceptable Confidentiality Agreement in circumstances contemplated in the penultimate sentence of this Section 5.3(a)), (x) providing for, constituting or relating to an Acquisition Proposal with respect to the Company or (y) that would require, or would have the effect of causing, the Company to abandon, terminate or fail to consummate the Mergers or the other transactions contemplated by this Agreement. Any violation of the foregoing restrictions by any of the officers Company’s Subsidiaries or directors by any Representative of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it the Company or any of its Subsidiaries, whether or not such Representative is so authorized and whether or not such Representative is purporting to act on behalf of the Company or any of its Subsidiaries or otherwise, shall be deemed to be a breach of this Agreement by the Company. Notwithstanding anything to the contrary in this Agreement, the Company and the Company Board may take any actions described in clause (ii) not toof this Section 5.3(a) with respect to a third party at any time prior to obtaining the Company Required Vote if, directly or indirectlyprior to such vote, (ix) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer Company receives a bona fide written Acquisition Proposal with respect toto the Company from such third party (and such Acquisition Proposal was not initiated, solicited, knowingly encouraged or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it facilitated by the Company or any of its Subsidiaries or any purchase or sale of 15% or more their respective Representatives after the date and in violation of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (iiy) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage the Company Board determines in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine good faith by resolution duly adopted (after consultation with its financial advisors and outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal proposal constitutes or is reasonably likely to result in a Superior Proposal from the third party that made the applicable Acquisition Proposal with respect to the Company, and (z) the Company Board determines in good faith by resolution duly adopted (after consultation with its financial advisors and outside legal counsel) that the third party making such Acquisition Proposal has the financial and legal capacity to consummate such Acquisition Proposal, and prior to providing provided that the Company shall not deliver any information to such third party without entering into an Acceptable Confidentiality Agreement; no actions taken in accordance with this sentence shall constitute a violation of clause (i) of this Section 5.3(a). Nothing contained in this Section 5.3 shall prohibit the Company or data the Company Board from taking and disclosing to the Company’s stockholders a position with respect to an Acquisition Proposal with respect to the Company pursuant to Rule 14d-9 and 14e-2(a) promulgated under the Exchange Act or from making any similar disclosure, in either case to the extent required by applicable Law. (b) The Company agrees that in addition to the obligations of the Company set forth in paragraph (a) of this Section 5.3, as promptly as practicable after receipt thereof (but in no event more than 24 hours after the Company’s receipt thereof), the Company shall advise Parent in writing of any request for information from a Person that has made, or the Company reasonably believes may be contemplating, an Acquisition Proposal with respect to the Company or any Acquisition Proposal with respect to the Company received from any Person, or any inquiry made or discussions or negotiations sought to be initiated or continued with respect to any person Acquisition Proposal with respect to the Company, and the material terms and conditions of such request, Acquisition Proposal, inquiry, discussions or negotiations, and the Company shall promptly provide to Parent copies of any written materials received by the Company in connection with an any of the foregoing and any correspondence related thereto, and the identity of the Person or group making any such request, Acquisition Proposal or inquiry or with whom any discussions or negotiations are taking place. The Company agrees that it shall provide to Parent any non-public information concerning the Company or its Subsidiaries provided to any other Person or group in connection with any Acquisition Proposal with respect to the Company which was not previously provided to Parent as promptly as practicable after it provides such information to such other Person. The Company shall keep Parent fully informed of the status of any Acquisition Proposals with respect to the Company (including the identity of the parties and price involved and any material changes to any terms and conditions thereof). (c) Neither (i) the Company Board nor any committee thereof shall directly or indirectly (A) withdraw (or amend or modify in a manner adverse to Parent or Merger Sub), or publicly propose to withdraw (or amend or modify in a manner adverse to Parent or Merger Sub), the approval, recommendation or declaration of advisability by the Company Board or any such personcommittee thereof of this Agreement, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable the Mergers or the other transactions contemplated by this Agreement or (B) recommend, adopt or approve, or propose publicly to recommend, adopt or approve, any Acquisition Proposal with respect to the party providing such information Company (any action described in this clause (i) being referred to as a “Company Adverse Recommendation Change”) nor (ii) shall the Company or any of its Subsidiaries execute or enter into, any agreement, including any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement, option agreement, joint venture agreement, partnership agreement or other similar agreement, arrangement or understanding, (A) constituting or related to, or that is intended to or could reasonably be expected to lead to, any Acquisition Proposal (other than those contained in the Master Separation an Acceptable Confidentiality Agreement permitted pursuant to Section 5.3(a)) (each an “Acquisition Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c”) with respect to such Acquisition Proposal and the Company or (yB) prior requiring it to effecting such a Change abandon, terminate or fail to consummate the Mergers or any other transaction contemplated by this Agreement. Notwithstanding anything to the contrary in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, at any time prior to obtaining the Company Required Vote, and has considered subject to the Company’s compliance at all times with the provisions of this Section 5.3 and Section 5.6, the Company Board may make a Company Adverse Recommendation Change described in clause (A) of the definition thereof if the Company Board (i) determines in good faith, after consulting consultation with outside legal counsel, that the failure to make a Company Adverse Recommendation Change described in clause (A) of the definition thereof would be reasonably expected to be inconsistent with its fiduciary duties to the stockholders of the Company, and (ii) provides written notice to Parent (a “Company Notice of Change”) advising Parent that the Company Board is contemplating making such Company Adverse Recommendation Change and specifying the material facts and information constituting the basis for such contemplated determination; provided, however, that (x) the Company Board may not make such Company Adverse Recommendation Change until the fourth Business Day after receipt by Parent of the Company Notice of Change and (y) during such four Business Day period, at the request of Parent, the Company shall negotiate in good faith with respect to any changes or modifications to this Agreement which would allow the Company Board not to make such Company Adverse Recommendation Change consistent with its fiduciary duties. (d) Parent agrees that, except as expressly contemplated by this Agreement, neither it nor any of its Subsidiaries shall, and Parent shall, and shall cause its Subsidiaries to, cause their respective Representatives not to (i) directly or indirectly initiate, solicit or knowingly encourage or facilitate (including by way of furnishing non-public information) any inquiries regarding or the making or submission of any proposal that constitutes, or may reasonably be expected to lead to, an Acquisition Proposal with respect to Parent, (ii) participate or engage in discussions or negotiations with, or disclose any non-public information relating to Parent or any of its Subsidiaries or afford access to the properties, books or records of Parent or any of its Subsidiaries to any Person that has made an Acquisition Proposal with respect to Parent or to any Person that Parent, any of its Subsidiaries or any of their respective Representatives knows or has reason to believe is contemplating making an Acquisition Proposal with respect to Parent, or (iii) accept an Acquisition Proposal with respect to Parent or enter into any agreement, including any letter of intent or agreement in principle (other than an Acceptable Confidentiality Agreement in circumstances contemplated in the penultimate sentence of this Section 5.3(d)), (x) providing for, constituting or relating to an Acquisition Proposal with respect to Parent or (y) that would require, or would have the effect of causing, Parent to abandon, terminate or fail to consummate the Mergers or the other transactions contemplated by this Agreement. Any violation of the foregoing restrictions by any of Parent’s Subsidiaries or by any Representative of Parent or any of its Subsidiaries, whether or not such Representative is so authorized and whether or not such Representative is purporting to act on behalf of the Parent or any of its Subsidiaries or otherwise, shall be deemed to be a breach of this Agreement by Parent. Notwithstanding anything to the contrary in this Agreement, Parent and Parent Board may take any actions described in clause (ii) of this Section 5.3(d) with respect to a third party at any time prior to obtaining the Parent Required Vote if, prior to such approval, (x) Parent receives a bona fide written Acquisition Proposal with respect to Parent from such third party (and such Acquisition Proposal was not initiated, solicited, knowingly encouraged or facilitated by Parent or any of its Subsidiaries or any of their respective Representatives after the date and in violation of this Agreement) and (y) the Parent Board determines in good faith by resolution duly adopted (after consultation with its financial advisors and outside legal counsel) that such proposal constitutes or is reasonably likely to result in a Superior Proposal from the third party that made the applicable Acquisition Proposal with respect to Parent, and (z) the Parent Board determines in good faith by resolution duly adopted (after consultation with its financial advisors and outside legal counsel) that the third party making such Acquisition Proposal has the financial and legal advisorscapacity to consummate such Acquisition Proposal, provided that Parent shall not deliver any modifications information to such third party without entering into an Acceptable Confidentiality Agreement; no actions taken in accordance with this sentence shall constitute a violation of clause (i) of this Section 5.3(d). Nothing contained in this Section 5.3 shall prohibit Parent or the Parent Board from taking and disclosing to Parent’s shareholders a position with respect to an Acquisition Proposal with respect to Parent pursuant to Rule 14d-9 and 14e-2(a) promulgated under the Exchange Act or from making any similar disclosure, in either case to the extent required by applicable Law. (e) Parent agrees that in addition to the obligations of Parent set forth in paragraph (d) of this Section 5.3, as promptly as practicable after receipt thereof (but in no event more than 24 hours after Parent’s receipt thereof), Parent shall advise the Company in writing of any request for information from a Person that has made, or Parent reasonably believes may be contemplating, an Acquisition Proposal with respect to Parent or any Acquisition Proposal with respect to Parent received from any Person, or any inquiry made or discussions or negotiations sought to be initiated or continued with respect to any Acquisition Proposal with respect to Parent, and the material terms and conditions of such request, Acquisition Proposal, inquiry, discussions or negotiations, and Parent shall promptly provide to the Company copies of any written materials received by Parent in connection with any of the foregoing and any correspondence related thereto, and the identity of the Person or group making any such request, Acquisition Proposal or inquiry or with whom any discussions or negotiations are taking place. Parent agrees that it shall provide to the Company any non-public information concerning Parent or its Subsidiaries provided to any other Person or group in connection with any Acquisition Proposal with respect to Parent which was not previously provided to the Company as promptly as practicable after it provides such information to such other Person. Parent shall keep the Company fully informed of the status of any Acquisition Proposals with respect to Parent (including the identity of the parties and price involved and any material changes to any terms and conditions thereof). (f) Neither (i) the Parent Board nor any committee thereof shall directly or indirectly (A) withdraw (or amend or modify in a manner adverse to the Company), or publicly propose to withdraw (or amend or modify in a manner adverse to the Company), the approval, recommendation or declaration of advisability by the Parent Board or any such committee thereof of this Agreement, the Mergers, the Parent Proposal or the other transactions contemplated by this Agreement proposed by the other party hereto or (B) recommend, adopt or approve, or propose publicly to determine whether such modifications cause such party’s Board of Directors to conclude that such recommend, adopt or approve, any Acquisition Proposal no longer requires a Change with respect to Parent (any action described in Recommendation; and this clause (iiii) in any such case being referred to as a “Parent Adverse Recommendation Change”), nor (ii) shall Parent or any of its Subsidiaries execute or enter into, (A) any Acquisition Agreement with respect to Parent (other than an Acceptable Confidentiality Agreement permitted pursuant to Section 5.3(d)) or (B) any agreement, including any letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement, option agreement, joint venture agreement, partnership agreement or other similar agreement, arrangement or understanding, requiring it to abandon, terminate or fail to consummate the Mergers or any other transaction contemplated by this Agreement. Notwithstanding anything to the contrary in this Agreement, at any time prior to obtaining the Parent Required Vote, and subject to Parent’s compliance at all times with the provisions of this Section 5.3 and Section 5.6, the Parent Board may make a Parent Adverse Recommendation Change described in clause (DA) above, of the Acquisition Proposal is not withdrawn and definition thereof if the applicable party’s Parent Board of Directors (i) determines in good faith, after consultation with its financial advisorsoutside legal counsel, that such offer constitutes the failure to make a Superior Proposal. Parent Adverse Recommendation Change described in clause (cA) Each of DSW and RVI shall notify the other party definition thereof would be reasonably expected to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions be inconsistent with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice fiduciary duties to the other party shareholders of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition ProposalParent, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit provides written notice to the vote Company (a “Parent Notice of its shareholders any Acquisition Proposal other than Change”) advising the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except Company that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.Parent Boa

Appears in 2 contracts

Sources: Merger Agreement (Forest Oil Corp), Merger Agreement (Houston Exploration Co)

Acquisition Proposals. (a) Each of DSW Globespan and RVI Virata agrees --------------------- that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best commercial efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Significant Subsidiaries, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other any party to this Agreement) being hereinafter referred to as Agreement or an “Affiliate thereof), an "Acquisition Proposal”"), (ii) have any discussions discussion with or provide any -------------------- confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI each of Globespan and DSW Virata (and their respective Boards of Directors Directors) shall be permitted to (Ai) comply with applicable law (including Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act Act) with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (Bii) effect a Change in RVI the Globespan Recommendation or a Change in DSW Recommendation the Virata Recommendation, as the case may be, or (as applicable, a “Change in Recommendation”), (Ciii) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (Bii) or (iii), (CA) in the case of Globespan, the Globespan Stockholders Meeting shall not have occurred, or (D) abovein the case of Virata, (x) such party’s Required Shareholders the Virata Stockholders Meeting shall not have occurred, (yB) such (I) in the case of clause (ii) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiII) in any such the case referred to in of clause (Ciii) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (C) in the case of clause (ii) or (iii) above, its Board of Directors, after consultation with outside counsel, determines in good faith that it is required to do so in the exercise of its fiduciary duties under applicable law, (D) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable at least as restrictive to such Person as the party providing such information than those comparable provisions contained in the Master Separation Confidentiality Agreement; provided that , and (xE) such party furnished prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, it notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW Globespan and RVI Virata agrees that it will promptly keep the each other party reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofmaking such inquiry, proposal or offer. Each of DSW Globespan and RVI also Virata agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than the parties to this Agreement) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Globespan and RVI Virata agrees that it will use reasonable best commercial efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party Globespan or Virata to terminate this Agreement (except as specifically provided in Article VIII hereof) or to submit to the vote (y) affect or limit any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of Globespan or Virata under this Agreement except as specifically provided in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition ProposalSections 6.1(b) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a6.1(c), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Virata Corp), Agreement and Plan of Merger (Virata Corp)

Acquisition Proposals. (a) Each of DSW Except as expressly permitted by this Section 5.3, the Company shall not, and RVI agrees that neither it nor any shall cause each of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) their respective Representatives not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate any inquiries regarding, or the making of any proposal or offer with respect relating to, any transaction (other than any the transaction permitted or a transaction contemplated by this Agreement) to effect, effect (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of whose assets, taken together, constitute 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it the Company and its Subsidiaries, taken as a whole, based on fair market value, (B) any direct or any purchase or indirect sale of, or tender or exchange offer for, its the Company’s voting securities securities, in one or a series of related transactions, that, if consummated, would result in any person Person (or the shareholders of such personPerson) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ the Company’s total voting power (or of the surviving parent entity in such transaction) or (C) any direct or indirect sale, lease, exchange, mortgage, pledge, license, transfer or other disposition, directly or indirectly, by merger, consolidation, sale of equity interests, share exchange, joint venture, business combination or otherwise, in one or a series of related transactions, of assets or businesses of the Company or its Subsidiaries constituting 15% or more of the consolidated assets or revenues of the Company and its Subsidiaries, taken as a whole (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementParent or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data relating to the Company or any of its Subsidiaries to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or approve, recommend, execute or enter into, or propose to approve, recommend, execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal (other than an Acceptable Confidentiality Agreement entered into pursuant to Section 5.3(b)(i)) or propose or agree or publicly propose to do any of the foregoing. Nothing in this Section 5.3 shall prohibit the Company, or its Board of Directors, directly or indirectly through any officer, employee or Representative, informing any Person that the Company is a party to this Agreement and referring such Person to this Section 5.3. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors the Company or the Company Board shall be permitted to (A) comply comply, to the extent applicable, with Rule 14d-9 and Rule 14e-2 14e-2, or make any “stop-look-listen” communication to the Company Securityholders pursuant to Rule 14d-9(f), each as promulgated under the U.S. Exchange Act with regard to an Acquisition Proposal, provided that this Section 5.3(b)(A) shall not permit the Company or the Company Board to make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Lawa Company Change in Recommendation except as expressly permitted by Section 5.3(b)(C), (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data and afford access to the business, properties, assets, books or records of the Company or any of its Subsidiaries to, any person Person in response to an unsolicited bona fide, written Acquisition Proposal by any such Person made after the date hereof under circumstances not relating to any breach of this Section 5.3, (C) effect a Company Change in Recommendation or terminate this Agreement in accordance with Section 7.2(h) in order to enter into a binding written agreement with respect to a Superior Proposal, in each case in response to an unsolicited bona fide written Acquisition Proposal by any such person first Person made after the date hereof under circumstances not relating to any breach of this Agreement and Section 5.3, or (D) terminate comply with Part 2 - Division 3 of National Instrument - 62¬104 Take Over Bids and Issuer Bids of the Canadian Securities Administrators and similar provisions under applicable Canadian Securities Laws relating to the provision of directors’ circulars in respect of an Acquisition Proposal that is not a Superior Proposal but only following compliance with this Agreement pursuant Section 5.3 by the Company and provided that this Section 5.3(b)(D) shall not permit the Company or the Company Board to Sections 7.1(f) (make a Company Change in the Recommendation except as expressly permitted by Section 5.3(b)(C), in each case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in the case of clause (B) above, (I) the Requisite Approval has not been obtained, (II) the Company has complied with this Section 5.3 in all material respects, (III) the Company Board, after consultation with its financial advisors and outside legal counsel, has determined in good faith that such Acquisition Proposal constitutes a Superior Proposal or is reasonably likely to lead to a Superior Proposal and (IV) prior to providing any such information or data or access (in each case referred to as described in clause (B) above) to any Person in connection with an Acquisition Proposal, the Company shall enter into a confidentiality agreement with such Person having provisions that are no less favorable to the Company than those contained in the Confidentiality Agreement (an “Acceptable Confidentiality Agreement”), provided that such confidentiality agreement shall not prohibit compliance by the Company with any of the provisions of this Section 5.3; and (ii) in the case of clause (C) or (D) above, (xI) such party’s Required Shareholders Meeting shall the Requisite Approval has not have occurredbeen obtained, (yII) such party the Company has complied with this Section 5.3 in all material respects respects, (III) the Company Board, after consultation with this Section 5.4 its financial advisors and (z) its Board of Directorsoutside legal counsel, has determined in good faith that such Acquisition Proposal constitutes a Superior Proposal and, after consultation with its outside legal counsel, determines has determined in good faith that failure to take such action would reasonably be expected to be inconsistent with its the fiduciary duties of the directors of the Company under applicable Law; law, (iiIV) the Company has notified Parent in writing, at least four Business Days in advance, of its intention to effect such action (which notice shall include a copy of the relevant proposed transaction agreements and a copy of any financing commitments relating thereto); provided that such notice shall be given again (but shall be limited to two Business Days in advance) in the event of any revision to the financial terms or other material terms such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (yV) prior to effecting taking such a Change in Recommendationaction, the Company has, and has (together with caused its financial and legal advisors) engaged advisors to, negotiate with Parent in reasonable, good faith negotiations with the other party to this Agreement, and has considered enable Parent to propose in good faith, after consulting with its financial and legal advisors, any modifications writing revisions to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal would no longer requires constitute a Change in Recommendation; and Superior Proposal, and (iiiVI) in any following the end of such case referred to in clause (D) abovenotice period, the Acquisition Proposal is not withdrawn Company Board shall have considered in good faith any changes to this Agreement proposed in writing by Parent, and the applicable party’s Board of Directors determines shall have determined in good faith, after consultation with its financial advisorsadvisors and outside legal counsel, that notwithstanding such offer constitutes proposed changes, such Acquisition Proposal remains a Superior Proposal. (c) Each of DSW and RVI The Company shall notify the other party Parent as promptly as practicable of any request for information related to this Agreement of a potential Acquisition Proposal or any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it by the Company or any of its representativesRepresentatives, orally and in writing, indicating, in connection with such notice, the identity of such person Person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available material documentation or correspondence), and in any event each of DSW and RVI the Company shall provide written notice to the other party Parent of any such Acquisition Proposal, request Proposal or requests for information or and initiation of such discussions or negotiations within 24 hours by the end of the Business Day (New York time) following the day on which such eventevent occurs. Each of DSW and RVI The Company agrees that it will keep Parent promptly keep the other party informed and reasonably apprised of the status and material terms of any such Acquisition Proposal (including whether withdrawn or rejected), ) and the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiationsrequested, and in any event each of DSW and RVI the Company shall provide the other party Parent with written notice of any material development thereto within 24 hours thereofwith respect to any of the foregoing by the end of the day (New York time) following the day on which such development occurs. Each of DSW and RVI The Company also agrees to provide the other party hereto Parent with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides substantially contemporaneously with providing such information to such third party, unless the other party hereto Parent has already been provided with such information. (d) Each of DSW and RVI agrees that The Company (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, cease immediately and terminate any and all existing activitiessolicitation, knowing encouragement, knowing facilitation, discussions or negotiations with any third parties (other than Parent and its affiliates and its and their Representatives) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not, and will cause its Subsidiaries not to, release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition ProposalProposal and (iii) will and will cause its Subsidiaries to enforce, to the fullest extent permitted under applicable law, the provisions of any such agreement, including by seeking to obtain injunctions to prevent any breaches of such agreements and to enforce specifically the terms and provisions thereof in any court having jurisdiction. Each of DSW and RVI The Company agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit 5.3. The Company shall, if it has not already done so, promptly request, to the vote extent it has a contractual right to do so, that each Person, if any, that has heretofore executed a confidentiality agreement within the twelve months prior to the date hereof in connection with its consideration of its shareholders any Acquisition Proposal other than the Merger prior return or destroy all confidential information or data heretofore furnished to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors any Person by or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects on behalf of the proposal and the person making the proposal (including Company or any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beits Subsidiaries.

Appears in 2 contracts

Sources: Arrangement Agreement (Nabors Industries LTD), Arrangement Agreement (Tesco Corp)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause not authorize or instruct any of its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, solicit or knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Subsidiaries, or any purchase or sale of 15assets having a fair market value (as determined by the Board of Directors of the Company in good faith) in excess of 10% or more of the fair market value of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as Buyer or an “Acquisition Proposal”Affiliate thereof), an "ACQUISITION PROPOSAL"), (ii) have any discussions discussion with or provide any confidential information Confidential Information or non-public data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal (other than a proposal or offer made by Buyer or an Affiliate thereof), (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI the Company (and DSW and their respective Boards its Board of Directors Directors) shall be permitted to (Ai) continue negotiations with any Person related to the sale of its Academic Systems subsidiary ("ACADEMIC SYSTEMS") so long as negotiations with said Person began prior to August 1, 2003, (ii) comply with applicable law (including Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act Act) with regard to an Acquisition Proposal, or (iii) file with the SEC a report on Form 8-K in accordance with the requirements thereof with respect to this Agreement and file a copy of this Agreement and any related agreements as an exhibit to such report, (iv) make any disclosure that such party’s to the Company's stockholders or any public announcement if, in the good faith judgment of the Board of Directors may determine (of the Company, after consultation with its outside legal counsel, failure to so disclose would be inconsistent with any applicable law, rule or regulation or any duty of the Board of Directors; provided that the Company shall not, except in accordance with the provisions of Section 6.1(b) is required to be made under applicable Lawand 6.4(b)(v), effect a Change in the Company Recommendation, (Bv) effect a Change in RVI the Company Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (Cvi) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after Person, or take any of the date of this Agreement actions described in Sections 6.4(a)(iii) and (Div) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementabove, if and only to the extent that: (i) , in any such case referred to in clause (v) or (vi): (A) the Company Stockholder Approval shall not yet have been obtained; (B) the Company has not previously breached any of its covenants in Section 6.4(a), ; (C) or (DI) in the case of clause (v) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such the Company has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its the Company's Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure such Acquisition Proposal would lead to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; a Superior Proposal and (iiII) in any such the case referred to in of clause (Cvi) above, such party’s the Company's Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely would lead to result in a Superior Proposal; (D) the Company's Board of Directors, and after consultation with outside counsel, determines in good faith that it is required to do so in the exercise of its fiduciary duties under applicable law; (E) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Company's Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable at least as restrictive to such Person as the party providing such information than those comparable provisions contained in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iiiF) in prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, it promptly notifies Buyer of the receipt of such inquiries, proposals or offers received by, any such case referred information requested from, or any such discussions or negotiations sought to in clause (D) abovebe initiated or continued with, any of its representatives. The Company agrees that, subject to any obligation of confidentiality to which the Acquisition Proposal is not withdrawn Company may be bound, it will promptly keep Buyer informed of the status and material terms of any inquiries, proposals or offers and the applicable party’s status and material terms of any discussions or negotiations, including the identity of the party making such inquiry, proposal or offer, except to the extent that the Company's Board of Directors determines in good faithDirectors, after consultation with outside counsel, determines in good faith that to do so would be inconsistent with the exercise of its financial advisorsfiduciary duties under applicable law. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to provide Buyer with any information regarding an expression of interest, proposal, inquiry or offer relating to the sale of Academic Systems that such offer constitutes is received by or on behalf of the Company from a Superior ProposalPerson with whom the Company began negotiations prior to August 1, 2003. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI The Company agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected)will, the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than Buyer) conducted heretofore with respect to any Acquisition ProposalProposal provided, and (ii) it will not release however, that, notwithstanding anything to the contrary, the Company shall be permitted to continue negotiations with any third party fromPerson related to the sale of Academic Systems so long as negotiations with said Person began prior to August 1, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal2003. Each of DSW and RVI The Company agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.4. Nothing in this Section 5.4 6.4 shall (x) permit either party the Company to terminate this Agreement (except as specifically provided in Article VIII hereof) or to submit to (y) affect or limit any other obligation of the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of Company under this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, except as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; specifically provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a6.1(b), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Plato Learning Inc), Merger Agreement (Lightspan Inc)

Acquisition Proposals. (a) Each of DSW and RVI IPC agrees that neither it nor any of its Subsidiaries subsidiaries nor any of the officers or and directors of it or its Subsidiaries subsidiaries shall, and that it shall cause (and use its commercially reasonable best efforts to cause instruct) its and its Subsidiariessubsidiaries’ directors, officers, employees, affiliatesagents, agents representatives and representatives advisors (including any investment banker, attorney or accountant retained by it or any of its Subsidiariessubsidiaries) not to, directly or indirectly, : (i) initiate, solicit, encourage or knowingly facilitate the making of (including by providing information) any effort or attempt to make or implement any proposal or offer with respect to, or a transaction to effect, a an amalgamation, merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries subsidiaries or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiariessubsidiaries) of it and its Subsidiariessubsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementValidus) being hereinafter referred to as an “Acquisition Proposal”), ; (ii) have have, participate or otherwise engage in any discussions or negotiations with or provide any confidential information or data to any person relating to an Acquisition Proposal; (iii) approve or recommend, engage in or propose to approve or recommend, any negotiations concerning an Acquisition Proposal or knowingly facilitate submit to the vote of its shareholders any effort or attempt to make or implement an Acquisition Proposal prior to the termination of this Agreement; or (iv) approve or (iii) recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, amalgamation agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do Proposal; provided that IPC, its officers and directors, any of its subsidiaries and any of the foregoing. (b) Notwithstanding anything in this Agreement to the contraryofficers and directors of its subsidiaries may, RVI and DSW IPC and its subsidiaries may cause their respective Boards employees, agents, representatives and advisors (including any investment banker, attorney or accountant retained by it or any of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”subsidiaries), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) directly or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementindirectly, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board board of Directorsdirectors of IPC, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or action is reasonably likely to result be required in a Superior Proposalorder for the directors to comply with their fiduciary duties under applicable Law and so long as IPC, its officers and prior to providing directors, its subsidiaries and its officers and directors and their respective employees, agents, representatives and advisors (including any information investment banker, attorney or data to any person in connection with an Acquisition Proposal accountant retained by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection subsidiaries) shall have complied with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondenceSection 5.5(c), and participate or otherwise engage in discussions or negotiations with or furnish confidential information or data to persons relating to an Acquisition Proposal; provided, further that (A) prior to participating or otherwise engaging in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of or furnishing such event. Each of DSW and RVI agrees that it will promptly keep confidential information or data IPC has entered into a confidentiality agreement with such person on terms not less restrictive in the other party informed aggregate to such person than the provisions of the status Confidentiality Agreement are to Validus and terms of any its subsidiaries and their respective personnel and representatives and (B) all such Acquisition Proposal (including whether withdrawn information or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions data has previously been provided or negotiations, and in any event each of DSW and RVI shall provide the other party made available to Validus or its representatives or is provided or made available to Validus or its representatives prior to or substantially concurrent with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information is provided to such third party, unless the other party hereto has already been provided with such informationperson. (db) Each of DSW IPC agrees that, subject to Section 5.5(d), it shall, and RVI agrees that (i) it will and will shall cause its Subsidiaries, subsidiaries and its and their respective officers, directors, affiliatesemployees, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will shall not, and shall not permit any of its subsidiaries to, release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI IPC agrees that it will shall use its commercially reasonable best efforts to promptly inform its and its Subsidiariessubsidiaries’ respective directors, officers, affiliatesemployees, agents, representatives and advisors of the obligations undertaken in this Section 5.45.5. IPC also agrees that it will promptly request each third party that has executed a confidentiality agreement prior to the date of this Agreement (other than any third party listed in Section 5.5(b) of the IPC Disclosure Letter) in connection with such third party’s consideration of a transaction involving IPC or any of its subsidiaries (or any portion thereof) to return or destroy all confidential information heretofore furnished to such third party or its representatives by or on behalf of IPC or any of its subsidiaries. (c) IPC shall promptly notify Validus of any (i) Acquisition Proposal, (ii) request for information that could reasonably be expected to be related to an Acquisition Proposal received by it, any of its subsidiaries or any of their respective directors, officers, employees, agents, representatives or advisors (including any investment bankers, attorneys or accountants), and (iii) request that could reasonably be expected to be related to an Acquisition Proposal for discussions with or negotiations by, it, any of its subsidiaries or any of their respective directors, officers, employees, agents, representatives or advisors (including any investment bankers, attorneys or accountants), indicating, in connection with such notice, the identity of the person making such Acquisition Proposal or request and the material terms and conditions thereof (including a copy thereof and any related available documentation and correspondence), and in any event IPC shall provide written notice to Validus of any Acquisition Proposal, request for information or request for such discussions or negotiations within 24 hours of such event. IPC will (A) inform the person making such Acquisition Proposal, request for information or request for discussions or negotiations of its obligations under this Agreement and (B) keep Validus reasonably informed on a reasonably current basis of the terms of any such Acquisition Proposal or request for information or request for discussions or negotiations (including whether such Acquisition Proposal or request for information or request for discussions or negotiations is withdrawn and any material change to the terms thereof). (d) Notwithstanding anything in this Agreement to the contrary, if, at any time prior to obtaining the Required IPC Vote, the board of directors of IPC concludes that a bona fide written Acquisition Proposal that did not result from a breach of this Section 5.5 could be reasonably likely to constitute a Superior Proposal (after giving effect to all the adjustments to this Agreement which may be offered by Validus prior to or during the Notice Period), the board of directors of IPC may make a Change in IPC Recommendation; provided that the board of directors of IPC may not make a Change in IPC Recommendation unless (i) IPC has provided a written notice to Validus (a “Notice of Superior Proposal”) advising Validus that it has received an Acquisition Proposal that could be reasonably likely to constitute a Superior Proposal and specifying the identity of the person making such Acquisition Proposal and the material terms thereof (including a copy thereof and any related available documentation and correspondence) and (ii) Validus does not, within five business days following its receipt of the Notice of Superior Proposal (the “Notice Period”), make an offer that, as determined in good faith by the board of directors of IPC after consultation with its outside legal counsel and financial advisors, results in the applicable Acquisition Proposal no longer being a Superior Proposal (provided that, during the Notice Period, IPC shall, and shall cause its outside legal counsel and its financial advisors to, negotiate in good faith with Validus (to the extent Validus desires to negotiate) with respect to such proposal). The parties understand and agree that to comply with this Section 5.5(d) any revisions to the terms of such Superior Proposal which, individually or in the aggregate, would be material when considering such Superior Proposal in its totality, shall require IPC to deliver to Validus a new Notice of Superior Proposal and the commencement of a new Notice Period. (e) Nothing contained in this Section 5.4 5.5 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): prohibit IPC from (i) is more favorable complying with Rule 14d-9 or 14e-2 promulgated under the Exchange Act to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement extent applicable with regard to an Acquisition Proposal (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes in the case of this definition of “Superior Proposal,” the term an Acquisition Proposal shall have the meaning assigned made by way of a tender offer or exchange offer, any failure by IPC or its board of directors to such term in Section 5.4(a), except recommend that the reference to “15%” shareholders of IPC reject such offer within the time period specified in the definition of “Acquisition Proposal” Rule 14e-2(a) shall be deemed to be a reference Change in IPC Recommendation), or making any legally required disclosure to its shareholders with regard to an Acquisition Proposal (provided that any disclosure (other than a “a majoritystop, look and listen” and “Acquisition Proposal” or similar communication of the type contemplated by Rule 14d-9(f) under the Exchange Act) made pursuant to Rule 14d-9 or 14e-2(a) shall only be deemed to refer be a Change in IPC Recommendation unless the board of directors of IPC expressly reaffirms its recommendation to a transaction involving RVI its shareholders in favor of approval of this Agreement and the transactions contemplated hereby) or DSW, as (ii) informing any person of the case may beexistence of the provisions contained in this Section 5.5.

Appears in 2 contracts

Sources: Agreement and Plan of Amalgamation (Ipc Holdings LTD), Amalgamation Agreement (Validus Holdings LTD)

Acquisition Proposals. (a) Each of DSW and RVI UDS agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it UDS or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it UDS or any of its Subsidiaries Significant Subsidiaries, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the any other party to this AgreementAgreement or an Affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI UDS (and DSW and their respective Boards its Board of Directors Directors) shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine Proposal (after consultation with its outside legal counsel) is required to be made under applicable Lawthe extent applicable), (B) effect a Change in RVI Recommendation the UDS Recommendation, or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (CI) or (D) above, (x) such party’s Required Shareholders the UDS Stockholders Meeting shall not have occurredoccurred other than as a result of a breach by UDS of its obligations pursuant to Section 6.1, (yII) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiy) in any such the case referred to in of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (III) in the case of clause (B) or (C) above, its Board of Directors, after receipt of the advice of UDS's outside counsel, determines in good faith that there is a reasonable probability that the failure to take such action would be inconsistent with its fiduciary duties under applicable law, (IV) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no customary in such agreements, as advised by counsel, provided that if such confidentiality agreement contains provisions that are less favorable to restrictive than the party providing such information than those comparable provision, or omits restrictive provisions, contained in the Master Separation Confidentiality Agreement; provided that (x) , then the Confidentiality Agreement will be deemed to be amended to contain only such party furnished less restrictive provisions or to omit such restrictive provisions, as the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal case may be, and (yV) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with the other party to this Agreementany Person, and has considered in good faithit notifies Valero promptly of such inquiries, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI UDS agrees that it will promptly keep the other party Valero reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofmaking such inquiry, proposal or offer. Each of DSW and RVI also UDS agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than the parties to this Agreement) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI UDS agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party UDS to terminate this Agreement (except as specifically provided in Article VIII hereof) or to submit to the vote (y) affect or limit any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of Valero or UDS under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Ultramar Diamond Shamrock Corp), Merger Agreement (Valero Energy Corp/Tx)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesit) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, consolidation, share exchange, consolidationexchange or purchase, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 15the consolidated assets of the Company having an aggregate value equal to 3% or more of the consolidated assets (including equity interests book value of its Subsidiaries) of it and its Subsidiaries, taken as a wholethe Company's total assets, or (except as provided in Section 4.2(c) above) any purchase or sale of, or tender or exchange offer for, its voting for equity securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) Company (any such proposalproposal or offer, offer or transaction (other than a proposal or offer made by the other party to this Agreement) Parent or an affiliate thereof, being hereinafter referred to as an “"Acquisition Proposal”"). The Company further agrees that neither it nor any of the officers and directors of it shall, and that it shall use its reasonable best efforts to cause its employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Proposal. Notwithstanding anything in this Agreement to the contrary, RVI the Company and DSW and their respective Boards the Company's Board of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under effect a change in the Exchange Act with regard to an Acquisition ProposalCompany Recommendation, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: , (i) in any such the case referred to in of clause (B), (C) or (DA) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such the Company has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its the Company's Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure such Acquisition Proposal constitutes a Superior Proposal (as defined in Section 8.11) and the Board of Directors of the Company has affirmatively voted to take accept such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal, (ii) in any such the case referred to in of clause (CB) above, such party’s the Company's Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to will result in a Superior Proposal, and (iii) in the case of clause (B) above, prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Company's Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained and (iv) in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions case of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (DB) above, prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, the Acquisition Proposal is not withdrawn and the applicable party’s Board Company notifies Parent promptly of Directors determines in good faithsuch inquiries, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers. Notwithstanding the foregoing, the Company's Board of Directors may only take the actions set forth in the foregoing clauses (including a copy thereof if i) through (iv) in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice the previous sentence to the other party extent that the Company's Board of any Acquisition Proposal, request Directors shall conclude in good faith on the basis of written advice of outside counsel that such action is necessary in order for information or initiation the Company's Board of such discussions or negotiations within 24 hours of such eventDirectors to act in a manner which is consistent with its fiduciary obligations under applicable law. Each of DSW and RVI The Company agrees that it will promptly keep the other party Parent informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and including the identity of the person or group engaging in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofsuch discussions or negotiations. Each of DSW and RVI also The Company agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI The Company agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) . Nothing in this Section 5.4 shall (x) permit either party the Company to terminate this Agreement (except as specifically provided in Article VII hereof) or to submit to (y) affect any other obligation of the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of Company under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 2 contracts

Sources: Merger Agreement (Outdoor Channel Holdings Inc), Merger Agreement (Outdoor Channel Holdings Inc)

Acquisition Proposals. (a) Each of DSW Chase and RVI ▇▇▇▇▇▇ each agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) in the case of ▇▇▇▇▇▇, and Section 4.2(e) in the case of Chase) or any purchase or sale of 1520% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their either party to this Agreement or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI ▇▇▇▇▇▇ Recommendation or a Change in DSW Chase Recommendation (as applicable, a “"Change in Recommendation”"), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) , in any such case referred to in clause (B), (C) or (D) above, C): (xi) such party’s Required Shareholders Meeting 's stockholders meeting to vote on the adoption of this Agreement shall not have occurred, , (yii) such party has complied in all material respects with this Section 5.4 and 5.4, (ziii) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to likely be inconsistent with its fiduciary duties under applicable Law;law, (iiiv) in the case only of clause (B) above, (I) it has received an unsolicited bona fide written Acquisition Proposal from a third party and its Board of Directors concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal (as defined below) (after giving effect to all of the concessions which may be offered by the other party to this Agreement pursuant to clause (III) below), (II) it has notified the other party to this Agreement, at least five business days in advance, of its intention to effect a Change in Recommendation, specifying the material terms and conditions of such Superior Proposal and furnishing to the other party to this Agreement a copy of any relevant proposed transaction agreements with the party making such Superior Proposal and any other material documents received by it or its representatives, and (III) prior to effecting such a Change in Recommendation, it has, and has caused its financial and legal advisors to, negotiate with the other party to this Agreement in good faith to make such adjustments in the terms and conditions of this Agreement such that such Acquisition Proposal would no longer constitute a Superior Proposal, (v) in the case referred to in only of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s its Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Confidentiality Agreement; provided that , and (xvi) such party furnished to it notifies the other party to this Agreement the as promptly as practicable (and in any event within 24 hours of providing any confidential information and documentation required by Section 5.4(c) with respect or data to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith any person or entering into discussions or negotiations with the other party to this Agreementany person), and has considered in good faithof such inquiries, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW Chase and RVI ▇▇▇▇▇▇ agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (dc) Each of DSW Chase and RVI ▇▇▇▇▇▇ agrees that (i) it will will, and will cause its officers, directors and representatives to, immediately cease and cause to be terminated any activities, discussions or negotiations existing as of the date of this Agreement with any parties conducted heretofore with respect to any Acquisition Proposal, (ii) it will immediately cease and cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors toadvisors, to cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (iiiii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Chase and RVI ▇▇▇▇▇▇ agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (ed) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Neither party shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1Merger. (fe) For purposes of this Agreement, “"Superior Proposal” " means a bona fide written Acquisition Proposal which the RVI Board of Directors of Chase or the DSW Board of Directors▇▇▇▇▇▇, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): ), (i) is more favorable to the unaffiliated shareholders stockholders of RVI Chase or DSW▇▇▇▇▇▇, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “"Superior Proposal,” " the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” "20% or more" in the definition of “"Acquisition Proposal” " shall be deemed to be a reference to “"a majority” " and “"Acquisition Proposal” " shall only be deemed to refer to a transaction involving RVI voting securities of Chase or DSW▇▇▇▇▇▇, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Morgan J P & Co Inc)

Acquisition Proposals. (a) Each of DSW Except as permitted by this Section 6.4, ▇▇▇▇▇ shall not, and RVI agrees that neither it nor any shall cause each of its Subsidiaries nor (and any of the officers employees or directors of it or its Subsidiaries shallSubsidiaries) not to, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) their respective Representatives not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate any inquiries regarding, or the making of any proposal or offer with respect relating to, any transaction (other than any the transaction permitted or a transaction contemplated by this Agreement) to effect, effect (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of whose assets, taken together, constitute 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it ▇▇▇▇▇ and its Subsidiaries, taken as a whole, based on fair market value, (B) any direct or any purchase or indirect sale of, or tender or exchange offer for, its Penny’s voting securities securities, in one or a series of related transactions, that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ Penny’s total voting power (or of the surviving parent entity in such transaction) or (C) any direct or indirect sale (including through acquisition of stock in any Subsidiary of ▇▇▇▇▇), in one or a series of related transactions, of assets or businesses of ▇▇▇▇▇ or its Subsidiaries constituting 15% or more of the consolidated assets or revenues of ▇▇▇▇▇ and its Subsidiaries, taken as a whole (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementNavy or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data relating to ▇▇▇▇▇ or any of its Subsidiaries to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or approve, recommend, execute or enter into, or propose to approve, recommend, execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal (other than an Acceptable Confidentiality Agreement entered into pursuant to Section 6.4(b)(i)) or propose or agree or publicly propose to do any of the foregoing. Nothing in this Section 6.4 shall prohibit ▇▇▇▇▇, or its Board of Directors, directly or indirectly through any officer, employee or Representative, informing any person that ▇▇▇▇▇ is a party to this Agreement and referring such person to this Section 6.4. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors ▇▇▇▇▇ or the ▇▇▇▇▇ Board shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2, or make any “stop-look-listen” communication to the ▇▇▇▇▇ stockholders pursuant to Rule 14d-9(f), each as promulgated under the Exchange Act with regard to an Acquisition Proposal, provided that this Section 6.4(b)(A) shall not permit ▇▇▇▇▇ or the ▇▇▇▇▇ Board to make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsela Change in ▇▇▇▇▇ Recommendation except as expressly permitted by Section 6.4(b)(C) is required to be made under applicable Lawor Section 6.4(b)(D), (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data and afford access to the business, properties, assets, books or records of ▇▇▇▇▇ or any of its Subsidiaries to, any person in response to an unsolicited (after the date hereof) bona fide, written Acquisition Proposal by any such person made after the date hereof under circumstances not resulting from any breach of this Section 6.4, (C) effect a Change in ▇▇▇▇▇ Recommendation or terminate this Agreement in accordance with Section 8.1(h) in order to enter into a binding written agreement with respect to a Superior Proposal, in each case in response to an unsolicited (after the date hereof) bona fide written Acquisition Proposal by any such person first made after the date hereof under circumstances not resulting from any breach of this Agreement and Section 6.4 or (D) terminate this Agreement pursuant effect a Change in ▇▇▇▇▇ Recommendation in response to Sections 7.1(f) (an Intervening Event, in the each case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in the case of clause (B) above, (I) the ▇▇▇▇▇ Stockholders Meeting has not occurred, (II) ▇▇▇▇▇ has complied with this Section 6.4 in all material respects, (III) the ▇▇▇▇▇ Board, after consultation with its financial advisors and outside legal counsel, has determined in good faith that such Acquisition Proposal constitutes a Superior Proposal or is reasonably likely to lead to a Superior Proposal and (IV) prior to providing any such information or data or access (in each case referred to as described in clause (B) above) to any person in connection with an Acquisition Proposal, Penny shall enter into a confidentiality agreement with such person having provisions as to confidentiality that are no less favorable to Penny than those contained in the Confidentiality Agreement (an “Acceptable Confidentiality Agreement”), provided that such confidentiality agreement shall not prohibit compliance by Penny with any of the provisions of this Section 6.4; (ii) in the case of clause (C) or (D) above, (xI) such party’s Required Shareholders the Penny Stockholders Meeting shall has not have occurred, (yII) such party Penny has complied with this Section 6.4 in all material respects respects, (III) the Penny Board, after consultation with this Section 5.4 its financial advisors and (z) its Board of Directorsoutside legal counsel, has determined in good faith that such Acquisition Proposal constitutes a Superior Proposal and, after consultation with its outside legal counsel, determines has determined in good faith that failure to take such action would reasonably be expected to be inconsistent with its the fiduciary duties of the directors of Penny under applicable Law; law and that, (iiIV) Penny has notified Navy in writing, at least three Business Days in advance, of its intention to effect such action (which notice shall include a copy of the relevant proposed transaction agreements and a copy of any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreementfinancing commitments relating thereto); provided that (x) such party furnished notice shall be given again in the event of any revision to the financial terms or other party material terms such Superior Proposal; provided, further, however, that such subsequent three Business Day notice period shall be shortened to this Agreement the information longer of two Business Days and documentation required by Section 5.4(c) with respect the time remaining on the prior notice period if the only change to the material terms of such Acquisition Superior Proposal and is a change of price, (yV) prior to effecting taking such a Change in Recommendationaction, Penny has, and has (together with caused its financial and legal advisors) engaged advisors to, negotiate with Navy in reasonable, good faith negotiations with the other party to this Agreement, and has considered enable Navy to propose in good faith, after consulting with its financial and legal advisors, any modifications writing revisions to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal would no longer requires constitute a Change in Recommendation; and Superior Proposal, and (iiiVI) in any following the end of such case referred to in clause (D) abovenotice period, the Acquisition Proposal is not withdrawn Penny Board shall have considered in good faith any changes to this Agreement proposed in writing by Navy, and the applicable party’s Board of Directors determines shall have determined in good faith, after consultation with its financial advisorsadvisors and outside legal counsel, that notwithstanding such proposed changes, such Acquisition Proposal remains a Superior Proposal; and (iii) in the case of clause (D) above, (I) the Penny Stockholders Meeting has not occurred, (II) Penny has complied with this Section 6.4(b)(iii) in all material respects, (III) the Penny Board, after consultation with its outside legal counsel, has determined in good faith that failure to make a Change in Penny Recommendation would be inconsistent with the fiduciary duties of the directors of Penny under applicable law, provided, however, that such offer constitutes action shall not be in response to an Acquisition Proposal or a Superior ProposalProposal (which is addressed in clause (ii) above), (IV) Penny has notified Navy in writing, at least three Business Days in advance, of its intention to effect a Change in Penny Recommendation (which notice shall include a reasonable description of the Intervening Event that serves as the basis of such Change in Penny Recommendation); provided that such three Business Day notice shall be given again in the event of any change to the material facts and circumstances relating to such Intervening Event, (V) prior to effecting such a Change in Penny Recommendation, Penny has, and has caused its financial and legal advisors to, negotiate with Navy in good faith to enable Navy to propose in writing revisions the terms and conditions of this Agreement in such a manner that would obviate the need for making such Change in Penny Recommendation, and (VI) following the end of such notice period, the Penny Board shall have considered in good faith any changes to this Agreement proposed in writing by Navy, and shall have determined in good faith, after consultation with its outside legal counsel, that notwithstanding such proposed changes, the failure to make a Change in Penny Recommendation would be inconsistent with the fiduciary duties of the directors of Penny under applicable law. (c) Each of DSW and RVI Penny shall notify the other party Navy as promptly as practicable of any request for information related to this Agreement of a potential Acquisition Proposal or any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it by Penny or any of its representativesRepresentatives, orally and in writing, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available material documentation or correspondence), and in any event each of DSW and RVI Penny shall provide written notice to the other party Navy of any such Acquisition Proposal, request Proposal or requests for information or and initiation of such discussions or negotiations within 24 hours by the end of the Business Day (New York time) following the day on which such eventevent occurs. Each of DSW and RVI Penny agrees that it will keep Navy promptly keep the other party informed and reasonably apprised of the status and material terms of any such Acquisition Proposal (including whether withdrawn or rejected), ) and the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiationsrequested, and in any event each of DSW and RVI Penny shall provide the other party Navy with written notice of any material development thereto within 24 hours thereofwith respect to any of the foregoing by the end of the Business Day (New York time) following the day on which such development occurs. Each of DSW and RVI Penny also agrees to provide the other party hereto Navy with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides substantially contemporaneously with providing such information to such third party, unless the other party hereto Navy has already been provided with such information. (d) Each of DSW and RVI agrees that Penny (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, cease immediately and terminate any and all existing activitiessolicitation, knowing encouragement, knowing facilitation, discussions or negotiations with any third parties (other than Navy and its affiliates and its and their Representatives) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not, and will cause its Subsidiaries not to, release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition ProposalProposal and (iii) will and will cause its Subsidiaries to enforce, to the fullest extent permitted under applicable law, the provisions of any such agreement, including by seeking to obtain injunctions to prevent any breaches of such agreements and to enforce specifically the terms and provisions thereof in any court having jurisdiction. Each of DSW and RVI Penny agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.4. Penny shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the twelve months prior to the date hereof in connection with its consideration of any Acquisition Proposal return or destroy all confidential information or data heretofore furnished to any person by or on behalf of Penny or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which that the RVI Penny Board of Directors or the DSW Board of Directors, as the case may be, concludes determines in good faith, after consultation with its financial advisors and outside legal advisorscounsel, taking into account the all legal, financial, regulatory, timing and other aspects of the proposal proposal, all conditions contained therein and the person making the proposal (including any required voting agreementsproposal, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders stockholders of RVI or DSW, as the case may bePenny, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, Penny in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed); provided that, for purposes of this definition of “Superior Proposal,” the term “Acquisition Proposal Proposal” shall have the meaning assigned to such term in Section 5.4(a6.4(a), except that the reference to “15%% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be50%”.

Appears in 1 contract

Sources: Merger Agreement (C&J Energy Services, Inc.)

Acquisition Proposals. (a) Each of DSW The Company and RVI agrees that neither it the Principal Shareholders, as --------------------- applicable, will not, nor any of its Subsidiaries nor will they permit any of the officers Company Subsidiaries to, nor will they authorize or directors permit any officer, director, or employee, investment banker, attorney, accountant or other advisor or representative of, Company, the Principal Shareholders, or any of it Company Subsidiaries to, directly or its Subsidiaries shallindirectly (i) solicit, initiate or encourage the submission of any Acquisition Proposal or (ii) participate in any discussions or negotiations regarding, or furnish to any person any information in respect of, or take any other action to facilitate, any Acquisition Proposal or any inquiries or the making of any proposal that constitutes, or may reasonably be expected to lead to, any Acquisition Proposal. Immediately after the execution and delivery of this Agreement, Company and the Principal Shareholders will, and that it shall will cause the Company Subsidiaries, and will use its their reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, their affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliatesemployees, agentsinvestment bankers, attorneys, accountants and other agents and representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with in respect to of any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any possible Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors"Acquisition Proposal" means an inquiry, officers, affiliates, agents, representatives and advisors offer or proposal regarding any of the obligations undertaken in this Section 5.4. following (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement Agreement): (after giving effect to w) any adjustments to merger, consolidation, share exchange, recapitalization, business combination or other similar transaction involving Company or any Company Subsidiary (other than a reincorporating merger or a holding company merger that in either case results in the terms Shareholders of Company owning all of the equity interests in the surviving corporation and provisions any reorganization that involves only the subsidiaries of this Agreement committed to Company); (x) any sale, exchange or other disposition of all or any substantial portion of the shares in writing Company by RVI the Principal Shareholders, other than in accordance with the Voting Agreement; (y) any sale, lease, exchange, mortgage, pledge, transfer or DSWother disposition of all or substantially all the assets of Company and the Company Subsidiaries, taken as the case may bea whole, in response a single transaction or series of transactions; or (z) any public announcement of a proposal, plan or intention to such Acquisition Proposal) and (ii) is fully financed do any of the foregoing or reasonably capable any agreement to engage in any of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beforegoing.

Appears in 1 contract

Sources: Merger Agreement (Media General Inc)

Acquisition Proposals. (a) Each of DSW and RVI SunCoast agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as hereinafter defined), other than any such transaction permitted by Section 6.2, or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or make (iiia) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any constitutes a breach of the foregoing. (b) Notwithstanding anything SunCoast Board of Director’s statutory and common law obligations to its stockholders and that failure to take such actions would result in this Agreement to the contrarya violation of its fiduciary duties under applicable law, RVI SunCoast may, and DSW may permit is Subsidiaries and its and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard representatives to, in response to an unsolicited Acquisition Proposal, furnish or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required cause to be made under applicable Lawfurnished confidential information or data and participate in negotiations or discussions regarding such Acquisition Proposal; and provided further that, prior to providing (Bor causing to be provided) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response permitted to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement be provided pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementsentence, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is shall have entered into a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are with such third party on terms no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Confidentiality Agreement, . The term “Superior ProposalSignificant Subsidiary” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term ascribed thereto in Section 5.4(a), except that the reference to “15%” in the definition Rule 1-02 of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.Regulation S-X.

Appears in 1 contract

Sources: Merger Agreement (Suncoast Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI ICBC agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use not authorize its reasonable best efforts to cause its and or its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, solicit or knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as hereinafter defined), other than any such transaction permitted by Section 6.2, or any purchase or sale of 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it ICBC and its Subsidiaries, taken as a whole, or any purchase issuance or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementSovereign) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt by any person to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or publicly propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose or agree to do any of the foregoing. (b) . Notwithstanding anything the foregoing provisions of this Section 7.4(a), in this Agreement the event that, prior to the contrarydate of the ICBC Stockholders Meeting, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to ICBC receives an unsolicited bona fide Acquisition Proposal, ICBC may, and may permit its Subsidiaries and its and their representatives to, prior to the ICBC Stockholders Meeting, (x) furnish or make cause to be furnished confidential information or data, (y) participate in such negotiations or discussions and (z) approve or recommend, or propose publicly to approve or recommend, any disclosure that such partyAcquisition Proposal if ICBC’s Board of Directors may determine (concludes in good faith after consultation with its outside legal counsel) is required to be made under applicable Lawcounsel and financial advisors that, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) any action described in clauses (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (Cx) or (Dy) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal (as hereinafter defined) and, in the case of any action described in clause (z) above, such Acquisition Proposal constitutes a Superior Proposal, and ; provided that prior to providing (or causing to be provided) any confidential information or data permitted to any person in connection with an Acquisition Proposal by any such personbe provided pursuant to this sentence, such party’s Board of Directors receives from such person an executed ICBC shall have entered into a confidentiality agreement having confidentiality provisions that are with such third party on terms no less favorable to ICBC than the party providing such information than those contained Confidentiality Agreement (provided that ICBC may enter into a confidentiality agreement without a standstill provision, or with standstill or other provisions less favorable to ICBC, if it waives or similarly modifies the corresponding provisions in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, The term “Superior ProposalSignificant Subsidiary” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term ascribed thereto in Section 5.4(a), except that the reference to “15%” in the definition Rule 1-02 of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.Regulation S-X.

Appears in 1 contract

Sources: Merger Agreement (Sovereign Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Subsidiaries, or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as Buyer or an “Acquisition Proposal”Affiliate thereof), an "ACQUISITION PROPOSAL"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI the Company (and DSW and their respective Boards its Board of Directors Directors) shall be permitted to (Ai) comply with applicable law (including Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act Act) with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (Bii) effect a Change in RVI the Company Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (Ciii) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B), (Cii) or (Diii): (A) above, (x) such party’s Required Shareholders the Company Stockholders Meeting shall not have occurred; (B) the Company has not previously breached any of its covenants in Section 6.4(a); (C) (I) in the case of clause (ii) above, (y) such the Company has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its the Company's Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure such Acquisition Proposal would lead to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; a Superior Proposal and (iiII) in any such the case referred to in of clause (Ciii) above, such party’s the Company's Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely would lead to result in a Superior Proposal; (D) the Company's Board of Directors, and after consultation with outside counsel, determines in good faith that it is required to do so in the exercise of its fiduciary duties under applicable law; (E) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Company's Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable at least as restrictive to such Person as the party providing such information than those comparable provisions contained in the Master Separation Confidentiality Agreements and Exclusivity Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iiiF) in prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, it notifies Buyer within 24 hours of the receipt of such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI The Company agrees that it will promptly keep the other party Buyer informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partyinquiry, unless the other party hereto has already been provided with such informationproposal or offer. (dc) Each of DSW and RVI The Company agrees that (i) it will will, and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than Buyer) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI The Company agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.4. Nothing in this Section 5.4 6.4 shall (x) permit either party the Company to terminate this Agreement (except as specifically provided in Article VIII hereof) or to submit to (y) affect or limit any other obligation of the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of Company under this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, except as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; specifically provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a6.1(b), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Decode Genetics Inc)

Acquisition Proposals. Prior to the Effective Time, Merry Land agrees that: (a) Each of DSW and RVI agrees that neither it nor any Controlled Subsidiary of its Subsidiaries nor any of the officers Merry Land shall (i) initiate, solicit or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not toencourage, directly or indirectly, (i) initiate, solicit, encourage any inquiries or knowingly facilitate the making or implementation of any proposal or offer (including, without limitation, any proposal or offer to its shareholders) with respect to, or a transaction to effect, a merger, reorganizationacquisition, share exchangetender offer, exchange offer, consolidation, business combination, recapitalization, liquidation, dissolution sale of assets or similar transaction involving it all or any significant portion of its Subsidiaries or any purchase or sale (A) the assets of 15% or more of Merry Land and the consolidated assets (including equity interests of its Subsidiaries) of it and its Merry Land Subsidiaries, taken as a whole, (B) the equity securities of Merry Land or any purchase or sale of, or tender or exchange offer for, its voting (C) the equity securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) Merry Land Subsidiaries representing all or a significant portion of the value of Merry Land, and other than the transactions contemplated by this Agreement (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) engage in any negotiations concerning or provide any non-public information or data to, or afford access to the properties, books or records of Merry Land or its subsidiaries, or have any discussions with or provide any confidential information or data to with, any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly otherwise facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) enter into any agreement (other than a confidentiality agreement as contemplated by Section 4.1(d)), arrangement or understanding providing for or relating to an Acquisition Proposal (other than in a manner contemplated in this Section 4.1) or (iiiiv) grant any waiver or release under any standstill or similar agreement with respect to any class of Merry Land securities; (b) it will use its best efforts not to permit any of its Subsidiaries which are not Controlled Subsidiaries, officers, directors, employees, financial advisors, attorneys, representatives or agents to engage in any of the activities described in Section 4.1(a); (c) it will immediately cease and cause to be terminated any existing activities, discussions or negotiations with any parties conducted heretofore with respect to any of the foregoing or that could reasonably be expected to lead to any Acquisition Proposal and will take the necessary steps to inform the individuals or entities referred to in Section 4.1(b) of the obligations undertaken in this Section 4.1; (d) it will notify Cornerstone immediately if Merry Land receives any such inquiries or proposals, or any requests for such information, or if any such negotiations or discussions are sought to be initiated or continued with it; (e) neither its Board of Directors nor any committee thereof shall (i) approve or recommend, or execute propose to approve or enter intorecommend, any Acquisition Proposal or (ii) approve or recommend any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option acquisition agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything Proposal; provided that nothing contained in this Agreement Section 4.1 shall prohibit the Board of Directors of Merry Land from (i) furnishing information to or entering into discussions or negotiations with, any Person that makes an unsolicited written Acquisition Proposal (provided that Merry Land has complied in all material respects with its obligations under this Section 4.1), if, and only to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to extent that (A) the Board of Directors of Merry Land determines in good faith (after consultation with its outside legal counsel) that such action is required for the Board of Directors to comply with its fiduciary duties to shareholders imposed by applicable law, (B) prior to furnishing such information to, or entering into discussions or negotiations with, such Person, Merry Land provides written notice to Cornerstone to the effect that it is furnishing information to, or entering into discussions with, such Person, and (C) subject to any confidentiality agreement with such Person (which Merry Land determined in good faith was required to be executed in order for the Board of Directors to comply with its duties to shareholders imposed by law), Merry Land keeps Cornerstone informed of the status (not the terms) of any such discussions or negotiations; and (ii) to the extent applicable, complying with Rule 14e-2 or Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal. Nothing in this Section 4.1 shall (x) permit Merry Land to terminate this Agreement (except as specifically provided in Article VII hereof), (y) permit Merry Land to enter into an agreement with respect to an Acquisition Proposal during the term of this Agreement (it being agreed that during the term of this Agreement, Merry Land shall not enter into an agreement with any Person that provides for, or make in any disclosure way facilitates, an Acquisition Proposal (other than a confidentiality agreement in customary form executed as provided above)) or (z) affect any other obligation of Merry Land under this Agreement; provided that such party’s the Board of Directors of Merry Land may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect approve and recommend a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Superior Acquisition Proposal by any such person first made after the date and, in connection therewith, withdraw or modify its approval or recommendation of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventMerger. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this AgreementAs used herein, “Superior Acquisition Proposal” means a bona fide written Acquisition Proposal made by a third party which a majority of the RVI members of the Board of Directors or the DSW Board of Directors, as the case may be, concludes Merry Land determines in good faith, faith (after consultation with its an independent investment adviser) to be more favorable to Merry Land’s shareholders (in their capacity as shareholders) from a financial advisors and legal advisors, point of view (taking into account the account, among other things, all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making identity of the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (iofferor) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to Merger and which the terms and provisions Board of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) Directors of Merry Land determines is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on consummated. Immediately following the terms proposed; provided that, for purposes execution of this definition Agreement, Merry Land shall request each Person which has heretofore executed a confidentiality agreement in connection with such Person’s consideration of “Superior Proposal,” the term Acquisition Proposal acquiring Merry Land or any portion thereof to return or destroy (which destruction shall have the meaning assigned be certified in writing by an executive officer of Merry Land) all confidential information heretofore furnished to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI Person by or DSW, as the case may beon its behalf.

Appears in 1 contract

Sources: Merger Agreement (Merry Land Properties Inc)

Acquisition Proposals. Without limitation on any of such party's other obligations under this Agreement (a) Each including under Article V hereof), each of DSW Telescan and RVI ZiaSun agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as defined in Rule 1-02 of Regulation S-X of the SEC), or any purchase or sale of 1520% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it such party and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities of such party that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of such party (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreementor an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoing. (b) foregoing related to any Acquisition Proposal. Notwithstanding anything in this Agreement to the contrary, RVI each of Telescan and DSW and their respective Boards ZiaSun or its Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation the Telescan or a Change in DSW Recommendation (ZiaSun Recommendation, as applicablethe case may be, a “Change in Recommendation”), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders its Stockholders Meeting shall not have occurred, (yii) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal (iias defined below) and (y) in any such the case referred to in of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (iii) in the case of clause (B) or (C) above, its Board of Directors, after consultation with outside counsel, determines in good faith that the failure to take such action would violate its fiduciary duties under applicable law, (iv) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no customary in such agreements, as advised by counsel, provided that if such confidentiality agreement contains provisions that are less favorable to restrictive than the party providing such information than those comparable provision, or omits restrictive provisions, contained in the Master Separation Confidentiality Agreement; provided that , then the Confidentiality Agreement will be deemed to be amended to contain only such less restrictive provisions or to omit such restrictive provisions, as the case may be, and (xv) prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, such party furnished to notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW Telescan and RVI ZiaSun agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW Telescan and RVI also ZiaSun agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.any

Appears in 1 contract

Sources: Merger Agreement (Ziasun Technologies Inc)

Acquisition Proposals. (a) Each Without limiting any of DSW and RVI its other obligations under this Agreement, the Company agrees that neither it nor any of its the Company Subsidiaries nor any of the officers or directors of it or its the Company Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its the Company and its the Company Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its the Company Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to(including without limitation an offer to stockholders of the Company) for, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its the Company Subsidiaries (or a material portion of the stock or assets of any of them) or any purchase or sale of 15% or more of the consolidated any material assets (including equity interests without limitation stock of its the Company Subsidiaries) of it the Company and its the Company Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities that, if consummated, would result in any person (or of the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power Company (or of the surviving parent entity in such transaction) or any of the Company Subsidiaries (any such proposal, offer or transaction (transaction, other than a proposal or offer made by the other party to this Agreement) Parent or an affiliate thereof, being hereinafter referred to as an “Acquisition Proposal”"ACQUISITION PROPOSAL"), ; (ii) have any discussions discussion with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal; (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal; or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards the Company or its Board of Directors shall be permitted at any time prior to the time of the Stockholders' Meeting (Ai) to the extent applicable, to comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, ; (ii) to withdraw or make any disclosure that such party’s change the recommendation of the Company's Board of Directors may determine in respect of the Offer, the Merger or this Agreement or to approve or recommend or to propose publicly to approve or recommend any Acquisition Proposal; (after consultation with its outside legal counseliii) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide BONA FIDE written Acquisition Proposal by any such person first made after the date of this Agreement and person; or (Div) terminate this Agreement pursuant to Sections 7.1(f) enter into an agreement in principle or a definitive agreement with respect to a Superior Proposal (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementas defined below), if and only to the extent that: (i) , in any such case referred to in clause (Bii), (Ciii) or (Div), (A)(x) in the case of clause (ii) above, it has received an unsolicited BONA FIDE written Acquisition Proposal from a third party and the Company's Board of Directors concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal (xafter taking into account any concessions that may be offered by Parent pursuant to clause (C) such party’s Required Shareholders Meeting shall not have occurred, below) and (y) in the case of clause (iii) above, the Company's Board of Directors concludes in good faith that such party has complied Acquisition Proposal reasonably could be expected (without any change in all material respects with this Section 5.4 the amount or type of consideration offered) to constitute a Superior Proposal, (B) in the case of clauses (ii), (iii) and (ziv) its above, the Board of Directors, after consultation with its following receipt of advice of outside legal counsel, determines in good faith that the failure to take such action would reasonably be expected to be inconsistent with result in a breach of its fiduciary duties under applicable Law; law, (C) prior to the Company's Board of Directors taking or authorizing any action described in clause (ii) in any such case referred to in or clause (Civ) above, such party’s Parent shall have been notified at least five business days in advance of the Company's Board of Directors' intention to take or authorize such action and of the material terms and conditions of the relevant Acquisition Proposal and shall have been provided at that time with a copy of the relevant transaction document and any other relevant documents (and subsequently notified of and provided with any changes to such terms, after consultation with outside legal counsel conditions or documents) and financial advisors, determines shall have been afforded the right for at least five business days to amend the terms of the Offer in good faith that there is a reasonable likelihood that response to such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and (D) prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the Company's Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are customary in such agreements, as advised by counsel, and no less favorable to restrictive of such person than the party providing such information than those contained in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal , and (yE) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any person or entering into discussions or negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) aboveperson, the Acquisition Proposal is not withdrawn and the applicable party’s Board Company notifies Parent promptly of Directors determines in good faithsuch inquiries, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers. (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI c) The Company agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected)will, the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions existing as of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Candover Investments PLC)

Acquisition Proposals. (a) Each of DSW Lincoln and RVI Jefferson-Pilot agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve approve, adopt or recommend, or propose to approve, adopt or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) (i) Notwithstanding anything in the foregoing or any other provision of this Agreement to Agreement, the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with of each party shall be permitted, prior to its outside legal counsel) is required respective meeting of shareholders to be made under applicable Lawheld pursuant to Section 5.1, (B) effect and subject to compliance with the other terms of this Section 5.4 and to first entering into a Change confidentiality agreement with such initiating person, which confidentiality agreement shall have provisions that are no less favorable to such party than those contained in RVI Recommendation or a Change in DSW Recommendation (as applicablethe Confidentiality Agreement, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or and provide any confidential nonpublic information or data to, any person in response to an unsolicited that has made a bona fide unsolicited written Acquisition Proposal by any such person first made after that the date Board of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case Directors of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines determined in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faithmajority vote, after consultation with its financial advisorsadvisor and outside legal counsel, (A) is, or is reasonably likely to be, a Superior Proposal and (B) for which the failure to take such action in connection therewith would cause it to violate its fiduciary duties under applicable law; provided, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI party shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide have delivered written notice to the other party at least two Business Days in advance of taking any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees action pursuant to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.45.4(b)(i). (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Jefferson Pilot Corp)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it Neither the Company nor the Shareholders will, nor will any of its Subsidiaries nor them authorize or permit any of the officers officer, director, employee, consultant or directors of it contractor or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney attorney, accountant or accountant retained by it other agent or Representative of any of its Subsidiaries) not the Company, the Subsidiaries or the Shareholders acting on any of their behalf to, directly or indirectly, (ia) initiate, solicit, initiate or intentionally encourage the submission of any Acquisition Proposal or knowingly facilitate (b) participate in any discussions or negotiations regarding, or furnish to any Person any information in respect of, or take any other action to facilitate, any Acquisition Proposal or any inquiries or the making of any proposal or offer with respect tothat constitutes, or a transaction may reasonably be expected to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data lead to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made Proposal. Immediately after the date of this Agreement execution and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) delivery of this Agreement, if and only to each of the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn Company and the applicable party’s Board of Directors determines in good faithShareholders will, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliatesemployees, agentsinvestment bankers, representatives attorneys, accountants and advisors other agents and Representatives to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with in respect to of any possible Acquisition Proposal, Proposal and (ii) it will not release promptly inform Parent of the receipt of any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any subsequent Acquisition Proposal. Each of DSW the Company and RVI agrees that it the Shareholders will use reasonable best efforts take all necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence of this Section 7.1 of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of . “Acquisition Proposal” shall be deemed means an inquiry, offer or proposal regarding any of the following (other than the Contemplated Transactions) involving any of the Company or the Subsidiaries: (i) any merger, consolidation, share exchange, recapitalization, business combination or other similar transaction; (ii) any sale of shares of capital stock or other equity interests or securities, (iii) any sale, lease, exchange, mortgage, pledge, Transfer or other disposition of all or any material portion of its assets in a single transaction or series of transactions; or (iv) any public announcement of a proposal, plan or intention to be a reference do any of the foregoing or any agreement to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as engage in any of the case may beforegoing.

Appears in 1 contract

Sources: Merger Agreement (Selectica Inc)

Acquisition Proposals. (a) Each Without limitation on any of DSW such party's other obligations under this Agreement (including under Article IV hereof), each of CNET and RVI Z-D agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Significant Subsidiaries, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it such party and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities of such party that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of such party (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreementor an Affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI (i) each of CNET and DSW Z-D and their its respective Boards Board of Directors shall be permitted to, to (A) the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s and (ii) each of CNET and Z-D and their respective Board of Directors may determine shall be permitted to comply with federal securities laws, and (after consultation with its outside legal counseliii) is required each of CNET and Z-D or their respective Board of Directors shall be permitted to be made under applicable Lawengage in the matters set forth in clauses (a) (ii) to (iv) above (other than executing or entering into, (Bany letter of intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar agreement) effect and to make a Change in RVI the CNET Recommendation or a Change in DSW Recommendation (the Z-D Recommendation, as applicablethe case may be, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to connection with an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, : (x) such party’s Required Shareholders Meeting shall Acquisition Proposal was not have occurred, (y) solicited by such party has complied in all material respects with this Section 5.4 and (z) its such party's Board of Directors, after consultation with its outside legal counsel, determines in good faith that the failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; law; (iiy) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person Person or entering into discussions or negotiations with any Person, the subject party promptly notifies the other party of such inquiries, proposals or offers received by, any such information requested from, or any such discussions or negotiations sought to be initiated or continued with, any of its representatives indicating, in connection with such notice, the name of such Person and the material terms and conditions of any inquiries, proposals or offers; and (z) the Board of Directors of the subject party shall have received from such Person, prior to providing any information or data to any Person in connection with an Acquisition Proposal by any such personPerson, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no customary in such agreements, as advised by counsel, provided that if such confidentiality agreement contains provisions that are less favorable to restrictive than the party providing such information than those comparable provision, or omits restrictive provisions, contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Confidentiality Agreement, and has considered in good faiththen the Confidentiality Agreement will be deemed to be amended to contain only such less restrictive provisions or to omit such restrictive provisions, after consulting with its financial and legal advisors, any modifications to as the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposalmay be. (c) Each of DSW Z-D and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI CNET agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and that prior to the time that this Agreement is terminated in accordance with its terms, it will not sign any event each agreement inconsistent with the consummation of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofMerger. Each of DSW CNET and RVI also Z-D agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW CNET and RVI Z-D agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) . Nothing in this Section 5.4 shall permit either party CNET or Z-D to terminate this Agreement (except as specifically provided in Article VII hereof) or to affect any other obligation of CNET or Z-D under this Agreement. Z-D shall not submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior and CNET shall not submit to the termination vote of this Agreement in accordance with Section 7.1its stockholders any Acquisition Proposal (other than the Merger) that is not a Qualifying Acquisition Proposal. (fd) For purposes of Notwithstanding anything contained in this AgreementAgreement to the contrary, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects CNET shall be permitted to undertake any of the proposal and the person making the proposal actions set forth in clauses (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): a) (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect iv) relating to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Qualifying Acquisition Proposal shall have the meaning assigned to such term (as defined in Section 5.4(a8.12), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Cnet Networks Inc)

Acquisition Proposals. (a) Each Without limitation on any of DSW such party's other obligations under this Agreement (including under Article V hereof), each of America Online and RVI Time Warner agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as defined in Rule 1-02 of Regulation S-X of the SEC and, with respect to Time Warner, including TWE), or any purchase or sale of 1520% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it such party and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities of such party that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of such party (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreementor an Affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI each of America Online and DSW and their Time Warner or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation the America Online or a Change in DSW Recommendation (Time Warner Recommendation, as applicablethe case may be, a “Change in Recommendation”), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders its Stockholders Meeting shall not have occurred, (yii) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal (iias defined below) and (y) in any such the case referred to in of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (iii) in the case of clause (B) or (C) above, its Board of Directors, after consultation with outside counsel, determines in good faith that the failure to take such action would be inconsistent with its fiduciary duties under applicable Law, (iv) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no customary in such agreements, as advised by counsel, provided that if such confidentiality agreement contains provisions that are less favorable to restrictive than the party providing such information than those comparable provision, or omits restrictive provisions, contained in the Master Separation Confidentiality Agreement; provided that , then the Confidentiality Agreement will be deemed to be amended to contain only such less restrictive provisions or to omit such restrictive provisions, as the case may be, and (xv) prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, such party furnished to notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW America Online and RVI Time Warner agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW America Online and RVI also Time Warner agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW America Online and RVI Time Warner agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party America Online or Time Warner to terminate this Agreement (except as specifically provided in Article VIII hereof) or to (y) affect any other obligation of America Online or Time Warner under this Agreement. Neither America Online nor Time Warner shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the America Online Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreementor Time Warner Merger, “respectively. "Superior Proposal” " means a bona fide written Acquisition Proposal which the RVI Board of Directors with respect to America Online or the DSW Board of DirectorsTime Warner, as the case may be, concludes a bona fide written proposal made by a Person other than either such party which is (I) for a merger, reorganization, consolidation, share exchange, business combination, recapitalization, or similar transaction involving such party as a result of which the other party thereto or its stockholders will own 40% or more of the combined voting power of the entity surviving or resulting from such transaction (or the ultimate parent entity thereof), and (II) is on terms which the Board of Directors of such party in good faith, after consultation with faith concludes (following receipt of the advice of its financial advisors and legal advisorsoutside counsel), taking into account the account, among other things, all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person Person making the proposal proposal, (including any required voting agreementsx) would, break-up feesif consummated, expense reimbursement provisions and conditions to consummation): (i) result in a transaction that is more favorable to the unaffiliated shareholders of RVI or DSW, its stockholders (in their capacities as the case may bestockholders), from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (iiy) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may becompleted.

Appears in 1 contract

Sources: Merger Agreement (America Online Inc)

Acquisition Proposals. (a) Each of DSW and RVI Florida Rock agrees that neither it nor any of its Subsidiaries (nor any of the officers employees or directors of it or its Subsidiaries shallSubsidiaries), and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, nor their respective agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not toshall, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) or (f)) or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementVulcan or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. Notwithstanding the foregoing, prior to the Required Florida Rock Vote having been obtained, Florida Rock and its agents and representatives may make written inquiry to any person that has made a written Acquisition Proposal after the date hereof in order to obtain a written clarification of any terms and conditions of such proposal (and not in order to engage in any negotiation concerning such proposal), provided that Florida Rock promptly provides Vulcan a copy of such written inquiry and the response thereto. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards Florida Rock or its Board of Directors shall be permitted to (A) to the extent applicable and subject to Section 5.4(g) and being otherwise in compliance with this Section 5.4(b), comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation Florida Rock Recommendation, or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementhereof, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (DC) above, (xI) such party’s Required the Florida Rock Shareholders Meeting shall not have occurred, (yII) such party Florida Rock has complied in all material respects with this Section 5.4 in all material respects, and (zIII) the Board of Directors of Florida Rock, after consultation with its outside legal counsel, has determined in good faith that failure to take such action would be inconsistent with its fiduciary duties under applicable law; (ii) in the case of clause (B) above if such Change in Florida Rock Recommendation is in response to an unsolicited bona fide written Acquisition Proposal from a third party, in addition, (I) Florida Rock has received an unsolicited bona fide written Acquisition Proposal from a third party and its Board of Directors, after consultation with its outside legal counselcounsel and financial advisors, determines concludes in good faith that failure such Acquisition Proposal constitutes a Superior Proposal (as defined below) (after giving effect to take all of the proposed revisions to this Agreement which may be offered by Vulcan pursuant to clause (III) below), (II) Florida Rock has notified Vulcan, at least four business days in advance, of its intention to effect a Change in Florida Rock Recommendation, specifying the terms and conditions of such action Superior Proposal and the identity of the party making such Superior Proposal, and furnishing to Vulcan a copy of any relevant proposed transaction agreements with the party making such Superior Proposal and any other material documents received by it or its representatives; provided that such four business day notice shall be given again in the event of any significant revision to such Superior Proposal, and (III) prior to effecting such a Change in Florida Rock Recommendation, Florida Rock has, and has caused its financial and legal advisors to, negotiate with Vulcan in good faith to make such adjustments in the terms and conditions of this Agreement such that such Acquisition Proposal would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law;no longer constitute a Superior Proposal; and (iiiii) in any such the case referred to in of clause (C) above, such party’s in addition, the Board of DirectorsDirectors of Florida Rock, after consultation with outside legal counsel and financial advisors, determines concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the Board of Directors of Florida Rock receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI Florida Rock shall notify the other party to this Agreement Vulcan as promptly as practicable of any Acquisition Proposal such inquiries, proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it Florida Rock or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available material documentation or correspondence), and in any event each of DSW and RVI Florida Rock shall provide written notice to the other party Vulcan of any Acquisition Proposalsuch inquiries, request proposals, offers, requests for information or and initiation of such discussions or negotiations within 24 hours by the end of the business day (New York time) following such event. Each of DSW and RVI Florida Rock agrees that it will promptly keep the other party informed Vulcan apprised of the status and material terms of any such Acquisition Proposal inquiries, proposals or offers (including whether withdrawn or rejected), ) and the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiationsrequested, and in any event each of DSW and RVI Florida Rock shall provide the other party Vulcan with written notice of any material development thereto within 24 hours thereofwith respect to any of the foregoing by the end of the business day (New York time) following such development. Each of DSW and RVI Florida Rock also agrees to provide the other party hereto Vulcan with copies of any written information that it provides to the third party making the request therefor within 24 hours of at substantially the same time it provides such information to such third party, unless the other party hereto Vulcan has already been provided with such information. (d) Each of DSW and RVI Florida Rock agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal, (iii) it will use reasonable best efforts to enforce, to the fullest extent permitted under applicable law, the provisions of any such agreement, including by using reasonable best efforts to obtain injunctions to prevent any breaches of such agreements and to enforce specifically the terms and provisions thereof in any court having jurisdiction, and (iv) it will not take any action to (x) exempt any person (other than Vulcan, Holdco, Fresno Merger Sub and their respective affiliates) from the restrictions on “affiliated transactions” contained in Section 901 of the FBCA (or any similar provisions of any other law) or otherwise cause such restrictions not to apply or (y) terminate, amend, modify, make any determination under or waive any provision of the Florida Rock Rights Agreement. Each of DSW and RVI Florida Rock agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. Florida Rock shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the six months prior to the date hereof in connection with its consideration of any Acquisition Proposal to return or destroy all confidential information or data heretofore furnished to any person by or on behalf of it or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Florida Rock shall not submit to the vote of its shareholders any Acquisition Proposal other than the Florida Rock Merger prior to the termination of this Agreement in accordance with Section 7.1Agreement. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which that the RVI Board of Directors or the DSW Board of Directors, as the case may be, Florida Rock concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the all legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may beFlorida Rock, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, Florida Rock in response to such Acquisition Proposal) ), and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%20% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority100%” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beFlorida Rock.

Appears in 1 contract

Sources: Merger Agreement (Vulcan Materials Co)

Acquisition Proposals. (a) Each of DSW Sirius and RVI XM agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) or (f) in the case of XM, and Section 4.2(e) or (f) in the case of Sirius) or any purchase or sale of 15% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their either party to this Agreement or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable and being otherwise in compliance with this Section 5.4(b), comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s the Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Lawlaw, (B) effect a Change in RVI XM Recommendation or a Change in DSW Sirius Recommendation (as applicable, a “Change in Recommendation”), and (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that:, (i) in any such case referred to in clause (B), (C) or (DC) above, (xI) such party’s Required Shareholders Stockholders Meeting shall not have occurred, (yII) such party has complied in all material respects with this Section 5.4 5.4, and (zIII) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law;law, (ii) in any such the case referred to in of clause (CB) above, such party’s (I) there has been a development, event or occurrence after the date of this Agreement (an “Occurrence”) as a result of which the Board of Directors, after consultation with its outside legal counsel and financial advisors, determines in good faith that there is failure to effect a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely Change in Recommendation would be inconsistent with its fiduciary duties under applicable law, (II) it has notified the other party to result this Agreement, at least seven business days in advance of a Superior Proposaldate (in the case of a notification by XM, the “Sirius Election Date”, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that case of a notification by Sirius, the “XM Election Date”) of its intention to effect a Change in Recommendation (x) such party a “Notice of Recommendation Change”), and furnished to the other party to this Agreement the any material information and documentation required possessed by Section 5.4(c) it with respect to such Occurrence (including, if the Occurrence is the receipt of an Acquisition Proposal from a third party, the material terms and conditions of such Acquisition Proposal, the identity of the party making such Acquisition Proposal and a copy of any relevant proposed transaction agreements with the party making such Acquisition Proposal and any other material documents received by it or its representatives in connection therewith), and (yIII) prior to effecting such a Change in Recommendation, it has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s the Board of Directors to conclude that such Acquisition Proposal Occurrence no longer requires a Change in Recommendation; and; (iii) in any such the case referred to in of clause (DC) above, the Acquisition Proposal is not withdrawn and the applicable party’s its Board of Directors determines in good faithDirectors, after consultation with its outside legal counsel and financial advisors, concludes in good faith that there is a reasonable likelihood that such offer Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, its Board of Directors receives from such person an executed confidentiality agreement having provisions that are no less favorable to the party providing such information than those contained in the Confidentiality Agreement; provided that the provisions in such confidentiality agreement with respect to treatment of certain sensitive confidential information to ensure compliance with Applicable Antitrust Laws may differ due to the nature of the person or entity making such Acquisition Proposal. (c) Each of DSW Sirius and RVI XM shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW Sirius and RVI XM shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 48 hours of such event. Each of DSW Sirius and RVI XM agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW Sirius and RVI XM shall provide the other party with written notice of any material development thereto within 24 48 hours thereof. Each of DSW Sirius and RVI XM also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto (i) has already been provided with such informationinformation or (ii) is restricted from receiving such information to ensure compliance with Applicable Antitrust Laws; provided that in such case, such party shall inform the other party of the type of information to be provided to the third party making the request. (d) Each of DSW Sirius and RVI XM agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Sirius and RVI XM agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives executive officers and financial and legal advisors of the obligations undertaken in this Section 5.4. Each party shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the six months prior to the date of this Agreement in connection with its consideration of any Acquisition Proposal to return or destroy all confidential information or data heretofore furnished to any person by or on behalf of it or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Neither party shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1Agreement. XM shall not amend, modify or waive any provision of the Rights Agreement, and shall not take any action to redeem the Rights or render the Rights inapplicable to any transaction, other than the Merger, prior to any termination of this Agreement. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors of Sirius or the DSW Board of DirectorsXM, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders stockholders of RVI Sirius or DSWXM, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI Sirius or DSWXM, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI Sirius or DSWXM, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Xm Satellite Radio Holdings Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the their respective directors, officers or directors of it financial or its Subsidiaries legal advisors shall, and that it shall direct and use its reasonable best efforts to cause its the Company's and its Subsidiaries’ directors, officers, ' other employees, affiliatesadvisors, agents agents, representatives and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) other intermediaries not to, directly or indirectly, (i) initiate, solicit, solicit or encourage any inquiries or knowingly facilitate the making of any proposal or offer from or by any Person (other than Parent) with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it the Company or any of its Significant Subsidiaries or any purchase or sale of 1510% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it the Company and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities of the Company or any of its Significant Subsidiaries that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ the total voting power of the Company (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementParent or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), ; (ii) have enter into any discussions agreement binding on the Company or its Subsidiaries that would approve or endorse, or propose publicly to approve or endorse, any Acquisition Proposal or in connection with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in require the Company to abandon, terminate or fail to consummate the Merger or any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal of the other transactions contemplated under this Agreement; or (iii) approve enter into or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage participate in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore inquiry with respect to any Acquisition Proposal, and (iior furnish to any Person any nonpublic information with respect to its business, properties or assets in connection with any Acquisition Proposal or inquiry with respect to an Acquisition Proposal. For purposes of this Section 6.4, the term "Person" shall also include any "group," as defined in Section 13(d) it will not release any third party fromof the Exchange Act, or waive any provisions of, any confidentiality or standstill agreement to which it but shall exclude Parent or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Hancock John Financial Services Inc)

Acquisition Proposals. (a) Each of DSW and RVI IPC agrees that neither it nor any of its Subsidiaries subsidiaries nor any of the officers or and directors of it or its Subsidiaries subsidiaries shall, and that it shall cause (and use its commercially reasonable best efforts to cause instruct) its and its Subsidiariessubsidiaries’ directors, officers, employees, affiliatesagents, agents representatives and representatives advisors (including any investment banker, attorney or accountant retained by it or any of its Subsidiariessubsidiaries) not to, directly or indirectly, : (i) initiate, solicit, encourage or knowingly facilitate the making of (including by providing information) any effort or attempt to make or implement any proposal or offer with respect to, or a transaction to effect, a an amalgamation, merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries subsidiaries or any purchase or sale of 1510% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiariessubsidiaries) of it and its Subsidiariessubsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent Validus entity in such transaction) or the voting power of any of its subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementValidus) being hereinafter referred to as an “Acquisition Proposal”), ; (ii) have have, participate or otherwise engage in any discussions or negotiations with or provide any confidential information or data to any person relating to an Acquisition Proposal; (iii) approve or recommend, engage in or propose to approve or recommend, any negotiations concerning an Acquisition Proposal or knowingly facilitate submit to the vote of its shareholders any effort or attempt to make or implement an Acquisition Proposal prior to the termination of this Agreement; or (iv) approve or (iii) recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, amalgamation agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoingProposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI IPC agrees that (i) it will shall, and will shall cause its Subsidiaries, subsidiaries and its and their respective officers, directors, affiliatesemployees, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will shall not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI IPC agrees that it will shall use its commercially reasonable best efforts to promptly inform its and its Subsidiariessubsidiaries’ respective directors, officers, affiliatesemployees, agents, representatives and advisors of the obligations undertaken in this Section 5.45.5. (c) IPC shall promptly notify Validus of any (i) Acquisition Proposal, (ii) request for information that could reasonably be expected to be related to an Acquisition Proposal received by it, any of its subsidiaries or any of their respective directors, officers, employees, agents, representatives or advisors (including any investment bankers, attorneys or accountants), and (iii) request that could reasonably be expected to be related to an Acquisition Proposal for discussions with or negotiations by, it, any of its subsidiaries or any of their respective directors, officers, employees, agents, representatives or advisors (including any investment bankers, attorneys or accountants), indicating, in connection with such notice, the identity of the person making such Acquisition Proposal or request and the material terms and conditions thereof (including a copy thereof and any related available documentation and correspondence), and in any event IPC shall provide written notice to Validus of any Acquisition Proposal, request for information or request for such discussions or negotiations within 24 hours of such event. IPC will (A) inform the person making such Acquisition Proposal, request for information or request for discussions or negotiations of its obligations under this Agreement and (B) keep Validus reasonably informed on a reasonably current basis of the terms of any such Acquisition Proposal or request for information or request for discussions or negotiations (including whether such Acquisition Proposal or request for information or request for discussions or negotiations is withdrawn and any material change to the terms thereof). (d) Notwithstanding anything in this Agreement to the contrary, if, at any time prior to obtaining the Required IPC Vote, in the case of IPC (after the expiration of the Notice Period (as hereinafter defined)), the board of directors of IPC concludes that an unsolicited bona fide written Acquisition Proposal that did not result from a breach of this Section 5.5 could be reasonably likely to constitute a Superior Proposal (after giving effect to all the adjustments to this Agreement which may be offered by Validus prior to or during the Notice Period), the board of directors of IPC may make a Change in IPC Recommendation; provided that the board of directors of IPC may not make a Change in IPC Recommendation unless (i) IPC has provided a written notice to Validus (a “Notice of Superior Proposal”) advising Validus that it has received an Acquisition Proposal that could be reasonably likely to constitute a Superior Proposal and specifying the identity of the person making such Acquisition Proposal and the material terms thereof (including a copy thereof and any related available documentation and correspondence) and (ii) Validus does not, within five business days following its receipt of the Notice of Superior Proposal (the “Notice Period”), make an offer that, as determined in good faith by the board of directors of IPC after consultation with its outside legal counsel and financial advisors, results in the applicable Acquisition Proposal no longer being a Superior Proposal (provided that, during the Notice Period, IPC shall, and shall cause its outside legal counsel and its financial advisors to, negotiate in good faith with Validus (to the extent Validus desires to negotiate) with respect to such proposal). The parties understand and agree that to comply with this Section 5.5(d) any revisions to the terms of such Superior Proposal which, individually or in the aggregate would be material when considering such Superior Proposal in its totality, shall require IPC to deliver to Validus a new Notice of Superior Proposal and the commencement of a new Notice Period. (e) Nothing contained in this Section 5.4 5.5 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreementprohibit IPC, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): from (i) is more favorable complying with Rule 14d-9 or 14e-2 promulgated under the Exchange Act to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement extent applicable with regard to an Acquisition Proposal (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes in the case of this definition of “Superior Proposal,” the term an Acquisition Proposal shall have the meaning assigned made by way of a tender offer or exchange offer, any failure by IPC or its board of directors to such term in Section 5.4(a), except recommend that the reference to “15%” shareholders of IPC reject such offer within the time period specified in the definition of “Acquisition Proposal” Rule 14e-2(a) shall be deemed to be a reference Change in IPC Recommendation), or making any legally required disclosure to its shareholders with regard to an Acquisition Proposal (provided that any disclosure (other than a “a majoritystop, look and listen” and “Acquisition Proposal” or similar communication of the type contemplated by Rule 14d-9(f) under the Exchange Act) made pursuant to Rule 14d-9 or 14e-2(a) shall only be deemed to refer be a Change in IPC Recommendation unless the board of directors of IPC expressly reaffirms its recommendation to a transaction involving RVI its shareholders in favor of approval of this Agreement and the transactions contemplated hereby) or DSW, as (ii) informing any person of the case may beexistence of the provisions contained in this Section 5.5.

Appears in 1 contract

Sources: Amalgamation Agreement (Validus Holdings LTD)

Acquisition Proposals. (From and after the date hereof and continuing until the earlier of a) Each the Closing pursuant to Section 9.01, or b) the termination of DSW and RVI agrees that neither it nor this Agreement pursuant to Section 11.01, Commerce will not, directly or indirectly, through any of its Subsidiaries nor Officers, Directors, agents or advisors, (i) solicit or initiate or knowingly encourage, including by means of furnishing information, any proposals, offers or inquiries from any person relating to any acquisition or purchase of the officers outstanding shares of any class of voting securities of, or 20% or more of the assets or deposits of, Commerce or Commerce Bank, or any merger, tender or exchange offer, consolidation or business combination involving, Commerce or Commerce Bank (an "Acquisition Proposal") or (ii) unless the Board of directors of it Commerce determines in good faith that such action is required for that Board to fulfill the Board's fiduciary duties and obligations to the Commerce shareholders under Delaware law as advised by counsel to Commerce and Commerce gives prior notice to Second of such action (in which event Commerce may furnish information), engage in negotiations with or its Subsidiaries disclose any nonpublic information relating to Commerce or Commerce Bank or afford access to the Commerce Real Properties, or the books or records of Commerce or Commerce Bank to any person that may be considering or has made an Acquisition Proposal. Commerce shall promptly (within 24 hours) notify Second, orally and in writing, if any such proposal, offer, inquiry or contact is made and shall, in any such notice, indicate the identity and that it terms and conditions of any proposal or offer, or any such inquiry or contact. Commerce shall immediately cease and cause to be terminated any activities, discussions or negotiations conducted prior to the date of this Agreement with any parties other than Second with respect to any Acquisition Proposal and shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including enforce any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution confidentiality or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person agreement relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Second Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither Sicor shall not, nor shall it nor permit or authorize any of its Subsidiaries nor or any of the officers officer, director, employee, agent or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives representative (including any accountants, attorneys and investment banker, attorney or accountant retained by it bankers) of Sicor or any of its Subsidiaries) not Subsidiaries to, directly or indirectly, (i) initiate, solicit, encourage or knowingly otherwise facilitate (including by way of furnishing confidential information) any inquiries or the making of any proposal or offer offer, with respect to, or a transaction to effect, a (i) any merger, reorganization, share exchange, consolidation, business combination, recapitalization, consolidation, liquidation, dissolution or similar transaction involving it Sicor or its Significant Subsidiaries, (ii) any sale, lease, exchange, mortgage, pledge, transfer or purchase of the assets or equity securities of Sicor or any of its Subsidiaries or any purchase or sale of Subsidiaries, in each case comprising 15% or more in value of the consolidated assets (including equity interests of its Subsidiaries) of it Sicor and its Subsidiaries, taken as a whole, in a single transaction or series of related transactions or (iii) any purchase or sale of, or tender offer or exchange offer for, its voting securities that, if consummated, would result in any person fifteen percent (or the shareholders of such person15%) beneficially owning securities representing 15% or more of its or any the outstanding shares of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) Sicor Common Stock (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementTeva) being hereinafter referred to as an “Acquisition Proposal”). Sicor shall not, nor shall it permit or authorize any of its Subsidiaries or any officer, director, employee, agent or representative (including accountants, attorneys and investment bankers) of Sicor or any of its Subsidiaries to, directly or indirectly, (iia) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations withconcerning, or provide any confidential information or data to, or have any person discussions (other than discussions that only refer to this Section and Sicor’s agreement not to engage in further discussions) with, any Person relating to an Acquisition Proposal, or otherwise facilitate any effort or attempt to make or implement or accept an Acquisition Proposal, (b) withdraw or modify, or propose to withdraw or modify, its approval or recommendation of this Agreement or the transactions contemplated hereby, including the Merger, (c) approve, recommend, endorse or resolve to approve, recommend or endorse an Acquisition Proposal or (d) enter into any letter of intent or similar document contemplating, or enter into any agreement (other than a confidentiality agreement entered into in accordance with clause (A) below or a joint defense agreement with a party that has entered into such a confidentiality agreement) with respect to, an Acquisition Proposal; provided, however, that nothing contained in this Agreement shall prevent the Board of Directors of Sicor or its representatives (including accountants, attorneys and investment bankers) from (A) furnishing information to a third party in response to an unsolicited bona fide written Acquisition Proposal by such third party pursuant to a confidentiality agreement which may include changes necessary in order to allow Sicor to be able to comply with this Agreement but with terms and conditions similar to the Confidentiality Agreement (provided that such confidentiality agreement may not include any provision granting any such person first made after Person or group an exclusive right to negotiate with Sicor), concerning Sicor and its business, properties or assets, (B) engaging in discussions or negotiations with such third party, (C) following receipt of a bona fide unsolicited written Acquisition Proposal, taking and disclosing to its stockholders a position contemplated by Rule 14e-2(a) under the date of this Agreement and Exchange Act, (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case following receipt of a termination of this Agreement by RVIbona fide unsolicited written Acquisition Proposal, recommending such an Acquisition Proposal to its stockholders or adopting an agreement relating to such Acquisition Proposal, (E) or 7.1(g) (in the case following receipt of a termination bona fide unsolicited written Acquisition Proposal, failing to make or withdrawing or modifying its recommendation or declaration of this Agreement by DSW) advisability of the Merger or adoption of this Agreement, if (F) taking any non-appealable, final action ordered to be taken by Sicor by any court of competent jurisdiction and/or (G) making any disclosure or filing, in its reasonable judgment after receiving advice from outside counsel, that is required by Law (including, without limitation, the DGCL and only to the extent that: rules and regulations promulgated under the federal securities laws), stock exchange rules or the rules, regulations, order or request of any Governmental Entity (i) including the SEC), but in any such each case referred to in clause the foregoing clauses (A) through (E) only if (i) the Sicor Requisite Vote has not been obtained, (ii) if such third party has submitted a Superior Proposal which is pending at the time Sicor determines to take such action or, in the cases of action pursuant to clauses (A) and (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, after consultation with its outside legal counsel, determines Directors of Sicor shall have concluded in good faith that failure to take such action bona fide Acquisition Proposal would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes constitute or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Sicor Board of Directors determines in good faith, after consultation with its financial advisorsoutside counsel, that a failure to take such offer constitutes action would be inconsistent with the discharge of the Sicor Board of Director’s fiduciary duties to the Sicor stockholders under Delaware Law; provided, further, that the Board of Directors of Sicor shall not take any of the foregoing actions referred to in clauses (D) and (E) above, until at least three (3) calendar days shall have passed following Teva’s receipt of written notice from Sicor advising Teva that the Sicor Board of Directors has received such a Superior Proposal. (c) Each of DSW and RVI shall notify the other party Proposal which it intends to this Agreement of any Acquisition Proposal received byaccept, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and specifying the material terms and conditions of any such Acquisition Proposal or request for information Superior Proposal, and Teva does not make an offer that the Sicor Board of Directors shall have concluded in its good faith judgment, after consultation with its financial advisors and outside counsel, is as favorable (including a copy thereof if in writing and any related available documentation or correspondence), taking into account the termination fee payable hereunder) to Sicor’s stockholders as such Superior Proposal. Sicor will promptly (and in any event each within one business day) notify Teva in writing, of DSW and RVI shall provide written notice the existence of any material proposal, material discussion, material negotiation or material inquiry received by Sicor with respect to the other party of any Acquisition Proposal, request for information and Sicor will immediately communicate to Teva the material terms of any proposal, discussion, negotiation or initiation inquiry which it may receive and the identity of the Person making such discussions proposal or negotiations within 24 hours of inquiry or engaging in such eventdiscussion or negotiation. Each of DSW and RVI agrees that it Sicor will promptly provide to Teva any non-public material information concerning Sicor provided to any other Person that was not previously provided to Teva on the same day as the providing of any such information to any other Person. Sicor will keep the other party Teva reasonably informed of the status and terms details of any such Acquisition Proposal (including whether withdrawn modifications or rejectedproposed modifications thereto). Without prejudice to any actions permitted to be taken by Sicor pursuant to the immediately preceding paragraph, the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also Sicor agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal. In addition, and (ii) it will Sicor shall promptly request that each Person who has heretofore executed a confidentiality agreement in connection with such Person’s consideration of an Acquisition Proposal return or destroy all confidential information heretofore furnished to such Person by or on behalf of Sicor in accordance with such confidentiality agreement. Sicor shall not release any third party from, or waive any provisions provision of, any such confidentiality agreement or any other confidentiality or standstill agreement to which it or any of its Subsidiaries Sicor is a party with respect to any Acquisition Proposalparty. Each of DSW and RVI Sicor agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence hereof of the obligations undertaken by Sicor in this Section 5.4. (e) 7.2. Nothing in this Section 5.4 7.2 shall (x) permit either party Sicor to terminate this Agreement (except as specifically provided in Article IX hereof) or to submit (y) affect any other obligation of Sicor under this Agreement. Notwithstanding anything to the vote of its shareholders any Acquisition Proposal other than the Merger contrary contained in this Section 7.2 or elsewhere in this Agreement, prior to the termination Effective Time, Sicor may, in connection with a possible Acquisition Proposal, refer any third party to this Section 7.2 and Section 9.5(b) and make a copy of this Agreement in accordance with Section 7.1. (f7.2 and Section 9.5(b) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer available to a transaction involving RVI or DSW, as the case may bethird party.

Appears in 1 contract

Sources: Merger Agreement (Sicor Inc)

Acquisition Proposals. (a) Each of DSW BBCN and RVI WIBC agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries with respect to, or the making of any proposal or offer with respect that constitutes, or could reasonably be expected to lead to, or a transaction to effect, (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution recapitalization or similar transaction involving it or any of its Subsidiaries that, if consummated, would result in any Person (or the stockholders of such Person) beneficially owning 20% or more of any class of equity securities or any amount of securities representing 20% or more of the total voting power of it (or of the surviving parent entity in such transaction) or of any of its Subsidiaries, or (B) any purchase or sale or other acquisition of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or (C) any purchase or sale of, or tender or exchange offer for, or other acquisition of, its voting securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its any class of equity securities or any amount of its Subsidiaries’ securities representing 20% or more of the total voting power of it (or of the surviving parent entity in such transaction) or of any of its Subsidiaries, or (D) a liquidation, dissolution or winding up of it (any such proposal, offer or transaction in any of the preceding clauses (A), (B), (C) or (D) (other than a proposal or offer made by the other party to this AgreementParty or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have engage or enter into, continue or otherwise participate in any discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposalto, or engage in any negotiations concerning an Acquisition Proposal concerning, or otherwise cooperate with or assist or participate in, or encourage or knowingly facilitate any such inquiries, proposals, discussions or negotiations or any effort or attempt to make or implement an Acquisition Proposal or any other proposal that could reasonably be expected to lead to an Acquisition Proposal, or (iii) approve approve, endorse or recommend, or propose to approve, endorse or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (bi) Notwithstanding anything the foregoing, the board of directors of each Party shall be permitted, at any time prior to the approval of the principal terms of the Merger by the Required WIBC Vote (in the case of WIBC) or at any time prior to the approval and adoption of this Agreement by the Required BBCN Vote (in the case of BBCN), and subject to compliance by such Party with the other terms of this Section 6.4 and to such Party first entering into a confidentiality agreement (a copy of which shall be provided to the contrary, RVI other Party) with the Person making the Acquisition Proposal described below having provisions (including standstill provisions) that are no less favorable to such Party than those contained in the Confidentiality Agreement (but excluding the exclusivity provisions set forth in Amendment No. 1 to the Confidentiality Agreement) and DSW and their respective Boards of Directors shall be permitted that expressly permits the Party to (A) comply with Rule 14d-9 and Rule 14e-2 its obligations under the Exchange Act with regard this Section 6.4, to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first Person made or renewed after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case which such Party’s board of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, directors (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior determines that engaging in such discussions and negotiations with, or providing such nonpublic information or data to, such Person is necessary in order for such board of directors to effecting such a Change in Recommendation, has (together comply with its financial and legal advisors) engaged in reasonable, good faith negotiations with fiduciary duties to its stockholders under the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior ProposalApplicable Legal Requirements. (cii) Each of DSW and RVI Party shall notify the other party to this Agreement Party promptly (but in no event later than 24 hours) after receipt of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested fromProposal, or any discussions with or negotiations by, it request for nonpublic information relating to such Party or any of its representativesSubsidiaries by any Person that informs such Party or any of its Subsidiaries that it is considering making, indicatingor has made, in connection an Acquisition Proposal, or any inquiry from any Person seeking to have discussions or negotiations with such noticeParty relating to a possible Acquisition Proposal or any other indication that any Person is considering making an Acquisition Proposal with respect to it. Such notice shall be made orally and confirmed in writing, and shall indicate the identity of such person the Person making the Acquisition Proposal, inquiry or request and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence). Each Party shall also promptly, and in any event each of DSW within 24 hours, notify the other Party, orally and RVI in writing, if it enters into discussions or negotiations concerning any Acquisition Proposal or provides nonpublic information or data to any Person in accordance with this Section 6.4(b) (and shall promptly provide written notice to the other party Party copies of any Acquisition Proposal, request for all material nonpublic information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW so provided not previously provided to the other Party) and RVI agrees that it will promptly shall keep the other party Party promptly and fully informed of the status and terms of any such Acquisition Proposal proposals, offers, discussions or negotiations on a current basis, including by providing within 24 hours of receipt a copy of all material documentation (including whether withdrawn all draft agreements) or rejected), the status and nature correspondence relating thereto (including copies of all information requested and delivered, and changes in any terms). At least five (5) business days prior to each meeting of the status and terms board of directors of any Party at which such discussions or negotiationsboard of directors shall consider and determine whether any offer constitutes a Superior Proposal, and in any event each of DSW and RVI such Party shall provide the other party Party with a written notice specifying the date and time of such meeting, the reasons for holding such meeting, the terms and conditions of the offer that is the basis of the potential action by the board of directors of such Party (including a copy of any material development thereto within 24 hours thereof. Each draft definitive agreement reflecting the offer) and the identity of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party Person making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationoffer. (dc) Each of DSW BBCN and RVI WIBC agrees that (i) it will shall and will shall cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal or any proposal that could reasonably be expected to lead to an Acquisition Proposal, and shall promptly request each Person, if any, that has heretofore executed a confidentiality agreement with such Party in connection with the consideration of any Acquisition Proposal or any other such proposal, to return or destroy all confidential information or data heretofore furnished to such Person, (ii) it will shall enforce (and not release any third party from, from or waive waive) any provisions of, any confidentiality confidentiality, standstill or standstill similar agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition ProposalProposal or any other such proposal and (iii) it shall not take any action to render inapplicable or to exempt any Person from Section 203 of the DGCL or any other antitakeover legislation. Each of DSW BBCN and RVI WIBC agrees that it will shall use commercially reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, executive officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.4. (d) Nothing in this Section 6.4 shall (i) permit either Party to terminate this Agreement or (ii) affect any other obligation of the Parties under this Agreement. Neither Party shall submit to the vote of its stockholders any Acquisition Proposal other than the Merger. (e) Nothing contained in this Section 5.4 6.4 shall permit prohibit either party Party or its Subsidiaries from taking and disclosing to terminate this Agreement its stockholders a position required by Rule 14e-2(a) or Rule 14d-9 promulgated under the Exchange Act; provided, however, that compliance with such rules shall not in any way limit or modify the effect that any action taken pursuant to submit to the vote of its shareholders such rules has under any Acquisition Proposal other than the Merger prior to the termination provision of this Agreement in accordance with Agreement, including Section 7.18.1(d) or 8.1(e), as applicable and, provided further, that any such disclosure shall be subject to Section 6.11. (f) For purposes Any disclosure (other than a “stop, look and listen” or similar communication of this Agreement, “Superior Proposal” means the type contemplated by Rule 14d-9(f) under the Exchange Act) made pursuant to Section 6.4(e) shall be deemed to be a bona fide written Acquisition Proposal which the RVI Board of Directors Change in Recommendation by WIBC or the DSW Board of DirectorsBBCN, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account unless the legal, financial, regulatory, timing and other aspects board of directors of the proposal and Party making such disclosure expressly reaffirms its Board Recommendation to its stockholders in favor of the person making approval of the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to principal terms of the unaffiliated shareholders Merger or the adoption of RVI or DSWthis Agreement, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement applicable. (after giving effect to any adjustments to the terms and g) The provisions of this Agreement committed to in writing by RVI or DSWSection 6.4 shall be deemed, as between the case may beParties, in response to apply to each Party, its Subsidiaries and its and its Subsidiaries’ directors and employees, agents and representatives to the same extent as such Acquisition Proposal) provisions apply to the respective Parties, and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” each Party shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI responsible for any breach of such provisions by any of its or DSWits Subsidiaries’ directors, as the case may beemployees, agents or representatives.

Appears in 1 contract

Sources: Merger Agreement (Wilshire Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI IJL agrees that neither it nor any of its Subsidiaries nor any of the respective officers or and directors of it IJL or its Subsidiaries shall, and that it IJL shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including including, without limitation, any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, initiate, solicit or encourage, directly or indirectly, (i) initiate, solicit, encourage any enquiries or knowingly facilitate the making of any proposal or offer (including, without limitation, any proposal or offer to stockholders of IJL) with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution consolidation or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeinvolving, or any purchase of all or sale any significant portion of the assets or any equity securities of, IJL or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) Significant Subsidiary (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “"Acquisition Proposal”)") or, except to the extent legally required for the discharge by the IJL Board of its fiduciary duties (iiafter consultation with outside counsel) have as a result of an unsolicited written, bona fide Acquisition Proposal, engage in any discussions with negotiations concerning, or provide any confidential information or data to to, or have any person discussions with, any Person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly otherwise facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI Proposal. IJL shall immediately cease and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required cause to be made under applicable Lawterminated any activities, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response conducted prior to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement with any parties other than Wachovia with respect to any of the foregoing and shall use its reasonable best efforts to enforce any confidentiality or similar agreement relating to an Acquisition Proposal. IJL shall promptly (Dwithin 24 hours) terminate this Agreement pursuant to Sections 7.1(f) advise Wachovia following the receipt by IJL of any Acquisition Proposal and the substance thereof (in including the case identity of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any Person making such case referred to in clause (BAcquisition Proposal), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board advise Wachovia of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) developments with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with immediately upon the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposaloccurrence thereof. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Wachovia Corp/ Nc)

Acquisition Proposals. (a) Each of DSW and RVI Burlington agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its such Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party or an affiliate thereof) or announcement of an intention to this Agreement) being hereinafter referred to as make any such proposal, offer or transaction, an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI Burlington (and DSW and their respective Boards its Board of Directors Directors) shall be permitted to (Ai) comply with applicable law (including Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any other disclosure that such party’s Board of Directors may determine required by law or its fiduciary duties (after consultation with its outside legal counsel) is required subject, however to be made under applicable Lawclause (B), (BC) and (E) of this Section 6.5(b)), (ii) effect a Change in RVI Recommendation the Burlington Recommendation, or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (Ciii) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B), (Cii) or (Diii) above, (xA) such party’s Required Shareholders the vote at the Burlington Stockholders Meeting on the adoption of this Agreement shall not have occurredbeen taken, (yB) such (I) in the case of clause (ii) above, Burlington has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiII) in any such the case referred to in of clause (Ciii) above, such party’s Burlington's Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely would lead to result in a Superior Proposal, and (C) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s Burlington's Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable to at least as restrictive as the party providing such information than those contained in the Master Separation Confidentiality Agreement; provided that , (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (yD) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with the other party to this Agreementany Person, and has considered in good faithBurlington notifies ConocoPhillips promptly of such inquiries, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, Burlington's representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any inquiries, proposals or offers and (E) in the case of clause (ii) above, Burlington has given ConocoPhillips at least three Business Days after delivery of such notice to propose revisions to the terms of this Agreement (or to make another proposal) in response to such Acquisition Proposal and has negotiated in good faith with ConocoPhillips with respect to such proposed revisions or request for information (including a copy thereof other proposal, if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventany. Each of DSW and RVI Burlington agrees that it will promptly keep the other party ConocoPhillips reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofPerson making such inquiry, proposal or offer. Each of DSW and RVI also Burlington agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties Person (other than ConocoPhillips) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI Burlington agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party Burlington to terminate this Agreement (except as specifically provided in paragraph (c) of this Section 6.5 or to submit Article VIII) or (y) affect or limit any other obligation of Burlington under this Agreement). (c) Notwithstanding anything in this Section 6.5 to the vote of its shareholders contrary, if, at any Acquisition Proposal other than the Merger time prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this AgreementBurlington Stockholder Approval, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes Burlington determines in good faith, after consultation with its financial advisors and outside legal advisorscounsel, taking into account in response to an Acquisition Proposal that was unsolicited and that did not otherwise result from a breach of this Section 6.5, that such proposal is a Superior Proposal, Burlington may terminate this Agreement; provided, however, that Burlington shall not terminate this Agreement pursuant to this sentence, and any purported termination pursuant to this sentence shall be void and of no force or effect, unless Burlington prior to or concurrently with such termination pursuant to this Section 6.5(c) pays to ConocoPhillips the legalfee payable pursuant to Section 8.2(b); provided, financialfurther, regulatoryhowever, timing and other aspects that Burlington shall not exercise its right to terminate this Agreement pursuant to this Section 6.5(c) unless Burlington notifies ConocoPhillips that Burlington intends to take such action with respect to an Acquisition Proposal indicating, in connection with such notice, the name of the proposal Person making such Acquisition Proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions material terms and conditions of such Acquisition Proposal and Burlington has given ConocoPhillips at least three Business Days after delivery of such notice to consummation): (i) is more favorable propose revisions to the unaffiliated shareholders terms of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect or to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, make another proposal) in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Burlington Resources Inc)

Acquisition Proposals. (ai) Each of DSW and RVI Without limiting Seller’s other obligations under this Agreement (including under Section 8.1(a) hereof), Seller agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shallwill not, and that it shall use its reasonable best efforts to will cause its Seller Subsidiary and its Subsidiaries’ each of their respective officers, directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesit) not to, directly or indirectly, (iA) initiate, solicit, knowingly encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect toto any Acquisition Proposal, (B) provide any confidential information to any Person relating to an Acquisition Proposal, or engage in any discussions or negotiations concerning an Acquisition Proposal, (C) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (D) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar agreement or propose publicly or agree to do any of the foregoing related to any Acquisition Proposal. (ii) For purposes of this Agreement, “Acquisition Proposal” means any inquiry, proposal or offer from any Person with respect to (A) any purchase that constitutes 10% or more of the Assets or the Business of Seller and Seller Subsidiary, taken as a transaction to effectwhole, (B) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it Seller or any of its Significant Subsidiaries or any purchase or sale (as defined in Rule 1-02 of 15% or more Regulation S-X of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeSEC), or (C) any purchase or sale of, or tender or exchange offer for, its voting the equity securities of Seller that, if consummated, would result in any person (Person, or the shareholders stockholders of such person) Person (other than existing stockholders beneficially owning securities in excess of 10% of the total voting power of Seller, each of which existing stockholders may acquire beneficial ownership of up to an additional 5% of the total voting power of Seller), beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ the total voting power of Seller (or of the surviving parent entity in such transaction) (or any such proposalof its Significant Subsidiaries, offer including any single or multi-step transaction or series of related transactions (other than a proposal or offer made by Buyer or an Affiliate thereof); provided, however, the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”)foregoing shall not prohibit Seller or Seller Subsidiary from negotiating, (ii) have executing or consummating any discussions with proposed acquisition of a company in the digital theater business or provide any confidential information or data to any person relating from issuing shares of common stock of Seller up to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter aggregate of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any 20% of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards total voting power of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person Seller in connection with an Acquisition Proposal by any each such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information acquisition and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related up to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any aggregate of its representatives, indicating, 35% of the total voting power of Seller in connection with all such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationacquisitions. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Asset Purchase Agreement (Evans & Sutherland Computer Corp)

Acquisition Proposals. (a) Each of DSW Hawthorne and RVI agrees Parent agree that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ affiliates, directors, officers, employees, affiliates, agents and representatives (including without limitation any investment banker, attorney financial advisor, attorney, accountant or other representative retained by it) to, immediately cease any discussions or negotiations with any other parties that may be ongoing with respect to the possibility or consideration of any Acquisition Proposal (as defined below), and will use its reasonable best efforts to enforce any confidentiality or similar agreement relating to any Acquisition Proposal, including by requesting the other party to promptly return or destroy any confidential information previously furnished by such party thereunder. From the date of this Agreement through the Effective Time, each of Hawthorne and Parent shall not, nor shall it authorize or permit any of its directors, officers or employees (and those of any Hawthorne Subsidiary or Parent Subsidiary) or any investment banker, financial advisor, attorney, accountant or other representative retained by it (or any of its SubsidiariesSubsidiary) not to, directly or indirectlyindirectly through another person, (i) initiate, solicit, initiate or encourage (including by way of furnishing information or knowingly assistance), or take any other action designed to facilitate or that is likely to result in, any inquiries or the making of any proposal or offer with respect that constitutes, or is reasonably likely to lead to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an any Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) participate in any discussions or negotiations regarding any Acquisition Proposal, (iv) except in accordance with Section 8.01(j) in the case of Hawthorne, approve or recommend, propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase agreement or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. , or (bv) Notwithstanding anything make or authorize any statement, recommendation or solicitation in this Agreement to the contrary, RVI and DSW and their respective Boards support of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an any Acquisition Proposal; provided, or make any disclosure however, that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required prior to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) Hawthorne Meeting or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementParent Meeting, as may be applicable, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation consulting with its outside legal and financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party failure to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested fromdo so would breach, or any discussions with or negotiations by, it or any of its representatives, indicating, would reasonably be expected to result in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions breach of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a Board’s fiduciary duties under applicable law, such party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may bemay, in response to such a bona fide, written Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes Proposal not solicited in violation of this definition Section 6.08(a) that its Board of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.Directors believes in

Appears in 1 contract

Sources: Merger Agreement (Commercial Capital Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it Neither FNH nor any of its Subsidiaries Subsidiaries, nor any of the its officers or directors or the officers and directors of it or its Subsidiaries Subsidiaries, nor any of its other affiliates (as defined in Rule 12b-2 under the Exchange Act) (each, an "Affiliate") shall, and that FNH shall cause it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' its employees, affiliates, agents and representatives (including including, without limitation, any investment bankerbanking, attorney legal or accountant accounting firm retained by it and any individual member or any employee of its Subsidiariesthe foregoing) (each, an "Agent") not to, (i) initiate, solicit or encourage, directly or indirectly, (i) initiate, solicit, encourage any inquiries or knowingly facilitate the making or implementation of any proposal or offer (including, without limitation, any proposal or offer to any of them or their respective shareholders) with respect to, or a transaction to effect, a merger, reorganization, share exchangeacquisition, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeinvolving, or any purchase of all or sale a substantial portion of the assets or equity securities of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “"Acquisition Proposal”), ") or (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations withconcerning, or provide any confidential information or data to, or have any person discussions with, any Person relating to an Acquisition Proposal, or (iii) otherwise cooperate in any effort or attempt to make, implement or accept an Acquisition Proposal. Notwithstanding the foregoing, FNH may, in response to an unsolicited bona fide written Acquisition Proposal by any such Proposal, which proposal (insofar as it relates to the consideration to be paid to FNH or its stockholders) is not subject to a financing condition, furnish (subject to a confidentiality agreement reasonably acceptable to FNH) confidential or non-public information concerning its business, properties or assets to a financially capable corporation, partnership, person first made after the date of this Agreement and or other entity or group (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI"Potential Acquirer") or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, negotiate with such Potential Acquirer if and only to the extent that: (i) in any such case referred Promistar shall have been given not less than five business days' advance written notice of FNH's intention to in clause (B)do so, (Cii) the board of directors of FNH is advised by its independent financial advisors that providing confidential or (D) abovenon-public information to the Potential Acquirer is likely to lead to an acquisition transaction on terms that would yield a materially higher value to FNH's stockholders, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 than the Merger and (ziii) based upon advice of its Board of Directors, after consultation with its outside independent legal counsel, its board of directors determines in good faith that the failure to take provide such action confidential or non-public information to such Potential Acquirer would reasonably be expected constitute a breach of its fiduciary duty to FNH and its stockholders. In the event FNH hereto shall determine to provide any information or negotiate as described above, or shall receive any offer of the type referred to above, it shall promptly inform Promistar that information is to be inconsistent provided, that negotiations are to take place or that an offer has been received and shall furnish Promistar hereto the identity of the person receiving such information or the proponent of such offer, if applicable, and, if an offer has been received, a description of the material terms thereof, FNH may enter into a definitive agreement for an acquisition transaction which meets the requirements set forth above with its fiduciary duties under applicable Law; a Potential Acquirer with which it is permitted to negotiate pursuant to this Section 4.04(f) only if (i) the board of directors of FNH shall have duly determined that such acquisition transaction would yield a materially higher value to FNH's stockholders than the Merger and that the execution of such definitive agreement is in the best interests of FNH's stockholders, (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and at least ten business days prior to providing any information or data to any person in connection the execution of such definitive agreement, FNH shall have furnished Promistar with an Acquisition Proposal by any a copy of such person, such party’s Board of Directors receives from such person an executed confidentiality definitive agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) Promistar shall have failed within such ten business day period to offer to amend the terms of this Reorganization Agreement in any such case referred order that the Merger would yield a value to in FNH's stockholders at least equal to the acquisition transaction. In making the determination required by clause (Di) above, the Acquisition Proposal is not withdrawn board of directors shall consider all relevant considerations and the applicable party’s Board of Directors determines in good faithfactors, after consultation with its financial advisorsincluding, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such noticewithout limitation, the identity of such person form and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed value of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected)consideration, the status and nature of all information requested and delivered, and extent to which the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours economic benefits of the time it provides such information to such third party, unless acquisition transaction differ from the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions economic benefits contemplated by this Agreement (after giving effect to any adjustments to Reorganization Agreement, the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except likelihood that the reference Potential Acquirer will be able to “15%” in obtain financing to consummate the definition acquisition transaction, the proposed closing date, the certainty of “Acquisition Proposal” shall be deemed to be a reference to “a majority” consummation, antitrust issues and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beclosing conditions.

Appears in 1 contract

Sources: Reorganization Agreement (Promistar Financial Corp)

Acquisition Proposals. (aFrom the date of this Agreement: i) Each of DSW and RVI AC Financial agrees that neither it nor any of its Subsidiaries nor any of the their respective officers or and directors of it or its Subsidiaries shall, and that it or shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, authorize any of their respective employees, affiliates, agents and or representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesthem) not to, directly or indirectly, (i) initiate, solicit, solicit or knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalizationrecapitalization (which, for the avoidance of doubt, shall for all purposes of this Agreement be deemed to include any rights offering, issuance or sale of securities of AC Financial (other than issuances permitted pursuant to Section 4.01ii)) or similar transaction), liquidation, dissolution or similar transaction involving it AC Financial or any of its Subsidiaries Subsidiaries, other than any such transaction permitted by Section 4.01, or any purchase or sale of 15any capital stock of AC Bank or any other Subsidiary of AC Financial or 20% or more of the consolidated assets (including equity interests in such calculation stock of its SubsidiariesSubsidiaries of AC Financial) of it AC Financial and its Subsidiaries, taken as a whole, or any purchase issuance or sale of, or tender or exchange offer for, its voting securities of AC Financial or any of its Subsidiaries that, if consummated, would result in any person (or the shareholders stockholders of such any person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power of the securities of AC Financial (or of the surviving parent entity in such transaction) or any of its Subsidiaries (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementBond Street) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt by any person to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or publicly propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose or agree to do any of the foregoing. (b) . Notwithstanding anything the foregoing provisions of this Section 6.05(a), in this Agreement the event that, prior to the contrarydate of the AC Financial Stockholders Meeting, RVI and DSW and their respective Boards of Directors shall AC Financial receives an unsolicited bona fide Acquisition Proposal, AC Financial may, prior to the AC Financial Stockholders Meeting, (1) furnish or cause to be permitted furnished confidential information or data, (2) participate in such negotiations or discussions, (3) approve or recommend, or propose publicly to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an approve or recommend, any Acquisition Proposal, or make (4) approve or recommend, or publicly propose to approve or recommend, or execute or enter into, any disclosure that such partyletter of intent, agreement in principle, merger agreement, asset purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal if AC Financial’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and outside legal advisorscounsel that, taking into account in the legalcase of any action described in clause (3) or (4) above, financialsuch Acquisition Proposal constitutes a Superior Proposal (as defined herein) and, regulatory, timing and other aspects in the case of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): action described in clause (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) above, such action is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposedlikely to result in an Acquisition Proposal that constitutes a Superior Proposal; provided thatthat prior to providing (or causing to be provided) any confidential information or data permitted to be provided pursuant to this sentence, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal AC Financial shall have entered into a confidentiality agreement with such third party on terms no less favorable to AC Financial than the meaning assigned to such term in Section 5.4(aConfidentiality Agreement, dated August 17, 2012, by and between Bond Street and ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ & Company, Incorporated, on behalf of AC Financial (the “Confidentiality Agreement”), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Atlantic Coast Financial CORP)

Acquisition Proposals. The Company shall not, nor shall it give permission to or authorize any of its Subsidiaries, or any officer, director, employee, agent or representative (aincluding accountants, attorneys and investment bankers) Each of DSW and RVI agrees that neither it nor the Company or any of its Subsidiaries nor any of (collectively, the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries"Representatives") not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or otherwise knowingly facilitate (including by way of furnishing confidential information) any inquiries or the making of any proposal or offer offer, with respect to, or a transaction to effect, a (i) any merger, reorganization, share exchange, consolidation, business combination, recapitalization, consolidation, liquidation, dissolution or similar transaction involving it the Company or any of its Subsidiaries Subsidiaries, (ii) any sale, lease, exchange, transfer or purchase of the assets or equity securities of the Company or any purchase or sale of 15its Subsidiaries, in each case comprising 20% or more in value of the consolidated assets (including equity interests of its Subsidiaries) of it Company and its Subsidiaries, taken as a whole, in a single transaction or series of related transactions or (iii) any purchase or sale of, or tender offer or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1520% or more of its or any the outstanding shares of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) Company Common Stock (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementParent) being hereinafter referred to as an “"Acquisition Proposal”"). The Company shall not, nor shall it give permission to or authorize any of its Subsidiaries or any Representatives of the Company or any of its Subsidiaries to, directly or indirectly, (iia) have engage in any discussions with negotiations concerning, or provide any confidential information or data to, or have any discussions (other than discussions that only refer to this Section 7.2 and the Company's agreement not to engage in further discussions) with, any person Person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or otherwise knowingly facilitate any effort or attempt to make or implement or accept an Acquisition Proposal, (b) withdraw or modify, or propose to withdraw or modify, its approval or recommendation of this Agreement or the transactions contemplated hereby, including the Merger, (c) approve, recommend, endorse or resolve to approve, recommend or endorse an Acquisition Proposal or (iiid) approve or recommend, or execute or enter into, into any letter of intentintent or similar document contemplating, or enter into any agreement (other than a confidentiality agreement entered into in principleaccordance with clause (A) below) with respect to, merger agreementan Acquisition Proposal; provided however that: at any time prior to obtaining the Company Requisite Vote the board of directors may withhold, asset purchasewithdraw, stock purchase qualify or share exchange agreement, option agreement modify its recommendation or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any declaration of advisability of the foregoing. Merger or this Agreement for any reason (bany such action, a "Change of Recommendation") Notwithstanding anything if (i) the Company's board of directors shall have determined in good faith, after consultation with outside counsel to the Company, that failure to take such action would reasonably be expected to be inconsistent with its fiduciary obligations under applicable Law and (ii) the Company has provided Parent with at least three (3) Business Days' prior written notice of such Change of Recommendation; provided, further, that nothing contained in this Agreement to shall prevent the contrary, RVI and DSW and their respective Boards board of Directors shall be permitted to directors of the Company or its Representatives from (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard furnishing information to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person third party in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after third party pursuant to a confidentiality agreement containing terms and conditions that are no less favorable to the date of Company than those set forth in the Confidentiality Agreement (except for such changes specifically necessary in order for the Company to be able to comply with its obligations under this Agreement and it being understood that the Company may enter into a confidentiality agreement without a standstill provision or with a standstill provision less favorable to the Company if it waives or similarly modifies the standstill provision in the Confidentiality Agreement), (B) engaging in discussions or negotiations with such third party, (C) following receipt of a bona fide unsolicited written Acquisition Proposal, taking and disclosing to its stockholders a position contemplated by Rule 14e-2(a) or Rule 14D-9 under the Exchange Act provided that neither the Company nor its board of directors shall make or effect a Change in Recommendation in connection with such Acquisition Proposal unless permitted by the first proviso of this sentence (it being understood that any "stop, look and listen" communication by the Company or the board of directors pursuant to Rule 14d-9(f) under the Exchange Act shall not be considered a Change of Recommendation); (D) terminate this Agreement pursuant following receipt of a bona fide unsolicited written Acquisition Proposal, recommending such an Acquisition Proposal to Sections 7.1(fits stockholders or adopting an agreement relating to such Acquisition Proposal, (E) taking any non-appealable, final action ordered to be taken by the Company by any court of competent jurisdiction and/or (F) making any disclosure or filing, in its reasonable judgment based upon the advice of outside counsel, that is required by Law in the event that, in each case referred to in the foregoing clauses (A), (B) and (D); (1) the Company Requisite Vote shall not have been obtained, (2) the board of directors of the Company shall have concluded in good faith that such bona fide unsolicited written Acquisition Proposal, is in the case of a termination of this Agreement by RVIclause (A), (B) or 7.1(g) (D), a Superior Proposal or, in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: clauses (i) in any such case referred to in clause (B), (CA) or (DB) aboveis reasonably expected to result in a Superior Proposal, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z3) its Board the Company's board of Directors, after consultation with its outside legal counsel, directors determines in good faith faith, based upon the advice of outside counsel, that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties to the Company's stockholders under applicable Law; . At least three (ii3) in Business Days prior to taking any such case of the actions referred to in clause (CD) above, the Company shall provide written notice to Parent advising Parent that it intends to take such party’s Board action and which written notice shall specify the material terms and conditions of Directorssuch Acquisition Proposal or Superior Proposal. For a period of not less than three (3) Business Days after receipt by Parent from the Company of such notice, after consultation with outside legal counsel and financial advisorsthe Company shall, determines if so requested in writing by Parent, negotiate in good faith that there is a reasonable likelihood that with Parent to make such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications adjustments to the terms and conditions of this Agreement proposed such that such other Acquisition Proposal (if determined by the other party hereto Company's board of directors to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition be a Superior Proposal in accordance with this Section 7.2) would no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes constitute a Superior Proposal. . The Company will promptly (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each within one day) notify Parent in writing, of DSW and RVI shall provide written notice the existence of any proposal, discussion, negotiation or inquiry received by the Company with respect to the other party of any Acquisition Proposal, request for and the Company will immediately communicate to Parent the terms of any proposal, discussion, negotiation or inquiry which it may receive and the identity of the Person making such proposal or inquiry or engaging in such discussion or negotiation. The Company will promptly provide to Parent any material non-public information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees concerning the Company that it will promptly delivers to any other Person that was not previously provided to Parent. The Company shall keep the other party Parent reasonably informed of the status and material terms of any such Acquisition Proposal (including whether withdrawn modifications or rejectedproposed modifications thereto). Without prejudice to any actions permitted to be taken by the Company pursuant to the first paragraph of this Section 7.2, the status and nature of all information requested and deliveredCompany agrees that it will, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees will use its reasonable best efforts to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal. In addition, and (ii) it will not release any third party from, the Company shall promptly request that each Person who has heretofore executed a confidentiality agreement in connection with such Person's consideration of an Acquisition Proposal return or waive any provisions of, any destroy all confidential information heretofore furnished to such Person by or on behalf of the Company in accordance with such confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposalagreement. Each of DSW and RVI The Company agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence hereof of the obligations undertaken by the Company in this Section 5.4. (e) Nothing 7.2. Notwithstanding anything to the contrary contained in this Section 5.4 shall permit either party to terminate 7.2 or elsewhere in this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger Agreement, prior to the termination Effective Time, the Company may, in connection with a possible Acquisition Proposal, refer any third party to this Section 7.2 and Section 9.5(b) and make a copy of this Agreement in accordance with Section 7.1. (f7.2 and Section 9.5(b) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer available to a transaction involving RVI or DSW, as the case may bethird party.

Appears in 1 contract

Sources: Merger Agreement (Teva Pharmaceutical Industries LTD)

Acquisition Proposals. (a) Each Media Company and each of DSW ▇▇▇▇▇, Newhaven and RVI El Sitio agrees that neither it nor any of its the El Sitio Subsidiaries or affiliates nor any of the directors and officers or directors of it or its the El Sitio Subsidiaries or affiliates shall, and that it shall use its reasonable best efforts to cause its the El Sitio Subsidiaries and its Subsidiaries’ directors, officersaffiliates, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its the El Sitio Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it it, El Sitio or any of the El Sitio Subsidiaries, IAMP or any of the IAMP Subsidiaries or Newhaven or any of the Newhaven Subsidiaries (or a material portion of the stock or assets thereof), (other than any such transaction permitted by Section 5.2 in the case of a Media Company or its Subsidiaries subsidiaries, and Section 5.3 in the case of El Sitio) or any purchase or sale of 15% or more of the consolidated assets (including equity interests including, without limitation, shares of its Subsidiariessubsidiaries) of it and its Subsidiariessubsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such personPerson) beneficially owning securities representing 15% all or more substantially all of its or any of its Subsidiaries’ total voting power securities (or of the surviving parent entity in such transaction) or any of its subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing.. 62 (b) Notwithstanding anything in this Agreement to the contrary, RVI El Sitio and DSW and their respective Boards its board of Directors directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI the El Sitio Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (CB) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) , in any such case referred to in clause (B), (CA) or (DB) above: (i) the party making the Acquisition Proposal is an entity with which El Sitio has not engaged, directly or indirectly, in substantial discussions with respect to an Acquisition Proposal at any time during the six months immediately prior to the date hereof; (xii) such party’s Required the El Sitio Shareholders Meeting shall not have occurred, ; (yiii) such party El Sitio has complied in all material respects with this Section 5.4 and 6.2; (ziv) its Board El Sitio's board of Directorsdirectors, after consultation with its on the advice of outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with result in a breach of its fiduciary duties under applicable Lawlaw; (iiv) in any such the case referred to in only of clause (CA) above, (I) El Sitio has received an unsolicited bona fide written Acquisition Proposal from a third party and El Sitio's board of directors concludes in good faith that such party’s Board Acquisition Proposal constitutes a Superior Proposal (after giving effect to all of Directorsthe concessions that may be offered by the other party hereto pursuant to clause (III) below), after consultation (II) it has notified the other parties hereto, at least five business days in advance, of its intention to effect a Change in the El Sitio Recommendation, specifying the material terms and conditions of such Superior Proposal and furnishing to the other party to this Agreement a copy of any relevant proposed transaction agreements with outside the party making such Superior Proposal and any other material documents received by it or its Representatives, and (III) prior to effecting such a Change in the El Sitio Recommendation, it has, and has caused its financial and legal counsel advisors to, negotiate with the other parties hereto in good faith to make such adjustments in the terms and financial advisorsconditions of this Agreement such that such Acquisition Proposal would no longer constitute a Superior Proposal; (vi) in the case only of clause (B) above, determines the board of directors of El Sitio concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal (taking into account the terms of the Acquisition Proposal, the identity of the Person making such Acquisition Proposal, the ability of such Person to effect a Superior Proposal, and all other relevant factors), and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board the board of Directors directors of El Sitio receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less more favorable to the party providing such information Person than those contained in the Master Separation AgreementConfidentiality Agreement for Newhaven, ▇▇▇▇▇ and IAMP; provided that and 63 (xvii) such party furnished to El Sitio notifies the other party parties hereto, as promptly as practicable (and in any event with 24 hours of providing any confidential information or data to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith any Person or entering into discussions or negotiations with the other party to this Agreementany Person), and has considered in good faithof such inquiries, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence), correspondence and in any event each of DSW and RVI shall provide written notice to the other party copies of any Acquisition Proposal, request for information written or initiation of electronic materials provided to such discussions or negotiations within 24 hours of such eventPerson). Each of DSW and RVI El Sitio agrees that it will promptly keep the other party parties hereto informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (dc) Each of DSW Newhaven and RVI ▇▇▇▇▇, each Media Company and El Sitio agrees that (i) it will will, and will cause its Subsidiariesdirectors, officers and representatives to, immediately cease and cause to be terminated any activities, discussions or negotiations existing as of the date of this Agreement with any Persons conducted heretofore with respect to any Acquisition Proposal, (ii) it will immediately cease and cause its subsidiaries, its affiliates, and its and their officers, directors, affiliates, agents, representatives and advisors toadvisors, to cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (iiiii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW El Sitio, the Media Companies, Newhaven and RVI ▇▇▇▇▇ agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.2. (ed) Nothing in this Section 5.4 6.2 shall (i) permit either any party to terminate this Agreement or to (ii) affect any other obligation of the parties hereto under this Agreement. El Sitio shall not submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1El Sitio Merger. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Combination Agreement (Ibero American Media Partners Ii LTD)

Acquisition Proposals. (a) Each of DSW Sirius and RVI XM agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) or (f) in the case of XM, and Section 4.2(e) or (f) in the case of Sirius) or any purchase or sale of 15% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their either party to this Agreement or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable and being otherwise in compliance with this Section 5.4(b), comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s the Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Lawlaw, (B) effect a Change in RVI XM Recommendation or a Change in DSW Sirius Recommendation (as applicable, a “Change in Recommendation”), and (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that:, (i) in any such case referred to in clause (B), (C) or (DC) above, (xI) such party’s Required Shareholders Stockholders Meeting shall not have occurred, (yII) such party has complied in all material respects with this Section 5.4 5.4, and (zIII) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law;law, (ii) in any such the case referred to in of clause (CB) above, such party’s (I) there has been a development, event or occurrence after the date of this Agreement (an “Occurrence”) as a result of which the Board of Directors, after consultation with its outside legal counsel and financial advisors, determines in good faith that there is failure to effect a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely Change in Recommendation would be inconsistent with its fiduciary duties under applicable law, (II) it has notified the other party to result this Agreement, at least seven business days in advance of a Superior Proposaldate (in the case of a notification by XM, the “Sirius Election Date”, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that case of a notification by Sirius, the “XM Election Date”) of its intention to effect a Change in Recommendation (x) such party a “Notice of Recommendation Change”), and furnished to the other party to this Agreement the any material information and documentation required possessed by Section 5.4(c) it with respect to such Occurrence 31 Table of Contents (including, if the Occurrence is the receipt of an Acquisition Proposal from a third party, the material terms and conditions of such Acquisition Proposal, the identity of the party making such Acquisition Proposal and a copy of any relevant proposed transaction agreements with the party making such Acquisition Proposal and any other material documents received by it or its representatives in connection therewith), and (yIII) prior to effecting such a Change in Recommendation, it has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s the Board of Directors to conclude that such Acquisition Proposal Occurrence no longer requires a Change in Recommendation; and; (iii) in any such the case referred to in of clause (DC) above, the Acquisition Proposal is not withdrawn and the applicable party’s its Board of Directors determines in good faithDirectors, after consultation with its outside legal counsel and financial advisors, concludes in good faith that there is a reasonable likelihood that such offer Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, its Board of Directors receives from such person an executed confidentiality agreement having provisions that are no less favorable to the party providing such information than those contained in the Confidentiality Agreement; provided that the provisions in such confidentiality agreement with respect to treatment of certain sensitive confidential information to ensure compliance with Applicable Antitrust Laws may differ due to the nature of the person or entity making such Acquisition Proposal. (c) Each of DSW Sirius and RVI XM shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW Sirius and RVI XM shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 48 hours of such event. Each of DSW Sirius and RVI XM agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW Sirius and RVI XM shall provide the other party with written notice of any material development thereto within 24 48 hours thereof. Each of DSW Sirius and RVI XM also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto (i) has already been provided with such informationinformation or (ii) is restricted from receiving such information to ensure compliance with Applicable Antitrust Laws; provided that in such case, such party shall inform the other party of the type of information to be provided to the third party making the request. (d) Each of DSW Sirius and RVI XM agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Sirius and RVI XM agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives executive officers and financial and legal advisors of the obligations undertaken in this Section 5.4. Each party shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the six months prior to the date of this Agreement in connection with its consideration of any Acquisition Proposal to return or destroy all confidential information or data heretofore furnished to any person by or on behalf of it or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Neither party shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1.Agreement. XM shall not amend, modify or waive any provision of the Rights Agreement, and shall not take any action to redeem the Rights or render the Rights inapplicable to any transaction, other than the Merger, prior to any termination of this Agreement. 32 Table of Contents (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors of Sirius or the DSW Board of DirectorsXM, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders stockholders of RVI Sirius or DSWXM, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI Sirius or DSWXM, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI Sirius or DSWXM, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Sirius Satellite Radio Inc)

Acquisition Proposals. (a) Each of DSW and RVI Seller agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ Affiliates, directors, officers, employees, affiliates, agents and representatives (including including, without limitation, any investment banker, attorney financial advisor, attorney, accountant or accountant other representative retained by it it) (all of the foregoing, collectively, “Representatives”) to, immediately cease any discussions or negotiations with any other parties that may be ongoing with respect to the possibility or consideration of any Acquisition Proposal, and will use its reasonable best efforts to enforce any confidentiality or similar agreement relating to any Acquisition Proposal, including by requesting the other party to promptly return or destroy any confidential information previously furnished by or on behalf of Seller or any of its Subsidiaries) Subsidiaries thereunder and by specifically enforcing the terms thereof in a court of competent jurisdiction. From the date of this Agreement through the Effective Time, neither Seller nor any of its Subsidiaries shall, and each of the foregoing shall cause their respective directors, officers or employees or any Representative retained by them not to, directly or indirectlyindirectly through another Person, (i) initiate, solicit, encourage initiate or knowingly encourage (including by way of furnishing information or assistance), or take any other action designed to facilitate or that is likely to result in, any inquiries or the making of any proposal or offer with respect that constitutes, or is reasonably likely to lead to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person Person relating to an any Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) participate in any discussions or negotiations regarding any Acquisition Proposal, (iv) waive, terminate, modify or fail to enforce any provision of any contractual “standstill” or similar obligations of any Person other than Purchaser Parent or its Affiliates, (v) approve or recommend, propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase agreement or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. , or (bvi) Notwithstanding anything make or authorize any statement, recommendation or solicitation in this Agreement to the contrary, RVI and DSW and their respective Boards support of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an any Acquisition Proposal; provided, or make however, that at any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required time prior to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementSeller Meeting, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Seller Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its outside legal and financial and legal advisors, that the failure to do so would be more likely than not to be inconsistent with the Seller Board’s fiduciary duties under applicable law, Seller may, in response to a bona fide, written Acquisition Proposal not solicited in violation of this Section 6.07(a) that the Seller Board determines in good faith constitutes a Superior Proposal (1) furnish information with respect to itself to any modifications Person making such a Superior Proposal pursuant to a confidentiality agreement on terms that are in all material respects no less restrictive to such Person than the terms contained in the Confidentiality Agreements are to Purchaser Parent, and conditions (2) participate in discussions or negotiations regarding such a Superior Proposal. Seller agrees that it shall concurrently provide to Purchaser Parent any information (whether such information is confidential, nonpublic or otherwise) concerning Seller that may be provided to any other Person in connection with any Superior Proposal which has not previously been provided to Purchaser Parent. For purposes of this Agreement proposed by Agreement, the other party hereto term “Acquisition Proposal” means any inquiry, proposal or offer, filing of any regulatory application or notice or disclosure of an intention to determine whether such modifications cause such party’s Board do any of Directors the foregoing from any Person relating to conclude any (w) direct or indirect acquisition or purchase of a business that such Acquisition Proposal no longer requires constitutes 25% or more of the total revenues, net income, assets or deposits of Seller and its Subsidiaries taken as a Change in Recommendation; and whole, (iiix) direct or indirect acquisition or purchase of any class of Equity Securities representing 25% or more of the voting power of Seller, (y) tender offer or exchange offer that if consummated would result in any such case referred to in clause person beneficially owning 25% or more of any class of Equity Securities of Seller or (Dz) abovemerger, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving Seller, other than the Transaction contemplated by this Agreement. For purposes of this Agreement, the Acquisition Proposal is not withdrawn and term “Superior Proposal” means any bona fide written proposal made by a third party to acquire, directly or indirectly, including pursuant to a tender offer, exchange offer, merger, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction, for consideration consisting of cash and/or securities, more than 50% of the applicable partycombined voting power of the shares of Seller Common Stock then outstanding or all or substantially all of Seller’s consolidated assets, which the Seller Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): ), and after consulting with Seller’s financial advisor (which shall be a recognized investment banking firm) and outside counsel, (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, view to its shareholders than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSWMerger, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed likely to be consummated on the terms proposed; provided thatset forth, and (iii) for purposes of this definition of “Superior Proposal,” which financing, to the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a)extent required, except that the reference to “15%” is then committed or which, in the definition good faith judgment of “Acquisition Proposal” shall be deemed the Seller Board, is reasonably likely to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beobtained by such third party.

Appears in 1 contract

Sources: Agreement and Plan of Reorganization (Pacific Premier Bancorp Inc)

Acquisition Proposals. (a) Each of DSW Weblink and RVI agrees Metrocall agree that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that each shall direct and use its reasonable best efforts to cause its and its Subsidiaries' Representatives not to, directly or indirectly, initiate, solicit, encourage or otherwise facilitate any inquiries or the making of any proposal or offer with respect to any Acquisition Proposal. For purposes of this Agreement, "ACQUISITION PROPOSAL" means any bona fide written offer or proposal for, or any written indication of interest in, any (1) direct or indirect acquisition or purchase of any business or assets of Metrocall or Weblink, as the case may be, or any of their respective Subsidiaries that, individually or in the aggregate, constitutes 15% or more of the net revenues, net income or assets of such party and its Subsidiaries, taken as a whole, (2) direct or indirect acquisition or purchase of 15% or more of any class of equity securities of Metrocall or Weblink or any of their respective Subsidiaries whose business constitutes 15% or more of the net revenues, net income or assets of such party and its Subsidiaries, taken as a whole, (3) tender offer or exchange offer that, if consummated, would result in any Person beneficially owning 15% or more of any class of securities of Metrocall or Weblink or any of their respective Subsidiaries whose business constitutes 15% or more the net revenues, net income or assets of such party and its Subsidiaries, taken as a whole, or (4) merger, consolidation, business combination, joint venture, partnership, recapitalization, liquidation, dissolution or similar transaction involving Metrocall or Weblink or any of their respective Subsidiaries whose business constitutes 15% or more of the net revenue, net income or assets of such party and its Subsidiaries, taken as a whole, other than the transactions contemplated by this Agreement. Each of Weblink and Metrocall further agree that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) Representatives not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with discussion with, or provide any confidential information or data to to, any person Person relating to to, or in contemplation of, an Acquisition Proposal, Proposal or engage in any negotiations concerning an Acquisition Proposal Proposal, or otherwise knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal (including by waiving any "standstill" or (iii) approve or recommendsimilar provision of any agreement with any Person); provided, or execute or enter intohowever, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything that nothing contained in this Agreement to the contraryshall prevent Weblink, RVI and DSW and Metrocall or their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent thatfrom: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Restructuring and Section 303 Agreement (Metrocall Inc)

Acquisition Proposals. (a) Each of DSW On and RVI agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and until the Effective Time or until this Agreement is terminated as herein provided, except with the prior written approval of MainSource, neither 1st Independence nor 1st Bank shall permit, nor shall they authorize any of their directors, officers, employees, agents or representatives to, directly or indirectly, initiate, solicit or encourage, or provide information to, any corporation, association, partnership, person or other entity or group concerning any merger, consolidation, share exchange, combination, purchase or sale of substantial assets, sale of shares of common stock (Dor securities convertible or exchangeable into or otherwise evidencing, or any agreement or instrument evidencing the right to acquire, capital stock) or similar transaction relating to 1st Independence or 1st Bank or to which 1st Independence or 1st Bank may become a party (all such transactions are hereinafter referred to as "Acquisition Transactions"). (b) 1st Independence shall promptly communicate to MainSource the terms of any proposal or offer which 1st Independence or 1st Bank may receive with respect to an Acquisition Transaction. Notwithstanding anything to the contrary elsewhere in this Agreement, 1st Independence may, in response to an unsolicited written proposal with respect to an Acquisition Transaction from a third party, furnish information to, and negotiate, explore or otherwise engage in substantive discussions with such third party, and enter into any such agreement, arrangement or understandings, and recommend the approval of such agreement, arrangement or understandings to the shareholders of 1st Independence, in each case, only if 1st Independence's Board of Directors determines in good faith by majority vote, after consultation with its financial advisors and outside legal counsel, that failing to take such action would be a breach of or otherwise inconsistent with the fiduciary duties of 1st Independence's Board of Directors. In the event 1st Independence enters into an agreement, arrangement or understanding for an Acquisition Transaction in accordance with the foregoing sentence, 1st Independence's Board of Directors may terminate this Agreement pursuant on written notice to Sections 7.1(f) (MainSource; provided, however, that in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of connection with terminating this Agreement, if and only to 1st Independence has paid the extent that: (i) in any such case amounts referred to in clause Section 8.03 to MainSource. (B), (Cc) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its In the event 1st Independence's Board of Directors, after consultation with its financial advisors and outside legal counsel, determines in good faith that failure to take such action it would reasonably be expected to result in a violation of or otherwise be inconsistent with its fiduciary duties under applicable Law; (iilaw to recommend this Agreement and the Merger to 1st Independence's shareholders for their approval, then if the Board Directors does not elect to terminate this Agreement pursuant to Section 5.06(b) above and elects to submits this Agreement to the shareholders at the meeting of shareholders, 1st Independence may submit this Agreement without recommendation of approval, in any such which case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable may communicate the basis for its lack of a recommendation of approval to the party providing such information than those contained shareholders in the Master Separation Agreement; provided that (x) such party furnished proxy statement or an appropriate amendment or supplement thereto to the other party to this Agreement the information and documentation extent required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationlaw. (d) Each This Section 5.06 shall not authorize 1st Independence or 1st Bank, or any of DSW and RVI agrees that (i) it will and will cause its Subsidiariestheir directors, and its and their officers, directorsemployees, affiliatesagents or representatives on their behalf, agents, representatives and advisors to, cease immediately and terminate to initiate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any an Acquisition Proposal, and (ii) it will not release any Transaction with a third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4party. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (1st Independence Financial Group, Inc.)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it nor Without limiting any of its Subsidiaries nor any other obligations under this Agreement, the Company agrees that none of the officers or directors of it the Company or its any of the Company Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its the Company and its the Company Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its the Company Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or (including without limitation an offer to stockholders of the Company) for a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its the Company Subsidiaries that, if consummated would result in the stockholders of the Company immediately prior to the consummation of such transaction beneficially owning less than 80% of the voting power of the Company immediately after the consummation of such transaction, or any purchase or sale of 1550% or more of the consolidated assets (including equity interests without limitation stock of its the Company Subsidiaries) of it the Company and its the Company Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities of the Company that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of the Company (or of the surviving parent entity in such transaction) or any of the material Company Subsidiaries (any such proposal, offer or transaction (transaction, other than a proposal or offer made by the other party to this Agreement) Parent or an affiliate thereof, being hereinafter referred to as an “"Acquisition Proposal”"), ; (ii) have -------------------- any discussions discussion with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal; (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal; or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards the Company or its Board of Directors shall be permitted at any time prior to the time of the Stockholders' Meeting (Ai) to the extent applicable, (y) to comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition ProposalProposal and (z) to make disclosure to the Company's stockholders that, or make any disclosure that such party’s in the good faith judgment of the Company's Board of Directors may determine (after consultation with its outside legal counsel) , is required to be made under applicable Lawlaw; (ii) to withdraw or change the recommendation of the Company's Board of Directors in respect of the Offer, the Merger or this Agreement or to approve or recommend or to propose publicly to approve or recommend any Acquisition Proposal; (Biii) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) to engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal ---- ---- by any such person first made after the date person; or (iv) to enter into any letter of this Agreement and intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar agreement, with respect to a Superior Proposal (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementas defined below), if and only to the extent that: (i) , in any such case referred to in clause (Bii), (Ciii) or (Div), (A)(x) in the case of clause (ii) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its the ---- ---- Company's Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiy) in any such the case referred to in of clause (Ciii) above, the Company's Board of Directors concludes in good faith that such party’s Acquisition Proposal reasonably could be expected (without any change in the amount or type of consideration offered) to constitute a Superior Proposal, (B) in the case of clause (ii), (iii) and (iv) above, the Board of Directors, after consultation with outside legal counsel and financial advisorscounsel, determines in good faith that there taking such action is a reasonable likelihood that necessary in order for the Board of Directors to comply with its fiduciary duties under applicable law, (C) prior to the Company's Board of Directors taking or authorizing any action described in clause (ii) or clause (iv) above, Parent shall have been afforded the right for at least three business days to amend the terms of the Offer in response to such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and (D) prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are customary in such agreements, as advised by counsel, and no less favorable to restrictive of such person than the party providing such information than those contained in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal , and (yE) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any person or entering into discussions or negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) aboveperson, the Acquisition Proposal is not withdrawn and the applicable party’s Board Company notifies Parent promptly of Directors determines in good faithsuch inquiries, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers. (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI c) The Company agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected)will, the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal. The Company shall promptly request each person that within the past 13 months has executed a confidentiality agreement in connection with its consideration of a possible Acquisition Proposal to return (or, and (iiif required under the provisions of the confidentiality agreement, destroy) it all confidential information previously furnished to such Person. The Company will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.48.2. (ed) Nothing in this Section 5.4 8.2 shall (i) permit either party the Company to terminate this Agreement (except as specifically provided in Article VIII hereof) or to (ii) affect any other obligation of the Company. The Company shall not submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1Merger. (fe) For purposes of As used in this Agreement, “"Superior Proposal” " means a bona fide ----------------- ---- ---- written Acquisition Proposal proposal made by a person other than Parent or an affiliate of Parent which the RVI Company's Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with faith (following receipt of the advice of its financial advisors and after consultation with outside legal advisorscounsel), taking into account the account, among other things, all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreementsproposal, break-up fees, expense reimbursement provisions and conditions to consummation): (i) would, if consummated, result in a transaction that is more favorable to the unaffiliated shareholders of RVI or DSW, Company's stockholders (in their capacities as the case may bestockholders), from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable probable of being fully financed completion. (f) The Company shall (i) notify Parent promptly (and is otherwise reasonably capable in any event within one business day) after receipt of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term any Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except (or any indication that the reference to “15%” in the definition of “any person is considering marking an Acquisition Proposal” shall ) or any request for non-public information relating to the Company or any of its Subsidiaries or for access to the properties, books or records of the Company or any of its subsidiaries by any person that may be deemed to be a reference to “a majority” and “considering making, or has made, an Acquisition Proposal” shall only be deemed , (ii) notify Parent promptly of any material change to refer to a transaction involving RVI any such Acquisition Proposal, indication or DSWrequest and (iii) upon reasonable request by Parent, as the case may beprovide Parent with all material information about any such Acquisition Proposal, indication or request.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Siemens Aktiengesellschaft)

Acquisition Proposals. (a) Each Media Company and each of DSW Hicks, Newhaven and RVI El Sitio agrees that neither it nor any of its th▇ ▇▇ Sitio Subsidiaries or affiliates nor any of the directors and officers or directors of it or its the El Sitio Subsidiaries or affiliates shall, and that it shall use its reasonable best efforts to cause its the El Sitio Subsidiaries and its Subsidiaries’ directors, officersaffiliates, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its the El Sitio Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it it, El Sitio or any of the El Sitio Subsidiaries, IAMP or any of the IAMP Subsidiaries or Newhaven or any of the Newhaven Subsidiaries (or a material portion of the stock or assets thereof), (other than any such transaction permitted by Section 5.2 in the case of a Media Company or its Subsidiaries subsidiaries, and Section 5.3 in the case of El Sitio) or any purchase or sale of 15% or more of the consolidated assets (including equity interests including, without limitation, shares of its Subsidiariessubsidiaries) of it and its Subsidiariessubsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such personPerson) beneficially owning securities representing 15% all or more substantially all of its or any of its Subsidiaries’ total voting power securities (or of the surviving parent entity in such transaction) or any of its subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI El Sitio and DSW and their respective Boards its board of Directors directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI the El Sitio Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (CB) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) , in any such case referred to in clause (B), (CA) or (DB) above: (i) the party making the Acquisition Proposal is an entity with which El Sitio has not engaged, directly or indirectly, in substantial discussions with respect to an Acquisition Proposal at any time during the six months immediately prior to the date hereof; (xii) such party’s Required the El Sitio Shareholders Meeting shall not have occurred, ; (yiii) such party El Sitio has complied in all material respects with this Section 5.4 and 6.2; (ziv) its Board El Sitio's board of Directorsdirectors, after consultation with its on the advice of outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with result in a breach of its fiduciary duties under applicable Lawlaw; (iiv) in any such the case referred to in only of clause (CA) above, (I) El Sitio has received an unsolicited bona fide written Acquisition Proposal from a third party and El Sitio's board of directors concludes in good faith that such party’s Board Acquisition Proposal constitutes a Superior Proposal (after giving effect to all of Directorsthe concessions that may be offered by the other party hereto pursuant to clause (III) below), after consultation (II) it has notified the other parties hereto, at least five business days in advance, of its intention to effect a Change in the El Sitio Recommendation, specifying the material terms and conditions of such Superior Proposal and furnishing to the other party to this Agreement a copy of any relevant proposed transaction agreements with outside the party making such Superior Proposal and any other material documents received by it or its Representatives, and (III) prior to effecting such a Change in the El Sitio Recommendation, it has, and has caused its financial and legal counsel advisors to, negotiate with the other parties hereto in good faith to make such adjustments in the terms and financial advisorsconditions of this Agreement such that such Acquisition Proposal would no longer constitute a Superior Proposal; (vi) in the case only of clause (B) above, determines the board of directors of El Sitio concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal (taking into account the terms of the Acquisition Proposal, the identity of the Person making such Acquisition Proposal, the ability of such Person to effect a Superior Proposal, and all other relevant factors), and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board the board of Directors directors of El Sitio receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less more favorable to the party providing such information Person than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Confidentiality Agreement the information for Newhaven, Hicks and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in RecommendationIAMP; and (iiivii) El Sitio notifies the other ▇▇▇▇ies hereto, as promptly as practicable (and in any event with 24 hours of providing any confidential information or data to any Person or entering into discussions or negotiations with any Person), of such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence), correspondence and in any event each of DSW and RVI shall provide written notice to the other party copies of any Acquisition Proposal, request for information written or initiation of electronic materials provided to such discussions or negotiations within 24 hours of such eventPerson). Each of DSW and RVI El Sitio agrees that it will promptly keep the other party parties hereto informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (dc) Each of DSW Newhaven and RVI Hicks, each Media Company and El Sitio agrees that (i) it will and will will, a▇▇ ▇▇ll cause its Subsidiariesdirectors, officers and representatives to, immediately cease and cause to be terminated any activities, discussions or negotiations existing as of the date of this Agreement with any Persons conducted heretofore with respect to any Acquisition Proposal, (ii) it will immediately cease and cause its subsidiaries, its affiliates, and its and their officers, directors, affiliates, agents, representatives and advisors toadvisors, to cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (iiiii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW El Sitio, the Media Companies, Newhaven and RVI Hicks agrees that it will use reasonable best efforts to promptly inform ▇▇▇▇rm its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.2. (ed) Nothing in this Section 5.4 6.2 shall (i) permit either any party to terminate this Agreement or to (ii) affect any other obligation of the parties hereto under this Agreement. El Sitio shall not submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1El Sitio Merger. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Combination Agreement (El Sitio Inc)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it The Corporation shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not tonot, directly or indirectly, take (nor shall the Corporation authorize or permit its officers, directors, employees, representatives, investment bankers, attorneys, accountants or other agents or affiliates, to take) any action to (i) initiateencourage, solicit, encourage solicit or knowingly facilitate initiate the making submission of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets Acquisition Proposal (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”defined), (ii) have enter into any discussions agreement with or provide any confidential information or data respect to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage participate in any way in discussions or negotiations with, or provide furnish any confidential information or data to, any person in response connection with, or take any other action to an unsolicited bona fide written facilitate any inquiries or the making of any proposal that constitutes, or may reasonably be expected to lead to, any Acquisition Proposal Proposal. The Corporation will promptly communicate to Acquiror any solicitation by the Corporation and the terms of any proposal or inquiry, including the identity of the person and its affiliates making the same, that it may receive in respect of any such person first made after the date transaction, or of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred information requested from it or of any such negotiations or discussions being sought to in clause be initiated with it. "Acquisition Proposal" shall mean any proposed (A) merger, consolidation or similar transaction involving the Corporation, (B)) sale, lease or other disposition, directly or indirectly, by merger, consolidation, share exchange or otherwise of assets of the Corporation (including, but not limited to, letters of intent to which the Corporation is a party) representing 30% or more of the assets of the Corporation, (C) issue, sale, or other disposition of (including by way of merger, consolidation, share exchange or any similar transaction) securities (or options, rights or warrants to purchase, or securities convertible into, such securities) representing 20% or more of the voting power of the Corporation or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied transaction in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to which any person shall acquire beneficial ownership (as such term is defined in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to Rule 13d-3 under the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested fromExchange Act), or any discussions with or negotiations by, it the right to acquire beneficial ownership or any "group" (as such term is defined under the Exchange Act) shall have been formed which beneficially owns or has the right to acquire beneficial ownership of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal 20% or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed more of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationoutstanding Shares. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Pentegra Dental Group Inc)

Acquisition Proposals. (a) Each Without limitation on any of DSW and RVI the other obligations of Dura under this Agreement (including under Article IV hereof), Dura agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its commercially reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, financial advisor, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information or data) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, consolidation, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Significant Subsidiaries, or any purchase or sale of 15% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it Dura and its Subsidiaries, taken as a whole, having an aggregate value equal to 15% or more of the market capitalization of Dura, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities of Dura that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ the total voting power of Dura (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementElan or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), "ACQUISITION PROPOSAL") or (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve accept an Acquisition Proposal. Dura agrees that it will, and will cause its and its Subsidiaries' officers, directors, employees, agents and representatives to, immediately cease and cause to be terminated any activities, discussions or recommend, or execute or enter into, negotiations existing as of the date of this Agreement with any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related parties conducted heretofore with respect to any Acquisition Proposal or agree or publicly propose to do any of the foregoingProposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards Dura or its Board of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI the Dura Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (CB) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: , in any such case, (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders the Dura Stockholders Meeting shall not have occurred, (yii) such Dura has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its the Board of DirectorsDirectors of Dura concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal (as defined in Section 8.11), after consultation with its outside legal counsel, (iii) the Board of Directors of Dura determines in good faith (after considering the written advice of independent outside legal counsel) that failure failing to take such action would reasonably be expected likely to be inconsistent with constitute a breach of its fiduciary duties under applicable Law; law, (iiiv) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Board of Directors of Dura receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than containing terms at least as stringent as those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Confidentiality Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (yv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with any Person, Dura notifies (the other party to this Agreement"NOTICE") Elan promptly, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) but in any event within 24 hours, of such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal or data requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it Dura, its or its Subsidiaries' officers, directors or employees or any of its representatives, agents or representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including offers; PROVIDED, HOWEVER, that Dura shall not effect a copy thereof if change in writing and the Dura Recommendation or provide any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of data to any such Person or enter into discussions or negotiations within 24 hours with any such Person until two Business Days have expired following the delivery of such eventthe Notice to Elan. Each of DSW and RVI Dura agrees that it will promptly keep the other party Elan informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI Dura agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective officers, directors, officerskey employees, affiliates, agents, representatives agents and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.representatives

Appears in 1 contract

Sources: Merger Agreement (Dura Pharmaceuticals Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliatesagents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, initiate, solicit or knowingly encourage any inquiries or the making of any proposal or offer with respect to a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving, or any purchase or sale of all or any significant portion of the assets (other than dispositions of assets in connection with any transaction permitted under Section 4.1(f)) or 20% or more of the equity securities of, it or any of it Subsidiaries (any such proposal or offer (other than a proposal or offer made by Parent or an affiliate thereof) being hereinafter referred to as an "Acquisition Proposal"). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its best efforts to cause its and its Subsidiaries' employees, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, Proposal or (ii) engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly otherwise facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommendaccept an Acquisition Proposal, or execute or enter into, into any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar material agreement related (other than a confidentiality agreement referred to below) relating to any Acquisition Proposal or propose, agree or publicly propose resolve to do any of the foregoing. (b) . Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards the Company or its Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2(a) promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure Proposal (provided that such party’s the Board of Directors may determine (after consultation with of the Company shall not withdraw or modify in any adverse manner its outside legal counsel) is required to be made under applicable Lawapproval or recommendation of this Agreement or the Merger except as set forth below), (B) effect a Change in RVI Recommendation response to an unsolicited bona fide written Acquisition Proposal by any Person, recommend such an unsolicited bona fide written Acquisition Proposal to the stockholders of the Company, or a Change withdraw or modify in DSW Recommendation (as applicable, a “Change in Recommendation”), any adverse manner its approval or recommendation of this Agreement or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders the Company Stockholders Meeting shall not have occurred, (yii) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, after consultation with its outside legal counsel, determines Directors of the Company concludes in good faith that failure to take such action Acquisition Proposal (x) in the case of clause (B) above constitutes a Superior Proposal or (y) in the case of clause (C) above would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and (iii) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Company Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable on terms substantially similar to the party providing such information than those contained in the Master Separation Confidentiality Agreement (except for such changes as are necessary in order to permit the Company to comply with its obligations under this Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (yiv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with any Person, the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that of the Company notifies Parent promptly of such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it the Company or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI The Company agrees that it will promptly keep the other party informed Parent informed, on a reasonably current basis, of the status and terms of any such proposals or offers or any other Acquisition Proposal or inquiry or communication with respect to or which would reasonably be expected to lead to an Acquisition Proposal (including whether withdrawn or rejected), any material change to the status and nature details of all information requested and delivered, any such terms) and the status and terms of any such material discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also The Company agrees to provide the other party hereto with copies of any written information that it provides will immediately cease and cause to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI The Company agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence of this Section 5.4 of the obligations undertaken in this Section 5.4. (e) . Nothing in this Section 5.4 shall (x) permit either party the Company to terminate this Agreement (except as specifically provided in Article VII hereof) or to submit to (y) affect any other obligation of the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of Company under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Jones Apparel Group Inc)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries (other than any such transaction permitted by Section 5.1 (e), (f) or (j)) or any purchase or sale of 1510% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person Person (or the shareholders stockholders or equity holders of such personPerson) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementParent or an Affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoingProposal. (b) Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required of the Company shall be permitted, prior to the Company Stockholders Meeting to be made under applicable Lawheld pursuant to Section 6.1, (B) effect and subject to compliance with the other terms of this Section 6.6 and to first entering into a Change in RVI Recommendation or a Change in DSW Recommendation (as applicablecustomary confidentiality agreement, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first Person made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in which the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsDirectors of the Company concludes in good faith, after consultation with its outside a nationally recognized financial advisor and legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior ProposalProposal (as defined in Section 6.6(e)), if and prior only to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the extent that the Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to of the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors Company determines in good faith, faith (after consultation with outside legal counsel) that its financial advisors, that such offer constitutes a Superior Proposalfiduciary obligations require it to do so. (ci) Each of DSW and RVI The Company shall notify the other party to this Agreement Parent promptly (but in no event later than 24 hours) after receipt of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested fromProposal, or any discussions with or negotiations by, it request for nonpublic information relating to the Company or any of its representativesSubsidiaries by any Person that informs the Company or any of its Subsidiaries that it is considering making, indicatingor has made, an Acquisition Proposal, or any inquiry from any Person seeking to have discussions or negotiations with the Company relating to a possible Acquisition Proposal. Such notice shall be made orally and confirmed in connection with such noticewriting, and shall indicate the identity of such person the Person making the Acquisition Proposal, inquiry or request and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence)offers. The Company shall also promptly, and in any event each of DSW within 24 hours, notify Parent, orally and RVI shall provide written notice to the other party of any Acquisition Proposalin writing, request for information or initiation of such if it enters into discussions or negotiations within 24 hours concerning any Acquisition Proposal or provides nonpublic information or data to any Person in accordance with this Section 6.6(b). (ii) Nothing contained in this Section 6.6 shall prohibit the Company from taking and disclosing to its stockholders a position required by Rule 14e-2(a) or Rule 14d-9 promulgated under the Exchange Act; provided, however, that compliance with such rules shall not in any way limit or modify the effect that any action taken pursuant to such rules has under any other provision of such event. Each this Agreement, including Section 8.1(f). (c) Notwithstanding anything in this Agreement to the contrary, at any time prior to obtaining the Required Company Vote, the Board of DSW and RVI agrees that it will promptly keep the other party informed Directors of the status Company may, in response to a Superior Proposal, cause the Company to terminate this Agreement pursuant to Section 8.1(g) and terms concurrently or promptly thereafter enter into a definitive agreement with respect to a Superior Proposal; provided, however, that the Company shall not exercise its right to terminate this Agreement pursuant to Section 8.1(g) until the third business day following Parent's receipt of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice (a "Notice of any material development thereto within 24 hours thereof. Each Superior Proposal") from the Company advising Parent that the Board of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours Directors of the time it provides Company has received a Superior Proposal specifying the terms and conditions of the Superior Proposal, identifying the Person making such information Superior Proposal and stating that the Board of Directors of the Company intends to such third party, unless the other party hereto has already been provided with such informationexercise its right to terminate this Agreement pursuant to Section 8.1(g). (d) Each of DSW and RVI The Company agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any proposal that constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “"Superior Proposal” " means a bona fide written Acquisition Proposal which the RVI Board of Directors or of the DSW Board of Directors, as the case may beCompany, concludes in good faith, faith (after consultation with its financial legal advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): a nationally recognized financial advisor) (i) is more favorable to the unaffiliated shareholders stockholders of RVI or DSW, as the case may beCompany, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to Agreement, taking into account all the terms and provisions conditions of such proposal and this Agreement committed (including any proposal by Parent to in writing by RVI or DSW, as amend the case may be, in response to such Acquisition Proposalterms of the Agreement) and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “"Superior Proposal,” " the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a6.6(a), except that the reference to “15%” "10% or more" in the definition of “"Acquisition Proposal” " shall be deemed to be a reference to “"a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be."

Appears in 1 contract

Sources: Merger Agreement (Metris Companies Inc)

Acquisition Proposals. (a) Each of DSW Parkway and RVI Cousins agrees that neither it nor any of its Subsidiaries nor any of the officers or officers, and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) Representatives not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries or any purchase or sale of 1520% or more of the consolidated assets (including equity stock or other ownership interests of its Subsidiaries) of it and its SubsidiariesSubsidiaries determined on a fair market value basis, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders or other equity interest holders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries, in each case, other than any proposal, offer or transaction related to any Asset Sale or the Reorganization (any such proposal, offer or transaction (other than a proposal or offer made by the other one party to this AgreementAgreement or an affiliate thereof and other than any proposal, offer or transaction related to any Asset Sale or the Reorganization) being hereinafter referred to as an “Acquisition Proposal”), (ii) have participate in any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal, (iii) approve or recommend, or execute or enter into, into any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal (an “Acquisition Agreement”) or (iv) propose or agree or publicly propose to do any of the foregoing. (bi) Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards the Board of Directors of Parkway and the Board of Directors of Cousins shall each be permitted permitted, prior to its respective meeting of stockholders to be held pursuant to Section 5.1, and subject to compliance with the other terms of this Section 5.4 and to first entering into a confidentiality agreement having provisions that are no less favorable to such party than those contained in the Confidentiality Agreement (A) comply with Rule 14d-9 and Rule 14e-2 under provided that such agreement need not contain any standstill or similar provision prohibiting the Exchange Act with regard to making of an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person Person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of that did not result from a termination breach of this Agreement by RVISection 5.4) or 7.1(g) (in and which the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsDirectors of Parkway or the Board of Directors of Cousins, after consultation with its outside legal counselas applicable, determines concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors) constitutes or is reasonably likely to result in a Superior Proposal, determines if and only to the extent that the directors of Parkway or of Cousins, as applicable, conclude in good faith (after consultation with their outside legal counsel) that there failure to do so would reasonably be expected to result in a breach of their duties to the stockholders of Parkway or of Cousins, as applicable. Parkway or Cousins, as applicable, shall provide the other with a copy of any nonpublic information or data provided to a third party pursuant to the prior sentence prior to or simultaneously with furnishing such information to such third party (except to the extent that such nonpublic information or data shall have been previously provided to the other party). (ii) Each party shall notify the other party promptly (but in no event later than twenty-four (24) hours) after receipt of any Acquisition Proposal, or any request for nonpublic information relating to such party or Table of Contents any of its Subsidiaries by any person that informs such party or any of its Subsidiaries that it is considering making, or has made, an Acquisition Proposal, or any inquiry from any person seeking to have discussions or negotiations with such party relating to a reasonable likelihood possible Acquisition Proposal. Such notice shall be made orally and confirmed in writing, and shall indicate the identity of the person making the Acquisition Proposal, inquiry or request and the material terms and conditions of any inquiries, proposals or offers (including a copy thereof if in writing and any related documentation or correspondence). Each party shall also promptly, and in any event within twenty-four (24) hours, notify the other party, orally and in writing, if it enters into discussions or negotiations concerning any Acquisition Proposal or provides nonpublic information or data to any person in accordance with this Section 5.4(b) and keep the other party informed of the status and terms of any such proposals, offers, discussions or negotiations on a current basis, including by providing a copy of all material documentation or correspondence relating thereto. Notwithstanding anything to the contrary in this Agreement, each party may contact any Person submitting an Acquisition Proposal after the date of this Agreement (that did not result from a breach of this Section 5.4) to clarify and understand the terms of the Acquisition Proposal so as to determine whether such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal. (iii) Except as provided in Section 5.4(b)(iv) or Section 5.4(b)(v), and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s neither the Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable of Parkway, the Board of Directors of Cousins, nor any committee thereof shall withhold, withdraw or modify in any manner adverse to the party providing other party, or propose publicly to withhold, withdraw or modify in any manner adverse to the other party, the approval, recommendation or declaration of advisability by the Board of Directors of Parkway or the Board of Directors of Cousins, as applicable, or any such information than those contained committee thereof with respect to this Agreement or the transactions contemplated hereby (a “Change in Parkway Recommendation” or a “Change in Cousins Recommendation,” respectively). (iv) Notwithstanding anything in this Agreement to the contrary, with respect to an Acquisition Proposal, the Board of Directors of Parkway or Board of Directors of Cousins, as applicable, may make a Change in Parkway Recommendation or a Change in Cousins Recommendation, as applicable (and in the Master Separation Agreement; provided event that the Board of Directors of Parkway or Board of Directors of Cousins, as applicable, determines such Acquisition Proposal to be a Superior Proposal, in accordance with this Section 5.4, terminate this Agreement pursuant to Section 7.1(d)(i), with respect to Parkway, and Section 7.1(e)(i), with respect to Cousins), in each case (xincluding with respect to any such termination), if and only if (A) an unsolicited bona fide written Acquisition Proposal (that did not result from a breach of this Section 5.4) is made to Parkway or Cousins, as applicable, by a third party, and such Acquisition Proposal is not withdrawn, (B) the Board of Directors of Parkway or the Board of Directors of Cousins, as applicable, has concluded in good faith (after consultation with outside legal counsel and financial advisors) that such Acquisition Proposal constitutes a Superior Proposal, (C) the directors of Parkway or of Cousins, as applicable, have concluded in good faith (after consultation with their outside legal counsel) that failure to do so would reasonably be expected to result in a breach of their duties to the stockholders of Parkway or of Cousins, as applicable, (D) five (5) Business Days (the “Notice Period”) shall have elapsed since the party furnished proposing to take such action has given written notice to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to advising such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party that the notifying party intends to this Agreementtake such action and specifying in reasonable detail the reasons therefor, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to including the terms and conditions of any such Superior Proposal that is the basis of the proposed action (a “Notice of Recommendation Change”) (it being understood that any amendment to any material term of such Superior Proposal shall require a new Notice of Recommendation Change and a new Notice Period), (E) during the Notice Period, the notifying party has considered and, at the reasonable request of the other party, engaged in good faith discussions with such party regarding, any adjustment or modification of the terms of this Agreement proposed by the other party, and (F) the directors of the party hereto proposing to determine whether take such modifications cause action, following the Notice Period, again reasonably determines in good faith (after consultation with outside legal counsel, and taking into account any adjustment or modification of the terms of this Agreement proposed by the other party) that failure to do so would reasonably be expected to result in a breach of their duties to the stockholders of such party’s . Table of Contents (v) Notwithstanding anything in this Agreement to the contrary, in circumstances not involving or relating to an Acquisition Proposal, the Board of Directors to conclude that such Acquisition Proposal no longer requires of Parkway or Board of Directors of Cousins, as applicable, may make a Change in Parkway Recommendation or a Change in Cousins Recommendation; and , as applicable, if and only if (iiiA) a material development or change in any circumstances has occurred or arisen after the date of this Agreement that was neither known to such case referred party nor reasonably foreseeable as of the date of this Agreement (and which change or development does not relate to an Acquisition Proposal), (B) the directors of the party proposing to take such action have first reasonably determined in clause good faith (after consultation with outside legal counsel) that failure to do so would reasonably be expected to result in a breach of their duties to the stockholders of such party, (C) the Notice Period shall have elapsed since the party proposing to take such action has given a Notice of Recommendation Change to the other party advising that the notifying party intends to take such action and specifying in reasonable detail the reasons therefor, (D) aboveduring the Notice Period, the Acquisition Proposal is notifying party has considered and, at the reasonable request of the other party, engaged in good faith discussions with such party regarding, any adjustment or modification of the terms of this Agreement proposed by the other party, and (E) the directors of the party proposing to take such action, following the Notice Period, again reasonably determine in good faith (after consultation with outside legal counsel, and taking into account any adjustment or modification of the terms of this Agreement proposed by the other party) that failure to do so would reasonably be expected to result in a breach of their duties to the stockholders of such party. (vi) Nothing contained in this Section 5.4 shall prohibit either party or its Subsidiaries from taking and disclosing to its stockholders a position contemplated by Rule 14e-2(a) promulgated under the Exchange Act or from making a statement contemplated by Item 1012(a) of Regulation M-A or Rule 14d-9 promulgated under the Exchange Act, or from issuing a “stop, look and listen” statement pending disclosure of its position thereunder; provided, however, that compliance with such rules shall not withdrawn in any way limit or modify the effect that any action taken pursuant to such rules has under any other provision of this Agreement, including Section 7.1(d) or Section 7.1(e), as applicable; and provided, further that any such disclosure that addresses or relates to the applicable party’s approval, recommendation or declaration of advisability by the Board of Directors determines of such party, as applicable, with respect to this Agreement or an Acquisition Proposal shall be deemed to be a Change in good faithParkway Recommendation or Change in Cousins Recommendation, after consultation as applicable, unless the Board of Directors of such party, in connection with such communication publicly states that its financial advisorsrecommendation with respect to this Agreement and the transactions contemplated hereby has not changed or refers to the prior recommendation of such party, that such offer constitutes a Superior Proposalwithout disclosing any Change in Parkway Recommendation or Change in Cousins Recommendation, as applicable. (c) Each of DSW Parkway and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI Cousins agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) except, with respect to Parkway, as set forth in Section 5.4(c) of the Parkway Disclosure Letter, it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal, and will use reasonable efforts to enforce the provisions of such agreements. Each of DSW Parkway and RVI Cousins agrees that it will use its reasonable best efforts to promptly inform its its, and its Subsidiaries’ ’, respective directors, officers, affiliates, agents, representatives and advisors Representatives of the obligations undertaken in this Section 5.4. (ed) Nothing in this Section 5.4 Neither party shall permit either party to terminate this Agreement or to submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger and the other transactions contemplated hereby prior to the termination of this Agreement in accordance with Section 7.1Agreement. (fe) For purposes of this Agreement, “Superior Proposal” for Parkway or Cousins means a bona fide written Acquisition Proposal which that the RVI Board of Directors of Parkway or the DSW Board of DirectorsDirectors of Cousins, as the case may berespectively, concludes in good faith, after consultation with its financial advisors and outside legal advisorscounsel, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): ), (i) is more favorable to the unaffiliated shareholders stockholders of RVI Parkway or DSWCousins, as the case may be, from a financial point of viewrespectively, than the transactions contemplated Table of Contents by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSWAgreement, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%20% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI 75% or DSW, as the case may bemore.”

Appears in 1 contract

Sources: Merger Agreement (Parkway Properties Inc)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it Neither the Company nor any of its Subsidiaries shall (whether directly or indirectly through advisors, agents or other intermediaries), nor shall the Company or any of the officers or directors of it or its Subsidiaries shallauthorize or permit any of its or their officers, and that it shall use its reasonable best efforts directors, agents, representatives or advisors to cause its (A) directly or indirectly solicit, initiate, knowingly encourage (including by way of furnishing information) or take any action knowingly to facilitate the submission of any inquiries, proposals or offers (whether or not in writing) from any Person or group of related Persons (other than Parent and its Subsidiaries’ directorsaffiliates) relating to, officersother than the transactions contemplated by this Agreement, employees, affiliates, agents (i) any acquisition or purchase of 10% or more of the consolidated assets of the Company and representatives (including its Subsidiaries or of 10% or more of any investment banker, attorney or accountant retained by it class of equity securities of the Company or any of its Subsidiaries) not to, directly or indirectly, (iii) initiate, solicit, encourage any tender offer (including a self tender offer) or knowingly facilitate the making exchange offer that if consummated would result in any Person or group of related Persons beneficially owning 10% or more of any proposal class of equity securities of the Company or offer with respect toany of its Subsidiaries, or a transaction to effect, a (iii) any merger, reorganization, share exchange, consolidation, business combination, sale of substantially all assets, recapitalization, liquidation, dissolution or similar transaction involving it the Company or any of its Subsidiaries whose assets, individually or any purchase or sale of 15in the aggregate, constitute 10% or more of the consolidated assets of the Company (including equity interests of its Subsidiaries) of it and its Subsidiariescollectively, taken as a whole"Acquisition Proposals"), or agree to or endorse any purchase Acquisition Proposal or sale of, (B) enter into or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage participate in any negotiations concerning an Acquisition Proposal regarding any of the foregoing, or furnish to any other Person any information with respect to its business, properties or assets in connection with the foregoing, or otherwise cooperate in any way with, or participate in or knowingly facilitate assist, facilitate, or encourage, any effort or attempt to make by any other Person or implement an Acquisition Proposal or group of related Persons (iiiother than any of Parent, Merger Sub and their affiliates) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do or seek any of the foregoing. ; provided, however, that the foregoing shall not prohibit the Company (bX) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply from complying with Rule 14d-9 14e-2 and Rule 14e-2 14d-9 under the Exchange Act with regard to an Acquisition Proposala bona fide tender offer or exchange offer, (Y) from making such disclosure to the Company's stockholders or make any disclosure that such party’s otherwise which, the Company Board of Directors may determine (concludes in good faith, after consultation with its outside legal counsel) , is required to be made necessary under applicable Lawlaw or the rules of the NASDAQ or is necessary in order to comply with its fiduciary duties to the Company's stockholders under applicable law, (BZ) effect a Change from participating in RVI Recommendation negotiations or a Change discussions with or furnishing information to any Person in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to connection with an unsolicited bona fide written Acquisition Proposal not solicited after the date hereof which is submitted in writing by any such person first made Person or group of related Persons to the Company Board after the date of this Agreement; provided, however, that prior to participating in any such discussions or negotiations or furnishing any information, the Company receives from such Person or group of related Persons, as the case may be, an executed confidentiality agreement on terms not less favorable to the Company than the Confidentiality Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (the Company furnishes Parent any such nonpublic information; and provided, further, that the Company Board shall have concluded in good faith that such Acquisition Proposal, in the case of a termination of this Agreement by RVI) furnishing information, is or 7.1(g) (is reasonably likely to lead to or, in the case of participating in discussions or negotiations, constitutes a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsSuperior Proposal and, after consultation with its outside legal counsel, that participating in such negotiations or discussions or furnishing such information is necessary in order to comply with its fiduciary duties to the stockholders of the Company under applicable law; and provided, further, that the Company Board shall not take any of the foregoing actions prior to three Business Days (for purposes of this Agreement, "Business Day" means any day on which banks are not required or authorized to close in the City of New York) after it provides Parent with prompt (but in no event later than 24 hours after the occurrence or commencement of such action) written notice thereof. If the Company Board receives an Acquisition Proposal, then the Company shall promptly inform Parent of the material terms and conditions of such proposal and the identity of the Person or group of related Persons making it. (b) In the event the Company Board determines in good faith upon the consultation of an independent financial advisor of nationally recognized reputation (which shall be deemed to include ▇▇▇▇▇▇▇▇ Inc.) that failure it has received a Superior Proposal and determines in good faith upon the consultation of its outside legal counsel that taking the following actions is necessary in order to take such action would reasonably be expected to be inconsistent comply with its fiduciary duties under applicable Law; law and provided that neither the Company nor any representative of the Company has breached any of the provisions of this Section 4.4, the Company and the Company Board may (i) withdraw, modify or change the Company Board's approval or recommendation of this Agreement or the Merger, (ii) in any approve or recommend to the Company's stockholders such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) terminate this Agreement in accordance with Section 6.3(b) and (iv) publicly announce the Company Board's intention to do any such case referred to in clause (D) above, or all of the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposalforegoing. (c) Each of DSW The Company will immediately cease and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiariesadvisors, agents and its and their officers, directors, affiliates, agents, representatives and advisors to, other intermediaries to cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposalof the foregoing, and (ii) it will shall use its best efforts to cause any such parties in possession of confidential information about the Company that was furnished by or on behalf of the Company to return or destroy all such information in the possession of any such party or in the possession of any agent or advisor of any such party. The Company agrees not to release any third party from, from or waive any provisions of, of confidentiality in any confidentiality or standstill agreement to which it or any of its Subsidiaries Company is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4party. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Exe Technologies Inc)

Acquisition Proposals. (a) Each of DSW VEREIT and RVI Realty Income agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall instruct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) Representatives not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share sale, share exchange, asset sale, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 1520% or more of the consolidated assets (including equity interests of its Subsidiariesstock or other ownership interests) of it and its Subsidiaries, taken as a wholewhole and determined on a fair market value basis, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders or other equity interest holders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction), in each case, other than any proposal, offer or transaction expressly permitted by Section 5.15(d) (any such proposal, offer or transaction (other than a proposal or offer made by the other one party to this AgreementAgreement or any Subsidiary thereof to another party to this Agreement or any Subsidiary thereof or any proposal, offer or transaction expressly permitted by Section 5.15(d)) being hereinafter referred to as an “Acquisition Proposal”), (ii) have participate in any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal, (iii) approve or recommend, or execute or enter into, into any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal (an “Acquisition Agreement”) or (iv) propose or agree or publicly propose to do any of the foregoing. (bi) Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards the Board of Directors of VEREIT and the Board of Directors of Realty Income shall each be permitted permitted, prior to its respective meeting of stockholders to be held pursuant to Section 5.1, and subject to (A) comply compliance with Rule 14d-9 the other terms of this Section 5.4 and Rule 14e-2 under (B) first entering into a confidentiality agreement having provisions that are no less favorable to such party than those contained in the Exchange Act with regard to Confidentiality Agreement (provided that such agreement need not contain any standstill or similar provision prohibiting the making of an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person Person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of that did not result from a termination material breach of this Agreement by RVISection 5.4) or 7.1(g) (in and which the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsDirectors of VEREIT or the Board of Directors of Realty Income, after consultation with its outside legal counselas applicable, determines concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors) constitutes or is reasonably likely to result in a Superior Proposal, determines if and only to the extent that the directors of VEREIT or of Realty Income, as applicable, conclude in good faith (after consultation with their outside legal counsel) that there failure to do so would reasonably be expected to result in a breach of their duties to VEREIT or Realty Income, as applicable. VEREIT or Realty Income, as applicable, shall provide the other with a copy of any nonpublic information or data provided to a third party pursuant to the prior sentence prior to or substantially concurrently with furnishing such information to such third party (except to the extent that such nonpublic information or data shall have been previously provided to the other party). (ii) Each party shall notify the other party promptly (but in no event later than twenty-four (24) hours) after receipt of any Acquisition Proposal, or any request for nonpublic information relating to such party or any of its Subsidiaries by any person that informs such party or any of its Subsidiaries that it is considering making, or has made, an Acquisition Proposal, or any inquiry from any person seeking to have discussions or negotiations with such party relating to a reasonable likelihood possible Acquisition Proposal. Such notice shall be made orally and confirmed in writing, and shall indicate the identity of the Person making the Acquisition Proposal, inquiry or request and the material terms and conditions of any inquiries, proposals or offers (including a copy thereof if in writing and any related documentation or written correspondence). Each party shall also promptly, and in any event within twenty-four (24) hours, notify the other party, orally and in writing, if it enters into discussions or negotiations concerning any Acquisition Proposal or provides nonpublic information or data to any person in accordance with this Section 5.4(b) and keep the other party reasonably informed of the status and terms of any such proposals, offers, discussions or negotiations on a reasonably current basis, including by providing a copy of all material documentation or written correspondence relating thereto. Notwithstanding anything to the contrary in this Agreement, each party may contact any Person submitting an Acquisition Proposal after the date of this Agreement (that did not result from a material breach of this Section 5.4) to clarify and understand the terms of the Acquisition Proposal so as to determine whether such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal. (iii) Except as provided in Section 5.4(b)(iv) or Section 5.4(b)(v), and prior neither the Board of Directors of VEREIT, the Board of Directors of Realty Income, nor any committee thereof shall (a) withhold, withdraw, modify or qualify in any manner adverse to providing the other party, or propose publicly to withhold, withdraw, modify or qualify in any information manner adverse to the other party, the approval, recommendation or data declaration of advisability by the Board of Directors of VEREIT or the Board of Directors of Realty Income, as applicable, or any such committee thereof with respect to this Agreement or the transactions contemplated hereby, (b) fail to include the approval, recommendation or declaration of advisability by the Board of Directors of VEREIT or the Board of Directors of Realty Income, as applicable, or any person such committee thereof with respect to this Agreement or the transactions contemplated hereby in the Joint Proxy Statement/Prospectus, (c) make or publicly propose to make any recommendation in connection with a tender offer or exchange offer commenced by a third party other than a recommendation against such offer or a customary “stop, look and listen” communication or (d) in the event an Acquisition Proposal has been publicly announced or publicly disclosed, fail to publicly reaffirm the approval, recommendation or declaration of advisability by any such person, such party’s the Board of Directors receives from of VEREIT or the Board of Directors of Realty Income, as applicable, or any such person an executed confidentiality agreement having confidentiality provisions committee thereof with respect to this Agreement or the transactions contemplated hereby within five (5) Business Days of the other party’s written request that are no less favorable Realty Income or VEREIT, as applicable, do so (provided that a party shall be entitled to make such a written request for reaffirmation only once with respect to each Acquisition Proposal and once for each material amendment to each such Acquisition Proposal) (any of the foregoing (a), (b), (c) or (d), a “Change in VEREIT Recommendation” or a “Change in Realty Income Recommendation,” respectively). (iv) Notwithstanding anything in this Agreement to the party providing such information than those contained contrary, with respect to an Acquisition Proposal, the Board of Directors of VEREIT or Board of Directors of Realty Income, as applicable, may make a Change in VEREIT Recommendation or a Change in Realty Income Recommendation, as applicable (and in the Master Separation Agreement; provided event that the Board of Directors of VEREIT determines such Acquisition Proposal to be a Superior Proposal, in accordance with this Section 5.4, terminate this Agreement pursuant to Section 7.1(d)(i)), in each case (xincluding with respect to any such termination), if and only if (A) an unsolicited bona fide written Acquisition Proposal (that did not result from a material breach of this Section 5.4) is made to VEREIT or Realty Income, as applicable, by a third party, and such Acquisition Proposal is not withdrawn, (B) the Board of Directors of VEREIT or the Board of Directors of Realty Income, as applicable, has concluded in good faith (after consultation with outside legal counsel and financial advisors) that such Acquisition Proposal constitutes a Superior Proposal, (C) the Board of Directors of VEREIT or of Realty Income, as applicable, has concluded in good faith (after consultation with its outside legal counsel) that failure to do so would reasonably be expected to result in a breach of its duties to VEREIT or Realty Income, as applicable, (D) four (4) Business Days (the “Notice Period”) shall have elapsed since the party furnished proposing to take such action has given written notice to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to advising such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party that the notifying party intends to this Agreementtake such action and specifying in reasonable detail the reasons therefor, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to including the terms and conditions of any such Superior Proposal that is the basis of the proposed action (a “Notice of Recommendation Change”) (it being understood that any amendment to any material term of such Superior Proposal shall require a new Notice of Recommendation Change and a new Notice Period, except that the four (4) Business Day Notice Period referred to in clause (D) above shall instead be equal to the longer of (1) three (3) Business Days or (2) the period remaining under the Notice Period under clause (D) above immediately prior to the delivery of such additional notice under this clause (D)), (E) during the Notice Period, the notifying party has considered and, at the reasonable request of the other party, engaged in good faith discussions with such party regarding, any adjustment or modification of the terms of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s , and (F) the Board of Directors of the party proposing to conclude take such action, following the Notice Period, again reasonably determines in good faith (after consultation with outside legal counsel, and taking into account any adjustment or modification of the terms of this Agreement proposed by the other party) that failure to do so would reasonably be expected to result in a breach of its duties to such party. (v) Notwithstanding anything in this Agreement to the contrary, in circumstances not involving or relating to an Acquisition Proposal no longer requires Proposal, the Board of Directors of VEREIT or Board of Directors of Realty Income, as applicable, may make a Change in VEREIT Recommendation or a Change in Realty Income Recommendation, as applicable, if and only if (A) a material development or material change in circumstances has first occurred or arisen after the date of this Agreement that was neither known to such party nor reasonably foreseeable as of the date of this Agreement; and provided, that (iiix) such change or development does not relate to an Acquisition Proposal and (y) in no event shall the fact in and of itself that VEREIT or Realty Income meets or exceeds or fails to meet or exceed internal or published projections, forecasts or revenue or earnings predictions for any period constitute such case referred a material development or material change in circumstances that was not reasonably foreseeable as of the date of this Agreement (but the foregoing shall not exclude any change or development underlying such failure to meet or exceed such projections, forecasts or predictions), (B) the Board of Directors of the party proposing to take such action has first reasonably determined in clause good faith (after consultation with outside legal counsel) that failure to do so would reasonably be expected to result in a breach of its duties to such party, (C) the Notice Period shall have elapsed since the party proposing to take such action has given a Notice of Recommendation Change to the other party advising that the notifying party intends to take such action and specifying in reasonable detail the reasons therefor, (D) aboveduring the Notice Period, the Acquisition Proposal is not withdrawn notifying party has considered and, at the reasonable request of the other party, engaged in good faith discussions with such party regarding, any adjustment or modification of the terms of this Agreement proposed by the other party, and (E) the applicable party’s Board of Directors of the party proposing to take such action, following the Notice Period, again reasonably determines in good faith, faith (after consultation with outside legal counsel, and taking into account any adjustment or modification of the terms of this Agreement proposed by the other party) that failure to do so would reasonably be expected to result in a breach of its financial advisorsduties to such party. (vi) Nothing contained in this Section 5.4 shall prohibit either party or its Subsidiaries from taking and disclosing to its stockholders a position contemplated by Rule 14e-2(a) promulgated under the Exchange Act or from making a statement contemplated by Item 1012(a) of Regulation M-A or Rule 14d-9 promulgated under the Exchange Act, or from issuing a “stop, look and listen” statement pending disclosure of its position thereunder; provided, however, that compliance with such offer constitutes rules shall not in any way limit or modify the effect that any action taken pursuant to such rules has under any other provision of this Agreement, including Section 7.1(d) or Section 7.1(e), as applicable; and provided, further that any such disclosure that addresses or relates to the approval, recommendation or declaration of advisability by the Board of Directors of such party, as applicable, with respect to this Agreement or an Acquisition Proposal shall be deemed to be a Superior ProposalChange in VEREIT Recommendation or Change in Realty Income Recommendation, as applicable, unless the Board of Directors of such party, in connection with such communication publicly states that its recommendation with respect to this Agreement and the transactions contemplated hereby has not changed or refers to the prior recommendation of such party, without disclosing any Change in VEREIT Recommendation or Change in Realty Income Recommendation, as applicable. (c) Each of DSW VEREIT and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI Realty Income agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) except with respect to VEREIT and its Subsidiaries, it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal, and will use reasonable efforts to enforce the provisions of such agreements. Each of DSW VEREIT and RVI Realty Income agrees that it will use its reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors Representatives of the obligations undertaken in this Section 5.4. (ed) Nothing in this Section 5.4 Neither party shall permit either party to terminate this Agreement or to submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger Merger, the Realty Income Stock Issuance and the other transactions contemplated hereby prior to the termination of this Agreement in accordance with Section 7.1Agreement. (fe) For purposes of this Agreement, “Superior Proposal” for VEREIT or Realty Income means a bona fide written Acquisition Proposal which that the RVI Board of Directors of VEREIT or the DSW Board of DirectorsDirectors of Realty Income, as the case may berespectively, concludes in good faith, after consultation with its financial advisors and outside legal advisorscounsel, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person Person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and provisions, conditions to consummation): consummation and certainty and speed of Closing), (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.favorab

Appears in 1 contract

Sources: Merger Agreement (VEREIT Operating Partnership, L.P.)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it Neither Seller nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries Subsidiary shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, through any officer, director, agent, affiliate, representative (including, without limitation, investment bankers, attorneys and accountants) or otherwise, (i) initiate, solicit, initiate or encourage submission of inquiries, proposals or knowingly facilitate offers from any Person, corporation, partnership or other entity or group (as such term is used in Section 13(d)(3) of the making Exchange Act) other than Buyer (a "Third Party"), relating to any acquisition or purchase of all or a portion of the assets of, or any proposal equity interest in, Seller or offer any Subsidiary; or (ii) unless the Board has determined that such Third Party has made a Superior Takeover Proposal, participate in any discussions or negotiations regarding, or furnish to any Third Party any information with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or otherwise cooperate in any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeway with, or any purchase assist or sale ofparticipate in, facilitate or tender or exchange offer forencourage, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, by any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose Third Party to do or seek any of the foregoing. (b) Notwithstanding anything in this Agreement to . Seller and the contrary, RVI and DSW and their respective Boards of Directors Subsidiaries shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposalpromptly notify Buyer if any such proposal or offer, or make any disclosure that such party’s Board of Directors may determine (after consultation inquiry or contact with its outside legal counsel) any Third Party with respect thereto, is required to be made under applicable Lawmade, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) shall in any such case referred to notice set forth in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 reasonable detail the identity of the Third Party and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of such inquiry, proposal or offer. In the event that (a) the Closing shall fail to occur as the result of Seller or any Subsidiary violating the terms of this Section 5.6 or (b) Seller or any Subsidiary shall have determined that a Superior Takeover Proposal exists, shall have elected to accept such Superior Takeover Proposal and either the transaction contemplated thereby is consummated or Seller terminates this Agreement proposed by as a result of such election, Seller shall promptly, but in no event later than one day after the first of such events shall occur, pay Buyer a fee of $2,000,000, which amount shall be payable in same day funds, plus all Expenses. A "Superior Takeover Proposal" means any bona fide (w) tender or exchange offer; (x) proposal for a merger to which Seller or any Subsidiary would be a party; (y) consolidation or other party hereto business combination involving Seller and or any Subsidiary; or (z) any other arrangement to determine whether such modifications cause such party’s acquire, directly or indirectly, for consideration consisting of cash, securities or a combination thereof, all of the a-72684.2 40 common stock of Seller or a Subsidiary then outstanding or all or substantially all of the assets of Seller or a Subsidiary on terms that the Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in its good faith, faith reasonable judgment (after consultation with its a financial advisors, that such offer constitutes a Superior Proposal. (cadvisor of nationally recognized reputation) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is be more favorable to the unaffiliated shareholders stockholders of RVI or DSW, as the case may be, from a financial point of view, Seller than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may beAgreement.

Appears in 1 contract

Sources: Asset Purchase Agreement (Valley Systems Inc)

Acquisition Proposals. (a) Each of DSW and RVI LCI agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving involving, or any purchase or sale of all or any significant portion of the assets or more than 15% (or in the case of acquisition by an Institutional Investor (as defined in the Rights Plan) more than 20%) of the common stock of, it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementQwest or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"). LCI further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its best efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of Proposal. Notwithstanding the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards LCI or its Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2(a) promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation response to an unsolicited bona fide written Acquisition Proposal by any Person, recommend approval of such an unsolicited bona fide written Acquisition Proposal to the stockholders of LCI or a Change withdraw or modify in DSW Recommendation (as applicable, a “Change in Recommendation”), any adverse manner the Board Approval or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders the LCI Stockholders Meeting shall not have occurred, (yii) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, after consultation with its outside legal counsel, determines Directors of LCI concludes in good faith that failure to take such action would Acquisition Proposal (x) in the case of clause (B) above would, if consummated, constitute a Superior Proposal or (y) in the case of clause (C) above could reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in constitute a Superior Proposal, and (iii) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the LCI Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable on terms substantially similar to the party providing such information than those contained in the Master Separation Agreement; Confidentiality Agreement (except as to the standstill provisions, provided that (x) if under the aforementioned circumstances LCI enters into any such party furnished confidentiality agreement without standstill provisions substantially similar to those contained in the Confidentiality Agreement, then Qwest shall to the other party to this Agreement extent of the information and documentation required by Section 5.4(c) difference be relieved of compliance with respect to such Acquisition Proposal the Confidentiality Agreement's standstill provisions), and (yiv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with any Person, the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that of LCI notifies Qwest promptly of such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI LCI agrees that it will promptly keep the other party informed Qwest informed, on a current basis, of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also LCI agrees to provide the other party hereto with copies of any written information that it provides will immediately cease and cause to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI LCI agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence of this Section 5.5 of the obligations undertaken in this Section 5.4. (e) 5.5. Nothing in this Section 5.4 5.5 shall (x) permit either party LCI to terminate this Agreement (except as specifically provided in Article VII hereof) or to submit to the vote (y) affect any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of LCI under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Lci International Inc /Va/)

Acquisition Proposals. (a) Each of DSW Kmart and RVI Sears agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) or (f) in the case of Sears, and Section 4.2(e) or (f) in the case of Kmart) or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards either party or its Board of Directors shall be permitted to (A) to the extent applicable and subject to Section 5.4(g) and being otherwise in compliance with this Section 5.4(b), comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, Proposal or make any other disclosure that such party’s Board of Directors may determine required by law or its fiduciary duties (after consultation other than with its outside legal counselrespect to matters covered by clauses (B) is required to be made under applicable Lawor (C)), (B) effect a Change in RVI Sears Recommendation or a Change in DSW Kmart Recommendation (as applicable, a “"Change in Recommendation”"), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreementhereof, if and only to the extent that:, (i) in any such case referred to in clause (B), (C) or (DC) above, (xI) such party’s 's Required Shareholders Stockholders Meeting shall not have occurred, (yII) such party has complied in all material respects with this Section 5.4 5.4, and (zIII) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law;law, (ii) in the case of clause (B) above, (I) it has received an unsolicited bona fide written Acquisition Proposal from a third party and its Board of Directors, after consultation with its outside legal counsel and financial advisors, concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal (as defined below) (after giving effect to all of the proposed revisions to this Agreement which may be offered by the other party to this Agreement pursuant to clause (III) below), (II) it has notified the other party to this Agreement, at least four business days in advance, of its intention to effect a Change in Recommendation, specifying the material terms and conditions of such Superior Proposal and the identity of the party making such Superior Proposal, and furnishing to the other party to this Agreement a copy of any relevant proposed transaction agreements with the party making such Superior Proposal and any other material documents received by it or its representatives, and (III) prior to effecting such a Change in Recommendation, it has, and has caused its financial and legal advisors to, negotiate with the other party to this Agreement in good faith to make such adjustments in the terms and conditions of this Agreement such that such Acquisition Proposal would no longer constitute a Superior Proposal, and (iii) in the case referred to in of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s its Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior ProposalConfidentiality Agreements. (c) Each of DSW Kmart and RVI Sears shall notify the other party to this Agreement as promptly as practicable of any Acquisition Proposal such inquiries, proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available material documentation or correspondence), and in any event each of DSW Kmart and RVI Sears shall provide written notice to the other party of any Acquisition Proposalsuch inquiries, request proposals, offers, requests for information or and initiation of such discussions or negotiations within 24 hours of such event. Each of DSW Kmart and RVI Sears agrees that it will promptly keep the other party informed of the status and material terms of any such Acquisition Proposal inquiries, proposals or offers (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and material terms of any such discussions or negotiations, and in any event each of DSW Kmart and RVI Sears shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW Kmart and RVI Sears also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of at substantially the same time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI Sears agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI Sears agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ ' respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. Sears shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the six months prior to the date hereof in connection with its consideration of any Acquisition Proposal to return or destroy all confidential information or data heretofore furnished to any person by or on behalf of it or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Neither party shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger Mergers prior to the termination of this Agreement in accordance with Section 7.1Agreement. (f) For purposes of this Agreement, “"Superior Proposal” " means a bona fide written Acquisition Proposal which that the RVI Board of Directors of Kmart or the DSW Board of DirectorsSears, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the all legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders stockholders of RVI Kmart or DSWSears, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI Kmart or DSWSears, as the case may be, in response to such Acquisition Proposal) and ), (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed, and (iii) with respect to Sears only, satisfies such other considerations contemplated in clauses (1) and (2) of Section 717(b) of the NYBCL; provided that, for purposes of this definition of “"Superior Proposal,” " the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” "20% or more" in the definition of “"Acquisition Proposal” " shall be deemed to be a reference to “"a majority” " and “"Acquisition Proposal” " shall only be deemed to refer to a transaction involving RVI Kmart or DSWSears, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Sears Roebuck & Co)

Acquisition Proposals. (a) Each of DSW Except as permitted by this Section 6.4, ▇▇▇▇▇ shall not, and RVI agrees that neither it nor any shall cause each of its Subsidiaries nor (and any of the officers employees or directors of it or its Subsidiaries shallSubsidiaries) not to, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) their respective Representatives not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or knowingly facilitate any inquiries regarding, or the making of any proposal or offer with respect relating to, any transaction (other than any the transaction permitted or a transaction contemplated by this Agreement) to effect, effect (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of whose assets, taken together, constitute 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it ▇▇▇▇▇ and its Subsidiaries, taken as a whole, based on fair market value, (B) any direct or any purchase or indirect sale of, or tender or exchange offer for, its Penny’s voting securities securities, in one or a series of related transactions, that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ Penny’s total voting power (or of the surviving parent entity in such transaction) or (C) any direct or indirect sale (including through acquisition of stock in any Subsidiary of ▇▇▇▇▇), in one or a series of related transactions, of assets or businesses of ▇▇▇▇▇ or its Subsidiaries constituting 15% or more of the consolidated assets or revenues of ▇▇▇▇▇ and its Subsidiaries, taken as a whole (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementNavy or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data relating to ▇▇▇▇▇ or any of its Subsidiaries to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or approve, recommend, execute or enter into, or propose to approve, recommend, execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal (other than an Acceptable Confidentiality Agreement entered into pursuant to Section 6.4(b)(i)) or propose or agree or publicly propose to do any of the foregoing. Nothing in this Section 6.4 shall prohibit ▇▇▇▇▇, or its Board of Directors, directly or indirectly through any officer, employee or Representative, informing any person that ▇▇▇▇▇ is a party to this Agreement and referring such person to this Section 6.4. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors ▇▇▇▇▇ or the ▇▇▇▇▇ Board shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2, or make any “stop-look-listen” communication to the ▇▇▇▇▇ stockholders pursuant to Rule 14d-9(f), each as promulgated under the Exchange Act with regard to an Acquisition Proposal, provided that this Section 6.4(b)(A) shall not permit ▇▇▇▇▇ or the ▇▇▇▇▇ Board to make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsela Change in ▇▇▇▇▇ Recommendation except as expressly permitted by Section 6.4(b)(C) is required to be made under applicable Lawor Section 6.4(b)(D), (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data and afford access to the business, properties, assets, books or records of ▇▇▇▇▇ or any of its Subsidiaries to, any person in response to an unsolicited (after the date hereof) bona fide, written Acquisition Proposal by any such person made after the date hereof under circumstances not resulting from any breach of this Section 6.4, (C) effect a Change in ▇▇▇▇▇ Recommendation or terminate this Agreement in accordance with Section 8.1(h) in order to enter into a binding written agreement with respect to a Superior Proposal, in each case in response to an unsolicited (after the date hereof) bona fide written Acquisition Proposal by any such person first made after the date hereof under circumstances not resulting from any breach of this Agreement and Section 6.4 or (D) terminate this Agreement pursuant effect a Change in ▇▇▇▇▇ Recommendation in response to Sections 7.1(f) (an Intervening Event, in the each case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in the case of clause (B) above, (I) the ▇▇▇▇▇ Stockholders Meeting has not occurred, (II) Penny has complied with this Section 6.4 in all material respects, (III) the Penny Board, after consultation with its financial advisors and outside legal counsel, has determined in good faith that such Acquisition Proposal constitutes a Superior Proposal or is reasonably likely to lead to a Superior Proposal and (IV) prior to providing any such information or data or access (in each case referred to as described in clause (B) above) to any person in connection with an Acquisition Proposal, Penny shall enter into a confidentiality agreement with such person having provisions as to confidentiality that are no less favorable to Penny than those contained in the Confidentiality Agreement (an “Acceptable Confidentiality Agreement”), provided that such confidentiality agreement shall not prohibit compliance by Penny with any of the provisions of this Section 6.4; (ii) in the case of clause (C) or (D) above, (xI) such party’s Required Shareholders the Penny Stockholders Meeting shall has not have occurred, (yII) such party Penny has complied with this Section 6.4 in all material respects respects, (III) the Penny Board, after consultation with this Section 5.4 its financial advisors and (z) its Board of Directorsoutside legal counsel, has determined in good faith that such Acquisition Proposal constitutes a Superior Proposal and, after consultation with its outside legal counsel, determines has determined in good faith that failure to take such action would reasonably be expected to be inconsistent with its the fiduciary duties of the directors of Penny under applicable Law; law and that, (iiIV) Penny has notified Navy in writing, at least three Business Days in advance, of its intention to effect such action (which notice shall include a copy of the relevant proposed transaction agreements and a copy of any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreementfinancing commitments relating thereto); provided that (x) such party furnished notice shall be given again in the event of any revision to the financial terms or other party material terms such Superior Proposal; provided, further, however, that such subsequent three Business Day notice period shall be shortened to this Agreement the information longer of two Business Days and documentation required by Section 5.4(c) with respect the time remaining on the prior notice period if the only change to the material terms of such Acquisition Superior Proposal and is a change of price, (yV) prior to effecting taking such a Change in Recommendationaction, Penny has, and has (together with caused its financial and legal advisors) engaged advisors to, negotiate with Navy in reasonable, good faith negotiations with the other party to this Agreement, and has considered enable Navy to propose in good faith, after consulting with its financial and legal advisors, any modifications writing revisions to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal would no longer requires constitute a Change in Recommendation; and Superior Proposal, and (iiiVI) in any following the end of such case referred to in clause (D) abovenotice period, the Acquisition Proposal is not withdrawn Penny Board shall have considered in good faith any changes to this Agreement proposed in writing by Navy, and the applicable party’s Board of Directors determines shall have determined in good faith, after consultation with its financial advisorsadvisors and outside legal counsel, that notwithstanding such proposed changes, such Acquisition Proposal remains a Superior Proposal; and (iii) in the case of clause (D) above, (I) the Penny Stockholders Meeting has not occurred, (II) Penny has complied with this Section 6.4(b)(iii) in all material respects, (III) the Penny Board, after consultation with its outside legal counsel, has determined in good faith that failure to make a Change in Penny Recommendation would be inconsistent with the fiduciary duties of the directors of Penny under applicable law, provided, however, that such offer constitutes action shall not be in response to an Acquisition Proposal or a Superior ProposalProposal (which is addressed in clause (ii) above), (IV) Penny has notified Navy in writing, at least three Business Days in advance, of its intention to effect a Change in Penny Recommendation (which notice shall include a reasonable description of the Intervening Event that serves as the basis of such Change in Penny Recommendation); provided that such three Business Day notice shall be given again in the event of any change to the material facts and circumstances relating to such Intervening Event, (V) prior to effecting such a Change in Penny Recommendation, Penny has, and has caused its financial and legal advisors to, negotiate with Navy in good faith to enable Navy to propose in writing revisions the terms and conditions of this Agreement in such a manner that would obviate the need for making such Change in Penny Recommendation, and (VI) following the end of such notice period, the Penny Board shall have considered in good faith any changes to this Agreement proposed in writing by Navy, and shall have determined in good faith, after consultation with its outside legal counsel, that notwithstanding such proposed changes, the failure to make a Change in Penny Recommendation would be inconsistent with the fiduciary duties of the directors of Penny under applicable law. (c) Each of DSW and RVI Penny shall notify the other party Navy as promptly as practicable of any request for information related to this Agreement of a potential Acquisition Proposal or any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it by Penny or any of its representativesRepresentatives, orally and in writing, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available material documentation or correspondence), and in any event each of DSW and RVI Penny shall provide written notice to the other party Navy of any such Acquisition Proposal, request Proposal or requests for information or and initiation of such discussions or negotiations within 24 hours by the end of the Business Day (New York time) following the day on which such eventevent occurs. Each of DSW and RVI Penny agrees that it will keep Navy promptly keep the other party informed and reasonably apprised of the status and material terms of any such Acquisition Proposal (including whether withdrawn or rejected), ) and the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiationsrequested, and in any event each of DSW and RVI Penny shall provide the other party Navy with written notice of any material development thereto within 24 hours thereofwith respect to any of the foregoing by the end of the Business Day (New York time) following the day on which such development occurs. Each of DSW and RVI Penny also agrees to provide the other party hereto Navy with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides substantially contemporaneously with providing such information to such third party, unless the other party hereto Navy has already been provided with such information. (d) Each of DSW and RVI agrees that Penny (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, cease immediately and terminate any and all existing activitiessolicitation, knowing encouragement, knowing facilitation, discussions or negotiations with any third parties (other than Navy and its affiliates and its and their Representatives) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not, and will cause its Subsidiaries not to, release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition ProposalProposal and (iii) will and will cause its Subsidiaries to enforce, to the fullest extent permitted under applicable law, the provisions of any such agreement, including by seeking to obtain injunctions to prevent any breaches of such agreements and to enforce specifically the terms and provisions thereof in any court having jurisdiction. Each of DSW and RVI Penny agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.4. Penny shall, if it has not already done so, promptly request, to the extent it has a contractual right to do so, that each person, if any, that has heretofore executed a confidentiality agreement within the twelve months prior to the date hereof in connection with its consideration of any Acquisition Proposal return or destroy all confidential information or data heretofore furnished to any person by or on behalf of Penny or any of its Subsidiaries. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which that the RVI Penny Board of Directors or the DSW Board of Directors, as the case may be, concludes determines in good faith, after consultation with its financial advisors and outside legal advisorscounsel, taking into account the all legal, financial, regulatory, timing and other aspects of the proposal proposal, all conditions contained therein and the person making the proposal (including any required voting agreementsproposal, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders stockholders of RVI or DSW, as the case may bePenny, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, Penny in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed); provided that, for purposes of this definition of “Superior Proposal,” the term “Acquisition Proposal Proposal” shall have the meaning assigned to such term in Section 5.4(a6.4(a), except that the reference to “15%% or more” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be50%”.

Appears in 1 contract

Sources: Merger Agreement (Nabors Industries LTD)

Acquisition Proposals. (a) Each of DSW FHLB Des Moines and RVI FHLB Seattle agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesit) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, acquisition, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase by or sale to a third party of 1520% or more of the consolidated its assets (including equity interests other than any such purchase or sale in the ordinary course of its Subsidiaries) business, consistent with past practice, or as contemplated by Schedule 4.1 of it and its Subsidiaries, taken as a wholethe FHLB Seattle Disclosure Schedule or Schedule 4.2 of the FHLB Des Moines Disclosure Schedule), or any purchase or sale of, or tender or exchange offer for, its voting securities (other than any such purchase or sale in the ordinary course of business, consistent with past practice, or as contemplated by Schedule 4.1 of the FHLB Seattle Disclosure Schedule or Schedule 4.2 of the FHLB Des Moines Disclosure Schedule) or that, if consummated, would result in any person Person (or the shareholders Members of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of it (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any engage in discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) (i) Notwithstanding anything the foregoing, prior to the Election Date, nothing in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors Section 5.4 shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect prohibit a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any Party from providing confidential information or data regarding 49 such Party to, or entering into discussions and negotiations with, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any that such person first made after the date Party or its board of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Proposal if (A) such Acquisition Proposal by did not result from any breach of any other provision of Section 5.4(a) and (B) such person, such party’s Board of Directors receives from such person an executed Party first enters into a confidentiality agreement with the Person making such Acquisition Proposal having confidentiality provisions that are no less favorable to the party providing such information Person than those then contained in the Master Separation Confidentiality Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Federal Home Loan Bank of Des Moines)

Acquisition Proposals. (a) Each of DSW Chase and RVI Morg▇▇ ▇▇▇h agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) in the case of Morg▇▇, ▇▇d Section 4.2(e) in the case of Chase) or any purchase or sale of 1520% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its 45 voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their either party to this Agreement or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation Morg▇▇ ▇▇▇ommendation or a Change in DSW Chase Recommendation (as applicable, a “"Change in Recommendation”"), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) , in any such case referred to in clause (B), (C) or (D) above, C): (xi) such party’s Required Shareholders Meeting 's stockholders meeting to vote on the adoption of this Agreement shall not have occurred, , (yii) such party has complied in all material respects with this Section 5.4 and 5.4, (ziii) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to likely be inconsistent with its fiduciary duties under applicable Law;law, (iiiv) in the case only of clause (B) above, (I) it has received an unsolicited bona fide written Acquisition Proposal from a third party and its Board of Directors concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal (as defined below) (after giving effect to all of the concessions which may be offered by the other party to this Agreement pursuant to clause (III) below), (II) it has notified the other party to this Agreement, at least five business days in advance, of its intention to effect a Change in Recommendation, specifying the material terms and conditions of such Superior Proposal and furnishing to the other party to this Agreement a copy of any relevant proposed transaction agreements with the party making such Superior Proposal and any other material documents received by it or its representatives, and (III) prior to effecting such a Change in Recommendation, it has, and has caused its financial and legal advisors to, negotiate with the other party to this Agreement in good faith to make such adjustments in the terms and conditions of this Agreement such that such Acquisition Proposal would no longer constitute a Superior Proposal, (v) in the case referred to in only of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s its Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Confidentiality Agreement; provided that , and (xvi) such party furnished to it notifies the other party to this Agreement the as promptly as practicable (and in any event within 24 hours of providing any confidential information and documentation required by Section 5.4(c) with respect or data to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith any person or entering into discussions or negotiations with the other party to this Agreementany person), and has considered in good faithof such inquiries, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW Chase and RVI agrees Morg▇▇ ▇▇▇ees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (dc) Each of DSW Chase and RVI agrees Morg▇▇ ▇▇▇ees that (i) it will will, and will cause its officers, directors and representatives to, immediately cease and cause to be terminated any activities, discussions or negotiations existing as of the date of this Agreement with any parties conducted heretofore with respect to any Acquisition Proposal, (ii) it will immediately cease and cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors toadvisors, to cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (iiiii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Chase and RVI agrees Morg▇▇ ▇▇▇ees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (ed) Nothing in this Section 5.4 shall (x) permit either party to terminate this Agreement or to (y) affect any other obligation of the parties under this Agreement. Neither party shall submit to the vote of its shareholders stockholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1Merger. (fe) For purposes of this Agreement, “"Superior Proposal” " means a bona fide written Acquisition Proposal which the RVI Board of Directors of Chase or the DSW Board of DirectorsMorg▇▇, as ▇▇ the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): ), (i) is more favorable to the unaffiliated shareholders stockholders of RVI Chase or DSWMorg▇▇, as ▇▇ the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “"Superior Proposal,” " the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” "20% or more" in the definition of “"Acquisition Proposal” " shall be deemed to be a reference to “"a majority” " and “"Acquisition 47 Proposal” " shall only be deemed to refer to a transaction involving RVI voting securities of Chase or DSWMorg▇▇, as ▇▇ the case may be.

Appears in 1 contract

Sources: Merger Agreement (Chase Manhattan Corp /De/)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its commercially reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 15% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it the Company and its Subsidiaries, taken as a whole, having an aggregate value equal to 10% or more of the market capitalization of the Company, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or the equity securities of the surviving parent entity in such transaction) Company (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this Agreementor an affiliate thereof or any proposal or offer made in conjunction with Specified Efforts) being hereinafter referred to as an “"Acquisition Proposal”"). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall use its commercially reasonable efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Proposal. Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards the Company or the Company's Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI the Company Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”accordance with Section 5.01(b), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (BC), (Ci) or (D) above, (x) such party’s Required Shareholders the Company's Stockholders Meeting shall not have occurred, (yii) such party has complied in all material respects with this Section 5.4 and (z) its the Company's Board of Directors, Directors concludes in good faith (I) after consultation with its outside legal counselindependent financial advisor, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to could result in a Superior Proposal, and (II) after consultation with its outside legal counsel, that failure to take such action could be reasonably expected to result in a breach of its fiduciary duties under applicable law, (iii) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the Company's Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; customary for a transaction of this type (provided that (x) such party furnished agreement shall not be required to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal contain standstill provisions), and (yiv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) abovePerson, the Acquisition Proposal is not withdrawn and the applicable party’s Board Company notifies Parent promptly of Directors determines in good faithsuch inquiries, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI The Company agrees that it will promptly keep the other party Parent informed of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also The Company agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI The Company agrees that it will use commercially reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 5.04. Nothing in this Section 5.4 5.04 shall (x) permit either party Parent or the Company to terminate this Agreement (except as specifically provided in Article 7 hereof) or to submit to (y) affect any other obligation of Parent or the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of Company under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Procter & Gamble Co)

Acquisition Proposals. (a) Each of DSW KPP and RVI KPP GP agrees that neither it nor any of its Subsidiaries nor any of the its officers or and directors nor those of it or its Subsidiaries shall, and that it shall cause its and its Subsidiaries' employees and agents and shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and Subsidiaries representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, solicit or encourage or knowingly facilitate take any action that facilitates any inquiries, or the making of any proposal or offer offer, with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it KPP GP, KPP or any of its Subsidiaries their respective Subsidiaries, or any purchase purchase, sale or sale other transfer of 1510% or more of the consolidated assets of KPP GP, KPP (including equity interests stock of its any of their Subsidiaries) of it and its or their Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting or other transfer of, their equity securities that, if consummated, would result in any person Person (or the shareholders of such personPerson) beneficially owning securities representing 1510% or more of its the total voting power of KPP or KPP GP, or any portion of the general partner interest in KPP GP, KPP or any of its their respective Subsidiaries’ total voting power , (or 10% or more of the surviving parent entity in such transaction) or the voting power of any of its Subsidiaries (any such proposal, offer or transaction (transaction, other than (a) a proposal or offer made by VLI or an Affiliate thereof or (b) a proposal, offer or transaction solely involving equity securities, or all or substantially all of the other party assets, of KSL to this the extent KSL complies with its obligations relating thereto under the KSL Merger Agreement) , being hereinafter referred to as an “Acquisition Proposal”"ACQUISITION PROPOSAL"), (ii) except as the board of directors of KPP GP determines in good faith, after consultation with outside counsel and taking into account any change in the terms of the KPP Merger or other proposal made reasonably promptly by VLI after being notified pursuant to Section 6.5(b), that doing so is necessary for such directors to comply with their fiduciary duties under applicable law (and in such case only after entering into a confidentiality agreement with such Person on terms no less favorable to KPP than the Confidentiality Agreement and conditioned upon contemporaneously providing to VLI a copy of any such information or data being provided to any such Person pursuant to this Section 6.5 to the extent not previously provided or made available to VLI), have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, (iii) approve or knowingly facilitate recommend, or propose publicly to approve or recommend, any effort or attempt to make or implement an Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI KPP (and DSW and their respective Boards the Board of Directors of KPP GP) shall be permitted to (A) take and publicly disclose a position to the extent necessary to comply with Rule 14d-9 and or Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine Proposal (after consultation with its outside legal counsel) is required to be made under applicable Lawthe extent applicable), (B) effect a Change in RVI Recommendation the Kaneb Recommendation, or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information (whether confidential, non-public or data otherwise) to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (CI) or (D) above, (x) such party’s Required Shareholders the KPP Unitholders Meeting shall not have occurredoccurred other than as a result of a breach by Kaneb Entities of their obligations pursuant to Section 6.1, (yII) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied not in all material respects with this violation of Section 5.4 6.5(a) and (z) its the Board of DirectorsDirectors KPP GP concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal, (III) in the case of clause (B) or (C) above, the Board of Directors of KPP GP, after consultation with its receipt of the advice of outside legal counsel, determines in good faith that failure doing so is necessary for such directors to take such action would reasonably be expected to be inconsistent comply with its their fiduciary duties under applicable Law; law, (iiIV) in prior to providing any information or data permitted to be provided pursuant to this sentence, KPP shall have entered into a confidentiality agreement with such Person on terms no less favorable to the KPP than the Confidentiality Agreement, and shall have provided to VLI a copy of any such case referred information or data that it is providing to in clause (C) above, any such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes Person pursuant to this Section 6.5 to the extent not previously provided or is reasonably likely made available to result in a Superior ProposalVLI, and (V) prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith Person or entering into discussions or negotiations with the other party to this Agreementany Person, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI KPP or KPP GP shall notify the other party to this Agreement VLI promptly of any Acquisition Proposal such inquiries, proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any inquiries, proposals or offers, along with a copy of the relevant proposed transaction agreements, if such exist, with the party making such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI the Kaneb Entities agrees that it will promptly keep the other party VLI reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofmaking such inquiry, proposal or offer. Each of DSW and RVI also the Kaneb Entities agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and use its reasonable best efforts to cause its representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than the parties to this Agreement) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI the Kaneb Entities agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.5. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Valero L P)

Acquisition Proposals. (a) Each of DSW BBCN and RVI WIBC agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries with respect to, or the making of any proposal or offer with respect that constitutes, or could reasonably be expected to lead to, or a transaction to effect, (A) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution recapitalization or similar transaction involving it or any of its Subsidiaries that, if consummated, would result in any Person (or the stockholders of such Person) beneficially owning 20% or more of any class of equity securities or any amount of securities representing 20% or more of the total voting power of it (or of the surviving parent entity in such transaction) or of any of its Subsidiaries, or (B) any purchase or sale or other acquisition of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or (C) any purchase or sale of, or tender or exchange offer for, or other acquisition of, its voting securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its any class of equity securities or any amount of its Subsidiaries’ securities representing 20% or more of the total voting power of it (or of the surviving parent entity in such transaction) or of any of its Subsidiaries, or (D) a liquidation, dissolution or winding up of it (any such proposal, offer or transaction in any of the preceding clauses (A), (B), (C) or (D) (other than a proposal or offer made by the other party to this AgreementParty or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have engage or enter into, continue or otherwise participate in any discussions with or provide any confidential information or data to any person Person relating to an Acquisition Proposalto, or engage in any negotiations concerning an Acquisition Proposal concerning, or otherwise cooperate with or assist or participate in, or encourage or knowingly facilitate any such inquiries, proposals, discussions or negotiations or any effort or attempt to make or implement an Acquisition Proposal or any other proposal that could reasonably be expected to lead to an Acquisition Proposal, or (iii) approve approve, endorse or recommend, or propose to approve, endorse or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) (i) Notwithstanding anything the foregoing, the board of directors of each Party shall be permitted, at any time prior to the approval of the principal terms of the Merger by the Required WIBC Vote (in the case of WIBC) or at any time prior to the approval and adoption of this Agreement by the Required BBCN Vote (in the case of BBCN), and subject to compliance by such Party with the other terms of this Section 6.4 and to such Party first entering into a confidentiality agreement (a copy of which shall be provided to the contrary, RVI other Party) with the Person making the Acquisition Proposal described below having provisions (including standstill provisions) that are no less favorable to such Party than those contained in the Confidentiality Agreement (but excluding the exclusivity provisions set forth in Amendment No. 1 to the Confidentiality Agreement) and DSW and their respective Boards of Directors shall be permitted that expressly permits the Party to (A) comply with Rule 14d-9 and Rule 14e-2 its obligations under the Exchange Act with regard this Section 6.4, to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first Person made or renewed after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case which such Party’s board of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, directors (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior determines that engaging in such discussions and negotiations with, or providing such nonpublic information or data to, such Person is necessary in order for such board of directors to effecting such a Change in Recommendation, has (together comply with its financial and legal advisors) engaged in reasonable, good faith negotiations with fiduciary duties to its stockholders under the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior ProposalApplicable Legal Requirements. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (BBCN Bancorp Inc)

Acquisition Proposals. (a) Each of DSW Globespan and RVI Virata --------------------- agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best commercial efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Significant Subsidiaries, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other any party to this Agreement) being hereinafter referred to as Agreement or an “Affiliate thereof), an "Acquisition Proposal”"), (ii) have any discussions discussion with or provide any -------------------- confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI each of Globespan and DSW Virata (and their respective Boards of Directors Directors) shall be permitted to (Ai) comply with applicable law (including Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act Act) with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (Bii) effect a Change in RVI the Globespan Recommendation or a Change in DSW Recommendation the Virata Recommendation, as the case may be, or (as applicable, a “Change in Recommendation”), (Ciii) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (Bii) or (iii), (CA) in the case of Globespan, the Globespan Stockholders Meeting shall not have occurred, or (D) abovein the case of Virata, (x) such party’s Required Shareholders the Virata Stockholders Meeting shall not have occurred, (yB) such (I) in the case of clause (ii) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiII) in any such the case referred to in of clause (Ciii) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (C) in the case of clause (ii) or (iii) above, its Board of Directors, after consultation with outside counsel, determines in good faith that it is required to do so in the exercise of its fiduciary duties under applicable law, (D) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable at least as restrictive to such Person as the party providing such information than those comparable provisions contained in the Master Separation Confidentiality Agreement; provided that , and (xE) such party furnished prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, it notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW Globespan and RVI Virata agrees that it will promptly keep the each other party reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofmaking such inquiry, proposal or offer. Each of DSW Globespan and RVI also Virata agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than the parties to this Agreement) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Globespan and RVI Virata agrees that it will use reasonable best commercial efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party Globespan or Virata to terminate this Agreement (except as specifically provided in Article VIII hereof) or to submit to the vote (y) affect or limit any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of Globespan or Virata under this Agreement except as specifically provided in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition ProposalSections 6.1(b) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a6.1(c), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Globespan Inc/De)

Acquisition Proposals. (a) Each of DSW and RVI LCI agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving involving, or any purchase or sale of all or any significant portion of the assets or more than 15% (or in the case of acquisition by an Institutional Investor (as defined in the Rights Plan) more than 20%) of the common stock of, it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementQwest or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”"ACQUISITION PROPOSAL"). LCI further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its best efforts to cause its and its Subsidiaries' employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of Proposal. Notwithstanding the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards LCI or its Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2(a) promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation response to an unsolicited bona fide written Acquisition Proposal by any Person, recommend approval of such an unsolicited bona fide written Acquisition Proposal to the stockholders of LCI or a Change withdraw or modify in DSW Recommendation (as applicable, a “Change in Recommendation”), any adverse manner the Board Approval or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case as is referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders the LCI Stockholders Meeting shall not have occurred, (yii) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, after consultation with its outside legal counsel, determines Directors of LCI concludes in good faith that failure to take such action would Acquisition Proposal (x) in the case of clause (B) above would, if consummated, constitute a Superior Proposal or (y) in the case of clause (C) above could reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in constitute a Superior Proposal, and (iii) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s the LCI Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable on terms substantially similar to the party providing such information than those contained in the Master Separation Agreement; Confidentiality Agreement (except as to the standstill provisions, provided that (x) if under the aforementioned circumstances LCI enters into any such party furnished confidentiality agreement without standstill provisions substantially similar to those contained in the Confidentiality Agreement, then Qwest shall to the other party to this Agreement extent of the information and documentation required by Section 5.4(c) difference be relieved of compliance with respect to such Acquisition Proposal the Confidentiality Agreement's standstill provisions), and (yiv) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith providing any information or data to any Person or entering into discussions or negotiations with any Person, the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that of LCI notifies Qwest promptly of such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) aboveinquiries, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW and RVI LCI agrees that it will promptly keep the other party informed Qwest informed, on a current basis, of the status and terms of any such Acquisition Proposal (including whether withdrawn proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also LCI agrees to provide the other party hereto with copies of any written information that it provides will immediately cease and cause to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI LCI agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence of this Section 5.5 of the obligations undertaken in this Section 5.4. (e) 5.5. Nothing in this Section 5.4 5.5 shall (x) permit either party LCI to terminate this Agreement (except as specifically provided in Article VII hereof) or to submit to the vote (y) affect any other obligation of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of LCI under this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Qwest Communications International Inc)

Acquisition Proposals. (a) Each of DSW Phillips and RVI Conoco agrees that neither --------------------- t▇▇▇ ▇▇▇▇her it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its such Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries it, or any purchase or sale of 1520% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting equity securities that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as or an “affiliate thereof), an "Acquisition Proposal”"), (ii) have any discussions -------------------- discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI each of Phillips and DSW Conoco (and their its respective Boards Board of Directors Directors) shall be permitted ▇▇ ▇▇▇▇▇tted to (Ai) comply with applicable law (including Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable LawAct), (Bii) effect a Change in RVI the Phillips Recommendation or a Change in DSW Recommendation the Conoco Recommendation, ▇▇ ▇▇▇ ▇ase may be, or (as applicable, a “Change in Recommendation”), (Ciii) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B), (Cii) or (Diii) above, (xA) such party’s Required Shareholders in the case of Phillips, the vote at the Phillips Stockholders Meeting on the ado▇▇▇▇▇ ▇▇ this Agreement sh▇▇▇ ▇▇▇ have been taken, or in the case of Conoco, the vote at the Conoco Stockholders Meeting on the adoption of this Agreement shall not have occurredbeen taken, (yB) such (I) in the case of clause (ii) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal and (iiII) in any such the case referred to in of clause (Ciii) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely would lead to result in a Superior Proposal, and (C) its Board of Directors, after consultation with outside counsel, determines in good faith that there is a reasonable probability that the failure to take such action would be inconsistent with its fiduciary duties under applicable law, (D) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no less favorable at least as restrictive as the Confidentiality Agreement, and (E) prior to the party providing such any information than those contained in the Master Separation Agreement; provided that (x) such party furnished or data to any Person or entering into discussions or negotiations with any Person, it notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventoffers. Each of DSW Phillips and RVI Conoco agrees that it will promptly keep the other party pa▇▇▇ ▇▇▇▇onably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofPerson making such inquiry, proposal or offer. Each of DSW Phillips and RVI also Conoco agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiariesoffice▇▇, ▇▇▇▇ctors and its and their officers, directors, affiliates, agents, representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third Person (other than the parties hereto) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Phillips and RVI Conoco agrees that it will use reasonable best efforts to promptly effort▇ ▇▇ ▇▇▇mptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) 6.5. Nothing in this Section 5.4 6.5 shall (x) permit either party Phillips or Conoco to terminate this Agreement (except as specific▇▇▇▇ ▇▇▇vided in Article VIII) or to (y) affect or limit any other obligation of Phillips or Conoco under this Agreement (including the provisions ▇▇ ▇▇▇▇▇ons 6.1(b) and 6.1(c)). Except as required by law or its certificate of incorporation or by-laws, neither Phillips nor Conoco shall submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors th▇▇ ▇▇▇ ▇ergers and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may bevote of its stockholders.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Phillips Petroleum Co)

Acquisition Proposals. (a) Each of DSW KPP and RVI KPP GP agrees that neither it nor any of its Subsidiaries nor any of the its officers or and directors nor those of it or its Subsidiaries shall, and that it shall cause its and its Subsidiaries’ employees and agents and shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and Subsidiaries representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, solicit or encourage or knowingly facilitate take any action that facilitates any inquiries, or the making of any proposal or offer offer, with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it KPP GP, KPP or any of its Subsidiaries their respective Subsidiaries, or any purchase purchase, sale or sale other transfer of 1510% or more of the consolidated assets of KPP GP, KPP (including equity interests stock of its any of their Subsidiaries) of it and its or their Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting or other transfer of, their equity securities that, if consummated, would result in any person Person (or the shareholders of such personPerson) beneficially owning securities representing 1510% or more of its the total voting power of KPP or KPP GP, or any portion of the general partner interest in KPP GP, KPP or any of its their respective Subsidiaries’ total voting power , (or 10% or more of the surviving parent entity in such transaction) or the voting power of any of its Subsidiaries (any such proposal, offer or transaction (transaction, other than (a) a proposal or offer made by VLI or an Affiliate thereof or (b) a proposal, offer or transaction solely involving equity securities, or all or substantially all of the other party assets, of KSL to this the extent KSL complies with its obligations relating thereto under the KSL Merger Agreement) , being hereinafter referred to as an “Acquisition Proposal”), (ii) except as the board of directors of KPP GP determines in good faith, after consultation with outside counsel and taking into account any change in the terms of the KPP Merger or other proposal made reasonably promptly by VLI after being notified pursuant to Section 6.5(b), that doing so is necessary for such directors to comply with their fiduciary duties under applicable law (and in such case only after entering into a confidentiality agreement with such Person on terms no less favorable to KPP than the Confidentiality Agreement and conditioned upon contemporaneously providing to VLI a copy of any such information or data being provided to any such Person pursuant to this Section 6.5 to the extent not previously provided or made available to VLI), have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, (iii) approve or knowingly facilitate recommend, or propose publicly to approve or recommend, any effort or attempt to make or implement an Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI KPP (and DSW and their respective Boards the Board of Directors of KPP GP) shall be permitted to (A) take and publicly disclose a position to the extent necessary to comply with Rule 14d-9 and or Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine Proposal (after consultation with its outside legal counsel) is required to be made under applicable Lawthe extent applicable), (B) effect a Change in RVI Recommendation the Kaneb Recommendation, or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information (whether confidential, non-public or data otherwise) to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (CI) or (D) above, (x) such party’s Required Shareholders the KPP Unitholders Meeting shall not have occurredoccurred other than as a result of a breach by Kaneb Entities of their obligations pursuant to Section 6.1, (yII) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied not in all material respects with this violation of Section 5.4 6.5(a) and (z) its the Board of DirectorsDirectors KPP GP concludes in good faith that such Acquisition Proposal constitutes a Superior Proposal, (III) in the case of clause (B) or (C) above, the Board of Directors of KPP GP, after consultation with its receipt of the advice of outside legal counsel, determines in good faith that failure doing so is necessary for such directors to take such action would reasonably be expected to be inconsistent comply with its their fiduciary duties under applicable Law; law, (iiIV) in prior to providing any information or data permitted to be provided pursuant to this sentence, KPP shall have entered into a confidentiality agreement with such Person on terms no less favorable to the KPP than the Confidentiality Agreement, and shall have provided to VLI a copy of any such case referred information or data that it is providing to in clause (C) above, any such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes Person pursuant to this Section 6.5 to the extent not previously provided or is reasonably likely made available to result in a Superior ProposalVLI, and (V) prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith Person or entering into discussions or negotiations with the other party to this Agreementany Person, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI KPP or KPP GP shall notify the other party to this Agreement VLI promptly of any Acquisition Proposal such inquiries, proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity name of such person Person and the material terms and conditions of any inquiries, proposals or offers, along with a copy of the relevant proposed transaction agreements, if such exist, with the party making such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI the Kaneb Entities agrees that it will promptly keep the other party VLI reasonably informed of the status and terms of any such Acquisition Proposal (including whether withdrawn inquiries, proposals or rejected), the status and nature of all information requested and delivered, offers and the status and terms of any such discussions or negotiations, and in any event each including the identity of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereofmaking such inquiry, proposal or offer. Each of DSW and RVI also the Kaneb Entities agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third partywill, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, directors and use its reasonable best efforts to cause its representatives and advisors to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations existing as of the date of this Agreement with any third parties (other than the parties to this Agreement) conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI the Kaneb Entities agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.46.5. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Kaneb Pipe Line Partners L P)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it Neither the Company nor the Stockholders will, nor will any of its Subsidiaries nor them authorize or permit any of the officers officer, director, employee, consultant or directors of it contractor or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney attorney, accountant or accountant retained by it other agent or Representative of the Company or any of its Subsidiaries) not the Stockholders acting on any of their behalf to, directly or indirectly, (ia) initiate, solicit, initiate or intentionally encourage the submission of any Acquisition Proposal or knowingly facilitate (b) participate in any discussions or negotiations regarding, or furnish to any Person any information in respect of, or take any other action to facilitate, any Acquisition Proposal or any inquiries or the making of any proposal or offer with respect tothat constitutes, or a transaction may reasonably be expected to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data lead to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made Proposal. Immediately after the date of this Agreement execution and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) delivery of this Agreement, if and only to each of the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn Company and the applicable party’s Board of Directors determines in good faithStockholders will, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliatesemployees, agentsinvestment bankers, representatives attorneys, accountants and advisors other agents and Representatives to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with in respect to of any possible Acquisition Proposal, Proposal and (ii) it will not release promptly inform Parent of the receipt of any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any subsequent Acquisition Proposal. Each of DSW the Company and RVI agrees that it the Stockholders will use reasonable best efforts take all necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence of this Section 6.1 of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of 6.1. “Acquisition Proposal” shall be deemed means an inquiry, offer or proposal regarding any of the following (other than the Contemplated Transactions) involving the Company: (i) any merger, consolidation, share exchange, recapitalization, business combination or other similar transaction; (ii) any sale of shares of capital stock or other equity interests or securities; (iii) any sale, lease, exchange, mortgage, pledge, Transfer or other disposition of all or any material portion of its assets in a single transaction or series of transactions; or (iv) any public announcement of a proposal, plan or intention to be a reference do any of the foregoing or any agreement to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as engage in any of the case may beforegoing.

Appears in 1 contract

Sources: Merger Agreement (IZEA, Inc.)

Acquisition Proposals. (a) Each of DSW JPMorgan Chase and RVI Bank One agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 4.1(e) or (f) in the case of Bank One, and Section 4.2(e) or (f) in the case of JPMorgan Chase) or any purchase or sale of 1520% or more of the consolidated assets (including equity interests including, without limitation, stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders stockholders of such person) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) (i) Notwithstanding anything in this Agreement to the contraryforegoing, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with of each party shall be permitted, prior to its outside legal counsel) is required respective meeting of stockholders to be made under applicable Lawheld pursuant to Section 5.1, (B) effect and subject to compliance with the other terms of this Section 5.4 and to first entering into a Change confidentiality agreement having provisions that are no less favorable to such party than those contained in RVI Recommendation or a Change in DSW Recommendation (as applicablethe Confidentiality Agreement, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or provide any confidential nonpublic information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, which such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, if and prior only to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the extent that the Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) of such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors reasonably determines in good faith, faith (after consultation with outside legal counsel) that failure to do so would cause it to violate its financial advisors, that such offer constitutes a Superior Proposalfiduciary duties under applicable law. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (J P Morgan Chase & Co)

Acquisition Proposals. (a) Each of DSW Lincoln and RVI Jefferson-Pilot agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAgreement or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iii) approve approve, adopt or recommend, or propose to approve, adopt or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (bi) Notwithstanding anything in the foregoing or any other provision of this Agreement to Agreement, the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with of each party shall be permitted, prior to its outside legal counsel) is required respective meeting of shareholders to be made under applicable Lawheld pursuant to Section 5.1, (B) effect and subject to compliance with the other terms of this Section 5.4 and to first entering into a Change confidentiality agreement with such initiating person, which confidentiality agreement shall have provisions that are no less favorable to such party than those contained in RVI Recommendation or a Change in DSW Recommendation (as applicablethe Confidentiality Agreement, a “Change in Recommendation”), (C) to engage in any discussions or and negotiations with, or and provide any confidential nonpublic information or data to, any person in response to an unsolicited that has made a bona fide unsolicited written Acquisition Proposal by any such person first made after that the date Board of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case Directors of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines determined in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faithmajority vote, after consultation with its financial advisorsadvisor and outside legal counsel, (A) is, or is reasonably likely to be, a Superior Proposal and (B) for which the failure to take such action in connection therewith would cause it to violate its fiduciary duties under applicable law; provided, that such offer constitutes a Superior Proposalparty shall have delivered written notice to the other party at least two Business Days in advance of taking any action pursuant to this Section 5.4(b)(i). (cii) Each of DSW and RVI party shall notify the other party to this Agreement promptly (but in no event later than 24 hours) after receipt of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested fromProposal, or any discussions with or negotiations by, it request for nonpublic information relating to such party or any of its representativesSubsidiaries by any person that informs such party or any of its Subsidiaries that it is considering making, indicatingor has made, in connection an Acquisition Proposal, or any inquiry from any person seeking to have discussions or negotiations with such noticeparty relating to a possible Acquisition Proposal. Such notice shall be made orally and confirmed in writing, and shall indicate the identity of such the person making the Acquisition Proposal, inquiry or request and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence). Each party shall also promptly, and in any event each of DSW and RVI shall provide written notice to within 24 hours, notify the other party of any Acquisition Proposalparty, request for information or initiation of such orally and in writing, if it enters into discussions or negotiations within 24 hours of such event. Each of DSW concerning any Acquisition Proposal or provides nonpublic information or data to any person in accordance with this Section 5.4(b) and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (proposals, offers, discussions or negotiations on a current basis, including whether withdrawn or rejected), the status and nature by providing a copy of all information requested and delivered, and the status and terms of any such discussions material documentation or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationcorrespondence relating thereto. (dc) Each of DSW Lincoln and RVI Jefferson-Pilot agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW Lincoln and RVI Jefferson-Pilot agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (fd) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors of Lincoln or the DSW Board of DirectorsJefferson-Pilot, as the case may be, concludes in good faith, after consultation with its financial advisors and outside legal advisorsadvisor, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): ), (i) is more favorable to the unaffiliated shareholders of RVI Lincoln or DSWJefferson-Pilot, as the case may be, from a financial point of view, than the Merger and the other transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals on a timely basis and is otherwise reasonably capable of being completed on the terms proposed; provided provided, however, that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%10% or more of its total voting power” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majoritymajority of its total voting power” and the reference to “10% or more of the consolidated assets” shall be deemed to be a reference to “all or substantially all of the consolidated assets” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI Lincoln or DSWJefferson-Pilot, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Lincoln National Corp)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and other representatives (including any investment banker, attorney financial advisor, attorney, accountant or accountant consultant retained by it or any of its Subsidiaries) (collectively, “Representatives”) not to, directly or indirectly, : (i) initiate, solicit, encourage or knowingly facilitate (including by way of providing information) the making of any proposal or offer with respect to, or a single transaction or a series of related transactions to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person or group of persons (or the shareholders of such personperson or group of persons) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any combination of the foregoing types of transactions if the sum of the percentage of consolidated assets (any such proposalas determined on a book value basis) and Company Common Stock is 15% or more, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), ; (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or Proposal; or (iii) approve or recommend, or execute or enter into, any confidentiality agreement (except for an Acceptable Confidentiality Agreement pursuant to Section 5.4(b)), letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or any other agreement or agreement in principle requiring the Company to abandon, terminate or fail to consummate the transactions or breach its obligations hereunder or agree or publicly propose to do any of the foregoing. The Company shall, and shall cause its Subsidiaries and any of the officers and directors of it or its Subsidiaries and shall use its reasonable best efforts to cause its and their Representatives to immediately cease and terminate, any solicitation, arrangement, discussion, negotiation or cooperation with, or assistance or participation in, or facilitation of, any such inquiries, proposals, discussions or negotiations with any persons conducted heretofore by the Company, its Subsidiaries and its and their Representatives with respect to any Acquisition Proposal and promptly request and instruct the prompt return or destruction of all confidential information previously furnished to any such person, and the Company shall take all reasonably necessary actions to secure its rights and ensure the performance of any such person’s obligations under any applicable confidentiality agreement. To the extent consistent with its fiduciary duties, the Company shall take all actions necessary to enforce its rights under the provisions of any “standstill” agreement between the Company and any person, and shall not grant any waiver of, or agree to any amendment or modification to, any such agreement. The Company shall ensure that its Representatives are aware of the provisions of this Section 5.4, and any violation of the restrictions contained in this Section 5.4 by its Board of Directors (including any committee thereof) or its Representatives shall be deemed to be a breach of this Section 5.4 by the Company. (b) Notwithstanding anything in this Agreement to the contrarycontrary contained in Section 5.4(a) or any other provisions of this Agreement, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make if at any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after time following the date of this Agreement and (D) terminate this Agreement pursuant prior to Sections 7.1(f) (in obtaining the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementRequired Company Vote, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such the Company has received an unsolicited written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its that the Board of Directors, after consultation with its outside legal counsel, Directors determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; bona fide, (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to did not result in from a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions breach of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and Section 5.4, (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its outside financial advisorsand legal advisors that (x) such Acquisition Proposal constitutes or would reasonably be expected to result in a Superior Proposal and (y) the failure to take the actions described in clauses (A) and (B) below would be a breach of the Board of Directors’ fiduciary duties under applicable Law, then the Company may (A) enter into an Acceptable Confidentiality Agreement with the persons making such Acquisition Proposal and furnish information with respect to the Company and its Subsidiaries pursuant to the Acceptable Confidentiality Agreement with the Company to the persons making the Acquisition Proposal and (B) participate in discussions or negotiations with the persons making such Acquisition Proposal regarding such Acquisition Proposal; provided, that the Company shall give written notice to Parent after any such offer constitutes a Superior Proposaldetermination by the Board of Directors and before taking any of the actions described in the foregoing clauses (A) and (B). The Company shall concurrently provide Parent with copies of any information or materials provided or made available to any third party which were not previously made available to Parent. (c) Each of DSW The Company shall promptly (and RVI shall in any event within 24 hours) notify the other party to this Agreement Parent in writing of any Acquisition Proposal received by, or any request for non-public information concerning the Company or any of its Subsidiaries related to, or that could reasonably be expected to be related to an or from any person or group who could reasonably be expected to make any Acquisition Proposal requested fromProposal, or any discussions with or negotiations by, it or related to any of its representativesAcquisition Proposal (including any material changes related to the foregoing), indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI . The Company shall provide written notice to the other party keep Parent reasonably informed on a current basis (within no more than 24 hours) of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of material developments in the status and terms of any such Acquisition Proposal (or request, including whether such Acquisition Proposal or request has been withdrawn or rejected), the status rejected and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides changes to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationterms thereof. (d) Each of DSW The Company shall not, and RVI agrees that (i) it will and will shall cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Subsidiaries not to, cease immediately and terminate enter into any and all existing activities, discussions or negotiations confidentiality agreement with any third parties conducted heretofore with respect person relating to a possible Acquisition Proposal subsequent to the date of this Agreement except for a confidentiality and standstill agreement (including any waivers thereof or amendments thereto) that contains confidentiality and standstill provisions that are no less favorable to the Company and no more favorable to any Acquisition Proposal, and (ii) it will not release any such third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or than those contained in the Confidentiality Agreement (an “Acceptable Confidentiality Agreement”) and neither the Company nor any of its Subsidiaries is a shall be party with respect to any Acquisition Proposal. Each of DSW and RVI agrees agreement that it will use reasonable best efforts prohibits the Company from providing to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4Parent any information provided or made available to any other person pursuant to an Acceptable Confidentiality Agreement. (e) From and after the date of this Agreement until the earlier of the Effective Time or the date, if any, on which this Agreement is terminated pursuant to Section 7.1, and except as otherwise provided for in the immediately following sentence, neither the Board of Directors of the Company nor any committee thereof shall effectuate a (i) Change in Company Recommendation, (ii) approve or recommend or propose to publicly approve or recommend any Acquisition Proposal or (iii) approve or recommend, or publicly propose to approve or recommend, or execute any letter of intent, agreement in principle, acquisition or other agreement relating to any Acquisition Proposal (other than an Acceptable Confidentiality Agreement). The Board of Directors may, at any time prior to receipt of the Required Company Vote, if it determines in good faith (after consultation with its outside legal and financial advisors) that the failure to take such action would be inconsistent with the fiduciary duties of the Board of Directors to the Company’s shareholders under Ohio Law, (A) effect a Change in Company Recommendation, (B) if the Company receives an unsolicited Acquisition Proposal after the date hereof which constitutes a Superior Proposal after giving effect to all of the adjustments to the terms of this Agreement which may be offered by Parent, approve or recommend such Superior Proposal and/or (C) only in the case of the foregoing clause (B), terminate this Agreement, pursuant to Section 7.1(e) of this Agreement after or concurrently with payment of the Termination Fee in accordance with Section 7.2(c), to enter into a definitive agreement with respect to such Superior Proposal, provided, that the Board of Directors may not make a Change in Company Recommendation pursuant to the foregoing clauses (A) or (B) or terminate this Agreement pursuant to the foregoing clause (C) unless the Company has complied with its obligations under this Section 5.4 and: (i) the Company shall have provided prior written notice to Parent and Merger Sub of its intention to take any action contemplated in clause (A), (B) or (C) of this Section 5.4(e) at least five (5) days in advance of taking such action (the “Notice Period”), which notice shall specify in reasonable detail (x) the material terms and conditions of any such Superior Proposal, if applicable, (including the identity of the person making such Superior Proposal), and shall have contemporaneously provided a copy of then-current forms of all relevant transaction agreements relating to any such Superior Proposal, if applicable, or if no such agreement exists, a written summary of the material terms and conditions of such Superior Proposal and (y) if such Change in Company Recommendation is not being made as a result of a Superior Proposal, the reasons for such action; (ii) if such Change in Company Recommendation is not being made as a result of a Superior Proposal, during the Notice Period, if requested by Parent, the Company shall have engaged in good faith negotiations with Parent to amend this Agreement in such a manner that would otherwise obviate the need for such Change in Company Recommendation, in which event the Board of Directors shall not make such Change in Company Recommendation; and (iii) prior to approving or recommending such Superior Proposal or terminating this Agreement to enter into a proposed definitive agreement with respect to such Superior Proposal, the Company shall, and shall cause its Representatives to, during the Notice Period, negotiate with Parent and Merger Sub in good faith (to the extent Parent and Merger Sub desire to negotiate) to make adjustments to the terms and conditions of this Agreement so that such proposal ceases to be a Superior Proposal, in which event the Company shall not make a Change in Company Recommendation with respect to and shall have no right to terminate this Agreement pursuant to Section 7.1(e) as a result of such proposal. In the event of any material revision to the terms of any Superior Proposal or any Acquisition Proposal that the Company’s Board of Directors determines no longer constitutes a Superior Proposal, including any change in any price term thereof, the Company shall be required to deliver a new written notice to Parent and Merger Sub and to again comply with the requirements of this Section 5.4(e) with respect to such new written notice, and a new Notice Period shall commence with respect to such notice. (f) Nothing contained in this Section 5.4 shall prohibit the Board of Directors from (i) taking and disclosing to the Company’s shareholders a position contemplated by Rule 14e-2(a) promulgated under the Exchange Act to the extent applicable to an Acquisition Proposal (other than any disclosure of confidential information to third parties prohibited by Section 5.4(e)) or (ii) making any disclosure to its shareholders as, in the good faith determination of the Board of Directors, after consultation with its outside legal counsel, is required by applicable Laws; provided, that clause (ii) shall not be deemed to permit either party the Board of Directors to terminate make a Change in Company Recommendation except to the extent permitted by Section 5.4(d); provided further, that, notwithstanding anything herein to the contrary, any disclosure (other than a “stop-look-and-listen” communication to its shareholders pursuant to Rule 14d-9(f) promulgated under the Exchange Act) made pursuant to Rule 14d-9 or Rule 14e-2(a) shall be deemed to be a Change in Company Recommendation, unless the Board of Directors expressly reaffirms its recommendation to the Company’s shareholders in favor of the Merger and this Agreement or to Agreement. The Company shall not submit to the vote of its shareholders any Acquisition Superior Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1Agreement. (fg) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Company’s Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its outside financial advisors and outside legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is if consummated, would be more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of viewCompany, than the transactions contemplated by this Agreement, taking into account all terms and conditions thereof (including all financial, legal, financing, regulatory and other aspects of such Acquisition Proposal (including the person or group making the Acquisition Proposal and the conditions for the completion of such Acquisition Proposal)) and of this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, parties hereto in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be75%”.

Appears in 1 contract

Sources: Merger Agreement (Kendle International Inc)

Acquisition Proposals. (a) Each of DSW and RVI PSB agrees that neither it nor any of its Subsidiaries nor any of the officers or officers, employees and directors of it or its Subsidiaries shall, and that it shall use not authorize its reasonable best efforts to cause its and or its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, : (i) initiate, solicit, solicit or knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries Subsidiaries, or any purchase or sale of 15% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it PSB and its Subsidiaries, taken as a whole, in a single transaction or series of related transactions, or any purchase issuance or sale of, or tender or exchange offer for, in a single transaction or series of related transactions, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Subsidiaries (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementConestoga) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt by any person to make or implement an Acquisition Proposal or Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal, or (iv) approve or recommend, or publicly propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose or agree to do any of the foregoing. Notwithstanding the foregoing provisions of this Section 7.4(a), in the event that, prior to the date of the PSB Shareholders Meeting, PSB receives an unsolicited bona fide Acquisition Proposal, PSB may, and may permit its Subsidiaries and its and their representatives to: (x) furnish or cause to be furnished confidential information or data, (y) participate in such negotiations or discussions and (z) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal if PSB’s Board of Directors concludes in good faith after consultation with its outside legal counsel and financial advisors that, in the case of any action described in clauses (x) or (y) above, such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal (as hereinafter defined) and, in the case of any action described in clause (z) above, such Acquisition Proposal constitutes a Superior Proposal; provided that prior to providing (or causing to be provided) any confidential information or data permitted to be provided pursuant to this sentence, PSB shall have entered into a confidentiality agreement with such third party on terms no less favorable to PSB than the Confidentiality Agreement (provided that PSB may enter into a confidentiality agreement without a standstill provision, or with standstill or other provisions less favorable to PSB, if it waives or similarly modifies the corresponding provisions in the Confidentiality Agreement). (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted if, at any time prior to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination adoption of this Agreement by RVI) or 7.1(g) (PSB’s shareholders in the case of a termination of this Agreement by DSW) of accordance with this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable partyPSB’s Board of Directors determines in good faith, after consultation with its financial advisorsadvisors and outside legal counsel, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related in response to an Acquisition Proposal requested fromthat was not solicited in material violation of Section 7.4(a), that such proposal is a Superior Proposal, PSB or its Board of Directors may terminate this Agreement; provided, however, that PSB shall not terminate this Agreement pursuant to this sentence, and any discussions with purported termination pursuant to this sentence shall be void and of no force or negotiations byeffect, it unless PSB prior to or any of its representatives, indicating, in connection concurrently with such noticetermination pursuant to this Section 7.4(b) pays to Conestoga the fee payable pursuant to Section 9.2(b); and provided, further, however, that PSB shall not be permitted to exercise its right to terminate this Agreement pursuant to this Section 7.4(b) until after 72 hours following the identity provision of written notice to Conestoga advising Conestoga that PSB’s Board of Directors intends to cause PSB to accept such person and Superior Proposal, specifying the material terms and conditions of the Superior Proposal, during which time PSB shall negotiate in good faith with Conestoga to make such adjustments in the terms and conditions of this Agreement as would enable PSB to proceed with the Merger and the transactions contemplated by this Agreement if and to the extent Conestoga elects to make any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationadjustments. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (fc) For purposes of this Agreement, “Superior Proposal” with respect to PSB means a bona fide written Acquisition Proposal involving, or any purchase or acquisition of, all or substantially all of the voting power of PSB’s capital stock or all or substantially all of the consolidated assets of PSB, for cash and/or readily marketable securities, which Acquisition Proposal the RVI Board of Directors or the DSW Board of Directors, as the case may be, PSB concludes in good faith, after consultation with its financial advisors and outside legal advisors, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) ), is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, PSB from a financial point of view, view than the transactions contemplated by this Agreement (after giving effect Agreement, and that the failure to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to pursue such Acquisition Proposal) and (ii) is fully financed Proposal would or could reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned be expected to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may bebreach its fiduciary obligations under applicable law.

Appears in 1 contract

Sources: Merger Agreement (PSB Bancorp Inc)

Acquisition Proposals. (a) Each of DSW and RVI BHV agrees that neither it nor any of its Subsidiaries (nor any of the officers employees or directors of it or its Subsidiaries shallSubsidiaries), and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, nor their respective agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not toshall, directly or indirectly, (ia) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (other than any such transaction permitted by Section 5.1(e) or (f)) or any purchase or sale of 1550% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1550% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementIslet or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (iib) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal Proposal, or (iiic) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Islet Sciences, Inc)

Acquisition Proposals. The Company shall not, nor shall it give permission to or authorize any of its Subsidiaries, or any officer, director, employee, agent or representative (aincluding accountants, attorneys and investment bankers) Each of DSW and RVI agrees that neither it nor the Company or any of its Subsidiaries nor any of (collectively, the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries“Representatives”) not to, directly or indirectly, (i) initiate, solicit, knowingly encourage or otherwise knowingly facilitate (including by way of furnishing confidential information) any inquiries or the making of any proposal or offer offer, with respect to, or a transaction to effect, a (i) any merger, reorganization, share exchange, consolidation, business combination, recapitalization, consolidation, liquidation, dissolution or similar transaction involving it the Company or any of its Subsidiaries Subsidiaries, (ii) any sale, lease, exchange, transfer or purchase of the assets or equity securities of the Company or any purchase or sale of 15its Subsidiaries, in each case comprising 20% or more in value of the consolidated assets (including equity interests of its Subsidiaries) of it Company and its Subsidiaries, taken as a whole, in a single transaction or series of related transactions or (iii) any purchase or sale of, or tender offer or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1520% or more of its or any the outstanding shares of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) Company Common Stock (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementParent) being hereinafter referred to as an “Acquisition Proposal”). The Company shall not, nor shall it give permission to or authorize any of its Subsidiaries or any Representatives of the Company or any of its Subsidiaries to, directly or indirectly, (iia) have engage in any discussions with negotiations concerning, or provide any confidential information or data to, or have any discussions (other than discussions that only refer to this Section 7.2 and the Company’s agreement not to engage in further discussions) with, any person Person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or otherwise knowingly facilitate any effort or attempt to make or implement or accept an Acquisition Proposal, (b) withdraw or modify, or propose to withdraw or modify, its approval or recommendation of this Agreement or the transactions contemplated hereby, including the Merger, (c) approve, recommend, endorse or resolve to approve, recommend or endorse an Acquisition Proposal or (iiid) approve or recommend, or execute or enter into, into any letter of intentintent or similar document contemplating, or enter into any agreement (other than a confidentiality agreement entered into in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to accordance with clause (A) comply below) with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to respect to, an Acquisition Proposal; provided however that: at any time prior to obtaining the Company Requisite Vote the board of directors may withhold, withdraw, qualify or make modify its recommendation or declaration of advisability of the Merger or this Agreement for any disclosure that reason (any such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicableaction, a “Change in of Recommendation”)) if (i) the Company’s board of directors shall have determined in good faith, after consultation with outside counsel to the Company, that failure to take such action would reasonably be expected to be inconsistent with its fiduciary obligations under applicable Law and (Cii) engage the Company has provided Parent with at least three (3) Business Days’ prior written notice of such Change of Recommendation; provided, further, that nothing contained in any discussions this Agreement shall prevent the board of directors of the Company or negotiations with, or provide any confidential its Representatives from (A) furnishing information or data to, any person to a third party in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after third party pursuant to a confidentiality agreement containing terms and conditions that are no less favorable to the date of Company than those set forth in the Confidentiality Agreement (except for such changes specifically necessary in order for the Company to be able to comply with its obligations under this Agreement and it being understood that the Company may enter into a confidentiality agreement without a standstill provision or with a standstill provision less favorable to the Company if it waives or similarly modifies the standstill provision in the Confidentiality Agreement), (B) engaging in discussions or negotiations with such third party, (C) following receipt of a bona fide unsolicited written Acquisition Proposal, taking and disclosing to its stockholders a position contemplated by Rule 14e-2(a) or Rule 14D-9 under the Exchange Act provided that neither the Company nor its board of directors shall make or effect a Change in Recommendation in connection with such Acquisition Proposal unless permitted by the first proviso of this sentence (it being understood that any “stop, look and listen” communication by the Company or the board of directors pursuant to Rule 14d-9(f) under the Exchange Act shall not be considered a Change of Recommendation); (D) terminate this Agreement pursuant following receipt of a bona fide unsolicited written Acquisition Proposal, recommending such an Acquisition Proposal to Sections 7.1(fits stockholders or adopting an agreement relating to such Acquisition Proposal, (E) taking any non-appealable, final action ordered to be taken by the Company by any court of competent jurisdiction and/or (F) making any disclosure or filing, in its reasonable judgment based upon the advice of outside counsel, that is required by Law in the event that, in each case referred to in the foregoing clauses (A), (B) and (D); (1) the Company Requisite Vote shall not have been obtained, (2) the board of directors of the Company shall have concluded in good faith that such bona fide unsolicited written Acquisition Proposal, is in the case of a termination of this Agreement by RVIclause (A), (B) or 7.1(g) (D), a Superior Proposal or, in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: clauses (i) in any such case referred to in clause (B), (CA) or (DB) aboveis reasonably expected to result in a Superior Proposal, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z3) its Board the Company’s board of Directors, after consultation with its outside legal counsel, directors determines in good faith faith, based upon the advice of outside counsel, that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties to the Company’s stockholders under applicable Law; . At least three (ii3) in Business Days prior to taking any such case of the actions referred to in clause (CD) above, the Company shall provide written notice to Parent advising Parent that it intends to take such party’s Board action and which written notice shall specify the material terms and conditions of Directorssuch Acquisition Proposal or Superior Proposal. For a period of not less than three (3) Business Days after receipt by Parent from the Company of such notice, after consultation with outside legal counsel and financial advisorsthe Company shall, determines if so requested in writing by Parent, negotiate in good faith that there is a reasonable likelihood that with Parent to make such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications adjustments to the terms and conditions of this Agreement proposed such that such other Acquisition Proposal (if determined by the other party hereto Company’s board of directors to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition be a Superior Proposal in accordance with this Section 7.2) would no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes constitute a Superior Proposal. . The Company will promptly (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each within one day) notify Parent in writing, of DSW and RVI shall provide written notice the existence of any proposal, discussion, negotiation or inquiry received by the Company with respect to the other party of any Acquisition Proposal, request for and the Company will immediately communicate to Parent the terms of any proposal, discussion, negotiation or inquiry which it may receive and the identity of the Person making such proposal or inquiry or engaging in such discussion or negotiation. The Company will promptly provide to Parent any material non-public information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees concerning the Company that it will promptly delivers to any other Person that was not previously provided to Parent. The Company shall keep the other party Parent reasonably informed of the status and material terms of any such Acquisition Proposal (including whether withdrawn modifications or rejectedproposed modifications thereto). Without prejudice to any actions permitted to be taken by the Company pursuant to the first paragraph of this Section 7.2, the status and nature of all information requested and deliveredCompany agrees that it will, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees will use its reasonable best efforts to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors Representatives to, immediately cease immediately and terminate cause to be terminated any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal. In addition, and (ii) it will not release any third party from, the Company shall promptly request that each Person who has heretofore executed a confidentiality agreement in connection with such Person’s consideration of an Acquisition Proposal return or waive any provisions of, any destroy all confidential information heretofore furnished to such Person by or on behalf of the Company in accordance with such confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposalagreement. Each of DSW and RVI The Company agrees that it will use reasonable best efforts take the necessary steps to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors the individuals or entities referred to in the first sentence hereof of the obligations undertaken by the Company in this Section 5.4. (e) Nothing 7.2. Notwithstanding anything to the contrary contained in this Section 5.4 shall permit either party to terminate 7.2 or elsewhere in this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger Agreement, prior to the termination Effective Time, the Company may, in connection with a possible Acquisition Proposal, refer any third party to this Section 7.2 and Section 9.5(b) and make a copy of this Agreement in accordance with Section 7.1. (f7.2 and Section 9.5(b) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer available to a transaction involving RVI or DSW, as the case may bethird party.

Appears in 1 contract

Sources: Merger Agreement (Barr Pharmaceuticals Inc)

Acquisition Proposals. (a) Each of DSW and RVI agrees that neither it Neither CCI nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliatesfinancial advisors, legal counsel, accountants and other agents and representatives shall (including any investment bankera) encourage, attorney initiate or accountant retained by it or any of its Subsidiaries) not tosolicit, directly or indirectly, (i) initiate, solicit, encourage any inquiries or knowingly facilitate the making of any proposal or offer with respect toproposals by, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, any third party (other than Pentair and Pentair Subsidiary) concerning any merger, consolidation, sale of assets, tender offer, sale of shares or provide similar transaction involving CCI or any significant assets of CCI, other than the Merger (each an "Acquisition Proposal"), or (b) disclose directly or indirectly to any person preparing to make an Acquisition Proposal any confidential information regarding CCI, or(c) enter into any understanding, agreement or data tocommitment with any third party providing for an acquisitive transaction, equity investment or sale of any person significant assets of CCI. Notwithstanding the foregoing, the Board of Directors or any committee thereof appointed for purposes of the foregoing (a "Committee"), officers, employees, representatives and agents of CCI may (I) take action upon receipt of the advice of special legal counsel that such action is advisable in response order to an unsolicited bona fide written Acquisition Proposal by any such person first made after fulfill the date fiduciary duties of this Agreement the Board or the Committee, and (Dii) terminate this Agreement pursuant provide confidential information regarding CCI to Sections 7.1(fa potential purchaser upon the prior written request of such purchaser whom the Board or Committee reasonably believes (A) is qualified and creditworthy, (in the case of a termination of this Agreement by RVIB) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only will not use such information to the extent that: (i) in any such case referred to in clause (B), competitive disadvantage of CCI and (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure intends to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is make a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to serious offer which may result in a Superior Proposal, and prior transaction more favorable to providing any information or data to any person the shareholders of CCI than the consideration payable in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation AgreementMerger; provided that (x) such party furnished disclosure is made subject to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreementan appropriate confidentiality agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires request does not arise as a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement result of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it solicitation for expression of interest by CCI or any of its directors, officers, employees, financial advisors, legal counsel, accountants or other agents and representatives. CCI will notify Pentair immediately if any Acquisition Proposal or any request for confidential information is received, indicating, shall inform Pentair if CCI's Board or Committee has been advised by special legal counsel to consider such Acquisition Proposal in connection with order to fulfill the fiduciary duties of the Board of Directors and shall provide to Pentair such notice, the identity of such person and the material terms and conditions of information regarding any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation as Pentair may reasonably request. No action contemplated or correspondence), and permitted by this Section 4.8 shall in any event each of DSW and RVI shall provide written notice manner be construed or deemed to the other party of any Acquisition Proposaldiminish, request for information relieve or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, obligations of CCI or waive any provisions of, any confidentiality Pentair to pay a termination fee or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions pursuant to consummation): (i) is more favorable to the unaffiliated shareholders of RVI Sections 10.2, 10.3 or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be10.4 below.

Appears in 1 contract

Sources: Merger Agreement (Pentair Inc)

Acquisition Proposals. (a) Each of DSW On and RVI agrees that neither it nor any of its Subsidiaries nor any of the officers or directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and until the Effective Time or until this Agreement is terminated as herein provided, except with the prior written approval of MainSource, neither 1st Independence nor 1st Bank shall permit, nor shall they authorize any of their directors, officers, employees, agents or representatives to, directly or indirectly, initiate, solicit or encourage, or provide information to, any corporation, association, partnership, person or other entity or group concerning any merger, consolidation, share exchange, combination, purchase or sale of substantial assets, sale of shares of common stock (Dor securities convertible or exchangeable into or otherwise evidencing, or any agreement or instrument evidencing the right to acquire, capital stock) or similar transaction relating to 1st Independence or 1st Bank or to which 1st Independence or 1st Bank may become a party (all such transactions are hereinafter referred to as “Acquisition Transactions”). (b) 1st Independence shall promptly communicate to MainSource the terms of any proposal or offer which 1st Independence or 1st Bank may receive with respect to an Acquisition Transaction. Notwithstanding anything to the contrary elsewhere in this Agreement, 1st Independence may, in response to an unsolicited written proposal with respect to an Acquisition Transaction from a third party, furnish information to, and negotiate, explore or otherwise engage in substantive discussions with such third party, and enter into any such agreement, arrangement or understandings, and recommend the approval of such agreement, arrangement or understandings to the shareholders of 1st Independence, in each case, only if 1st Independence’s Board of Directors determines in good faith by majority vote, after consultation with its financial advisors and outside legal counsel, that failing to take such action would be a breach of or otherwise inconsistent with the fiduciary duties of 1st Independence’s Board of Directors. In the event 1st Independence enters into an agreement, arrangement or understanding for an Acquisition Transaction in accordance with the foregoing sentence, 1st Independence’s Board of Directors may terminate this Agreement pursuant on written notice to Sections 7.1(f) (MainSource; provided, however, that in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of connection with terminating this Agreement, if and only to 1st Independence has paid the extent that: (i) in any such case amounts referred to in clause Section 8.03 to MainSource. (B), (Cc) or (D) above, (x) such partyIn the event 1st Independence’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its financial advisors and outside legal counsel, determines in good faith that failure to take such action it would reasonably be expected to result in a violation of or otherwise be inconsistent with its fiduciary duties under applicable Law; (iilaw to recommend this Agreement and the Merger to 1st Independence’s shareholders for their approval, then if the Board Directors does not elect to terminate this Agreement pursuant to Section 5.06(b) above and elects to submits this Agreement to the shareholders at the meeting of shareholders, 1st Independence may submit this Agreement without recommendation of approval, in any such which case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s the Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable may communicate the basis for its lack of a recommendation of approval to the party providing such information than those contained shareholders in the Master Separation Agreement; provided that (x) such party furnished proxy statement or an appropriate amendment or supplement thereto to the other party to this Agreement the information and documentation extent required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationlaw. (d) Each This Section 5.06 shall not authorize 1st Independence or 1st Bank, or any of DSW and RVI agrees that (i) it will and will cause its Subsidiariestheir directors, and its and their officers, directorsemployees, affiliatesagents or representatives on their behalf, agents, representatives and advisors to, cease immediately and terminate to initiate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any an Acquisition Proposal, and (ii) it will not release any Transaction with a third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4party. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Mainsource Financial Group)

Acquisition Proposals. (a) Each Without limitation on any of DSW such party's other obligations under this Agreement (including under Article V hereof), each of America Online and RVI Time Warner agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Significant Subsidiaries (as defined in Rule 1-02 of Regulation S-X of the SEC and, with respect to Time Warner, including TWE), or any purchase or sale of 1520% or more of the consolidated assets (including equity interests without limitation stock of its Subsidiaries) of it such party and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting the equity securities of such party that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1520% or more of its or any of its Subsidiaries’ the total voting power of such party (or of the surviving parent entity in such transaction) or any of its Significant Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this Agreementor an Affiliate thereof) being hereinafter referred to as an “"Acquisition Proposal”"), (ii) have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iiiiv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange acquisition agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose publicly or agree or publicly propose to do any of the foregoingforegoing related to any Acquisition Proposal. (b) Notwithstanding anything in this Agreement to the contrary, RVI each of America Online and DSW and their Time Warner or its respective Boards Board of Directors shall be permitted to (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 promulgated under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation the America Online or a Change in DSW Recommendation (Time Warner Recommendation, as applicablethe case may be, a “Change in Recommendation”), or (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementPerson, if and only to the extent that: (i) , in any such case referred to in clause (B) or (C), (Ci) or (D) above, (x) such party’s Required Shareholders its Stockholders Meeting shall not have occurred, (yii) such (x) in the case of clause (B) above, it has received an unsolicited bona fide written Acquisition Proposal from a third party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines Directors concludes in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; Acquisition Proposal constitutes a Superior Proposal (iias defined below) and (y) in any such the case referred to in of clause (C) above, such party’s its Board of Directors, after consultation with outside legal counsel and financial advisors, determines Directors concludes in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in could constitute a Superior Proposal, and (iii) in the case of clause (B) or (C) above, its Board of Directors, after consultation with outside counsel, determines in good faith that the failure to take such action would be inconsistent with its fiduciary duties under applicable Law, (iv) prior to providing any information or data to any person Person in connection with an Acquisition Proposal by any such personPerson, such party’s its Board of Directors receives from such person Person an executed confidentiality agreement having confidentiality provisions that are no customary in such agreements, as advised by counsel, provided that if such confidentiality agreement contains provisions that are less favorable to restrictive than the party providing such information than those comparable provision, or omits restrictive provisions, contained in the Master Separation Confidentiality Agreement; provided that , then the Confidentiality Agreement will be deemed to be amended to contain only such less restrictive provisions or to omit such restrictive provisions, as the case may be, and (xv) prior to providing any information or data to any Person or entering into discussions or negotiations with any Person, such party furnished to notifies the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to promptly of such Acquisition Proposal and (y) prior to effecting such a Change in Recommendationinquiries, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal proposals or offers received by, any such information related to an Acquisition Proposal requested from, or any such discussions with or negotiations bysought to be initiated or continued with, it or any of its representatives, representatives indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions name of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Merger Agreement (Time Warner Inc/)

Acquisition Proposals. (a) Each Without limiting any party's other obligations under this Agreement (including under Article IV hereof), each of DSW GlobespanVirata and RVI Conexant agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, ' employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, any Acquisition Proposal, (ii) have any discussion with or provide any confidential information or data to any Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal or (iv) approve or recommend, or propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, acquisition agreement, option agreement or other similar agreement or propose publicly or agree to do any of the foregoing related to any Acquisition Proposal. (b) For purposes of this Agreement, "Acquisition Proposal" means (i) with respect to GlobespanVirata, any inquiry, proposal or offer from any Person with respect to (A) any purchase or sale of a business or asset of GlobespanVirata and its Subsidiaries that constitutes 30% or more of the net revenues, net income or assets of GlobespanVirata and its Subsidiaries, taken as a whole, (B) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it GlobespanVirata or any of its Significant Subsidiaries or any purchase or sale (as defined in Rule 1-02 of 15% or more Regulation S-X of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholeSEC), or (C) any purchase or sale of, or tender or exchange offer for, its voting the equity securities of GlobespanVirata that, if consummated, would result in any person Person (or the shareholders stockholders of such personPerson) beneficially owning securities representing 1530% or more of its or any of its Subsidiaries’ the total voting power of GlobespanVirata (or of the surviving parent entity in such transaction) (or any such proposalof its Significant Subsidiaries, offer including any single or multi-step transaction or series of related transactions (other than a proposal or offer made by the other party to this Agreement) being hereinafter referred to as Conexant or an “Acquisition Proposal”affiliate thereof), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, engage in any negotiations concerning an Acquisition Proposal or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions ofwith respect to Conexant, any confidentiality inquiry, proposal or standstill agreement offer from any Person with respect to which it (A) any purchase or sale of a business or asset of Conexant and its Subsidiaries that constitutes 30% or more of the net revenues, net income or assets of Conexant and its Subsidiaries, taken as a whole, (B) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving Conexant or any of its Significant Subsidiaries is a party with respect to or (C) any Acquisition Proposal. Each purchase or sale of, or tender or exchange offer for, the equity securities of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directorsConexant that, officersif consummated, affiliates, agents, representatives and advisors would result in any Person (or the stockholders of such Person) beneficially owning securities representing 30% or more of the obligations undertaken total voting power of Conexant (or of the surviving parent entity in this Section 5.4. (esuch transaction) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote any of its shareholders Significant Subsidiaries, including any Acquisition Proposal single or multi-step transaction or series of related transactions (other than the Merger prior to the termination of this Agreement in accordance with Section 7.1a proposal or offer made by GlobespanVirata or an affiliate thereof). (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may be.

Appears in 1 contract

Sources: Agreement and Plan of Reorganization (Conexant Systems Inc)

Acquisition Proposals. (a) Each of DSW and RVI Seller agrees that neither it nor any of its Subsidiaries the Company nor any of the officers or officers, employees and directors of it or its Subsidiaries the Company shall, and that it shall use not authorize its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives or the Company’s Representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiariesthe Company) not to, directly or indirectly, : (i) initiate, solicit, solicit or knowingly encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, sale of all or substantially all the assets, recapitalization, liquidation, dissolution or similar transaction involving it the Company, in a single transaction or any series of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a wholerelated transactions, or any purchase issuance or sale of, or tender or exchange offer for, in a single transaction or series of related transactions, its voting securities that, if consummated, would result in any person (or the shareholders of such personPerson) beneficially owning securities representing 1550% or more of its or any of its Subsidiaries’ the Company’s total voting power (or of the surviving parent entity in such transaction) (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementPurchaser) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt by any person to make or implement an Acquisition Proposal or Proposal, (iii) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal, or (iv) approve or recommend, or publicly propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or agree or publicly propose or agree to do any of the foregoing. Notwithstanding the foregoing provisions of this Section 5.4(a), in the event that Seller receives an unsolicited bona fide Acquisition Proposal, Seller may, and may permit the Company and its and the Company’s Representatives to: (x) furnish or cause to be furnished confidential information or data, (y) participate in such negotiations or discussions and (z) approve or recommend, or propose publicly to approve or recommend, any Acquisition Proposal if Seller’s Board of Directors concludes in good faith after consultation with its outside legal counsel and financial advisors that, in the case of any action described in clauses (x) or (y) above, such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal (as hereinafter defined) and, in the case of any action described in clause (z) above, such Acquisition Proposal constitutes a Superior Proposal; provided that prior to providing (or causing to be provided) any confidential information or data permitted to be provided pursuant to this sentence, Seller shall have entered into a confidentiality agreement with such third party on terms no less favorable to Seller than the Confidentiality Agreement (provided that Seller may enter into a confidentiality agreement without a standstill provision, or with standstill or other provisions less favorable to Seller, if it waives or similarly modifies the corresponding provisions in the Confidentiality Agreement). (b) Notwithstanding anything in this Agreement to the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or negotiations with, or provide any confidential information or data to, any person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of Directors, after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable partySeller’s Board of Directors determines in good faith, after consultation with its financial advisorsadvisors and outside legal counsel, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related in response to an Acquisition Proposal requested fromthat was not solicited in material violation of Section 5.4(a), or any discussions with or negotiations bythat such proposal is a Superior Proposal, it or any Seller may terminate this Agreement; provided, however, that Seller shall not be permitted to exercise its right to terminate this Agreement pursuant to this Section 5.4 until after 72 hours following the provision of its representativeswritten notice to Purchaser advising Purchaser that Seller’s Board of Directors intends to cause Seller to accept such Superior Proposal, indicating, in connection with such notice, the identity of such person and specifying the material terms and conditions of the Superior Proposal, during which ▇▇▇▇ ▇▇▇▇▇▇ shall negotiate in good faith with Purchaser to make such adjustments in the terms and conditions of this Agreement as would enable Seller to proceed with the transactions contemplated by this Agreement if and to the extent Purchaser elects to make any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such eventadjustments. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause If Seller exercises its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party right to terminate this Agreement or pursuant to submit this Section 5.4(b), it shall immediately pay to Purchaser, by wire transfer of same day funds, the vote sum of its shareholders any Acquisition Proposal other than One Million Dollars ($1,000,000) as liquidated damages to compensate Purchaser for the Merger prior to the termination of time, expense and effort incurred by Purchaser in seeking, investigating, analyzing and negotiating this Agreement and the Contemplated Transactions, and not as a penalty. Such payment shall be Purchaser’s sole and exclusive right and remedy in accordance with the event of a termination pursuant to this Section 7.15.4(b). (fc) For purposes of this Agreement, “Superior Proposal” with respect to Seller means a bona fide written Acquisition Proposal involving, or any purchase or acquisition of, all or substantially all of the voting power of the Company’s capital stock or all or substantially all of the consolidated assets of the Company, for cash and/or readily marketable securities, which Acquisition Proposal the RVI Board of Directors or the DSW Board of Directors, as the case may be, Seller concludes in good faith, after consultation with its financial advisors and outside legal advisors, taking into account the all legal, financial, regulatory, timing regulatory and other aspects of the proposal and the person Person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) Acquisition Proposal is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, Seller from a financial point of view, view than the transactions contemplated by this Agreement (after giving effect Agreement, and that the failure to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to pursue such Acquisition Proposal) and (ii) is fully financed Proposal would or could reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; provided that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned be expected to such term in Section 5.4(a), except that the reference to “15%” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majority” and “Acquisition Proposal” shall only be deemed to refer to a transaction involving RVI or DSW, as the case may bebreach its fiduciary obligations under applicable law.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Eastern Insurance Holdings, Inc.)

Acquisition Proposals. (a) Each of DSW and RVI The Company agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate (including by way of furnishing information) any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, : (i) a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving involving, or any purchase or sale of all or any significant portion of the assets or more than 15% of the common stock of, it or any of its Subsidiaries; or (ii) any tender offer (including a self tender offer) or exchange offer that if consummated would result in any Person beneficially owning 15% or more of any class of capital stock of it or any of its Subsidiaries or any purchase or sale of 15% or more of the consolidated assets (including equity interests of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 15% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) (any such proposal, proposal or offer or transaction (other than a proposal or offer made by the other party to this AgreementMerger Sub or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”). The Company further agrees that neither it nor any of its Subsidiaries nor any of the officers and directors of it or its Subsidiaries shall, and that it shall direct and use its reasonable best efforts to cause its and its Subsidiaries’ employees, agents and representatives (iiincluding any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, endorse an Acquisition Proposal, grant any waiver or release under any standstill or similar agreement with respect to any capital stock of the Company or any of its Subsidiaries, have any discussions discussion with or provide any confidential information or data to any person Person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any accept an Acquisition Proposal or agree or publicly propose to do any of Proposal. Notwithstanding the foregoing. (b) Notwithstanding anything in this Agreement to , the contrary, RVI and DSW and their respective Boards Company or its Board of Directors shall be permitted to to: (A) to the extent applicable, comply with Rule 14d-9 and Rule 14e-2 14e-2(a) promulgated under the Exchange Act with regard to an Acquisition Proposal; provided, or make however, any such disclosure that such party’s relating to an Acquisition Proposal shall be deemed to be a Change in the Recommendation unless the Board of Directors may determine (after consultation with its outside legal counsel) is required to be made under applicable Lawexpressly, and without qualification, reaffirms the Recommendation in such disclosure; (B) effect a Change prior to the Meeting, in RVI Recommendation response to an unsolicited bona fide written Acquisition Proposal by any Person, recommend approval of such an unsolicited bona fide written Acquisition Proposal to the stockholders of the Company or a Change withdraw or modify in DSW Recommendation (as applicable, a “Change in any adverse manner the Recommendation”), ; (C) prior to the Meeting, engage in any discussions or negotiations with, or provide (subject to an appropriate confidentiality agreement which shall not be less favorable to the Company in any confidential material respect than the Confidentiality Agreement (as defined herein) and a copy of which shall be provided to Merger Sub) any information or data to, any person Person in response to an unsolicited bona fide written Acquisition Proposal by any such person first made after the date of this Agreement and Person, or (D) terminate this Agreement pursuant prior to Sections 7.1(f) (the Meeting, make a Change in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this AgreementRecommendation, if and only to the extent that: (i) , in any such case as is referred to in clause (B), (C) or (D) above), (x) the Board of Directors shall have concluded in good faith after consultation with outside counsel that such party’s Required Shareholders Meeting shall not have occurred, action is required to prevent the Board of Directors from breaching its fiduciary duties to the stockholders of the Company under applicable law and (y) such party has complied in all material respects with this Section 5.4 and (z) its the Board of Directors, Directors shall have concluded in good faith after consultation with its outside legal counsel, determines in good faith that failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood advisors that such Acquisition Proposal constitutes or is reasonably likely to (1) would, if accepted, result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions transaction that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI shall notify the other party to this Agreement of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested from, or any discussions with or negotiations by, it or any of its representatives, indicating, in connection with such notice, the identity of such person and the material terms and conditions of any such Acquisition Proposal or request for information (including a copy thereof if in writing and any related available documentation or correspondence), and in any event each of DSW and RVI shall provide written notice to the other party of any Acquisition Proposal, request for information or initiation of such discussions or negotiations within 24 hours of such event. Each of DSW and RVI agrees that it will promptly keep the other party informed of the status and terms of any such Acquisition Proposal (including whether withdrawn or rejected), the status and nature of all information requested and delivered, and the status and terms of any such discussions or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such information. (d) Each of DSW and RVI agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliates, agents, representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide written Acquisition Proposal which the RVI Board of Directors or the DSW Board of Directors, as the case may be, concludes in good faith, after consultation with its financial advisors and legal advisors, taking into account the legal, financial, regulatory, timing and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, expense reimbursement provisions and conditions to consummation): (i) is more favorable to the unaffiliated shareholders of RVI or DSW, Company’s stockholders (in their capacities as the case may bestockholders), from a financial point of view, than the transactions contemplated by this Agreement (after giving effect to taking into account any adjustments to changes in the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may bethat Parent, in response its sole discretion, shall have proposed in good faith and any break-up fees, expense reimbursement provisions and conditions to consummation), (2) has firmly committed financing from reputable institutions which is reasonably likely to be available at the consummation of such Acquisition Proposal, and (3) is reasonably likely to be completed on a timely basis, taking into account all legal, financial, regulatory and other aspects of the proposal and the Person making the proposal and the Board of Directors has no reasonable basis to believe that such Acquisition Proposal would not receive all required governmental approvals on a timely basis, (an Acquisition Proposal meeting the requirements of clauses (1), (2) and (ii3) is fully financed or reasonably capable of being fully financed and is otherwise reasonably capable of being completed on the terms proposed; referred to herein as a “Superior Proposal” provided that, that for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in this Section 5.4(a), 5.3 except that the reference references to “15%” in the definition of “Acquisition Proposal” shall each be deemed to be a reference to “a majority” 100%”); provided, however, that the Board of Directors shall not take any of the foregoing actions referred to in clauses (A) through (D) until after giving five (5) Business Days written notice to Merger Sub with respect to its intent to take any such action and “informing Merger Sub of the terms and conditions of such proposal and the Person making it. (b) The Company agrees that it will (i) immediately cease and cause to be terminated any existing activities, discussions or negotiations with any parties conducted heretofore with respect to any Acquisition Proposal” , (ii) use reasonable best efforts to cause all Persons other than Parent and Merger Sub who have been furnished with confidential information regarding the Company in connection with the solicitation of or discussions regarding any Acquisition Proposal within the 12 months prior to the date hereof promptly to return or destroy such information and (iii) use its reasonable best efforts to enforce and not waive any provision or release any Person (other than Parent and Merger Sub) from any confidentiality, standstill or similar agreement relating to an Acquisition Proposal. The Company agrees that it will take the necessary steps to promptly inform the individuals or entities referred to in the first sentence of Section 5.3(a) of the obligations undertaken in this Section 5.3. For the avoidance of doubt, any amendment to the financial or other terms of an Acquisition Proposal (whether or not a Superior Proposal) shall only be deemed treated as a new Superior Proposal for purposes of this Section 5.3 (c) The Company and its Subsidiaries shall: (i) promptly (and in any event within 24 hours) notify Parent of any request for information relating to refer to any Acquisition Proposal and the terms of any written proposal which it may receive in respect of any such Acquisition Proposal, including, without limitation, the identity of the prospective purchaser or soliciting party; and (ii) promptly (and in any event within 24 hours) provide Parent with a transaction involving RVI copy of any such written request or DSWAcquisition Proposal, as if written. The Company shall keep Parent reasonably informed on a current basis of the case may bestatus, terms and details (including any amendments or proposed amendments) of any such request or Acquisition Proposal.

Appears in 1 contract

Sources: Merger Agreement (Medialink Worldwide Inc)

Acquisition Proposals. (a) Each of DSW and RVI AmerUs agrees that neither it nor any of its Subsidiaries nor any of the officers or and directors of it or its Subsidiaries shall, and that it shall use its reasonable best efforts to cause its and its Subsidiaries’ directors, officers, employees, affiliates, agents and representatives (including any investment banker, attorney or accountant retained by it or any of its Subsidiaries) not to, directly or indirectly, (i) initiate, solicit, encourage or knowingly facilitate any inquiries or the making of any proposal or offer with respect to, or a transaction to effect, a merger, reorganization, share exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving it or any of its Subsidiaries or any purchase or sale of 1510% or more of the consolidated assets (including equity interests stock of its Subsidiaries) of it and its Subsidiaries, taken as a whole, or any purchase or sale of, or tender or exchange offer for, its voting securities that, if consummated, would result in any person (or the shareholders of such person) beneficially owning securities representing 1510% or more of its or any of its Subsidiaries’ total voting power (or of the surviving parent entity in such transaction) or the voting power of any of its Subsidiaries (any such proposal, offer or transaction (other than a proposal or offer made by the other party to this AgreementAviva or an affiliate thereof) being hereinafter referred to as an “Acquisition Proposal”), (ii) have any discussions with or provide any confidential information or data to any person relating to an Acquisition Proposal, or engage in any negotiations concerning an Acquisition Proposal Proposal, or knowingly facilitate any effort or attempt to make or implement an Acquisition Proposal or (iii) approve approve, adopt or recommend, or propose to approve, adopt or recommend, or execute or enter into, any letter of intent, agreement in principle, merger agreement, asset purchase, stock purchase or share exchange agreement, option agreement or other similar agreement related to any Acquisition Proposal or propose or agree or publicly propose to do any of the foregoing. (b) Notwithstanding anything in the foregoing or any other provision of this Agreement to Agreement, the contrary, RVI and DSW and their respective Boards of Directors shall be permitted to (A) comply with Rule 14d-9 and Rule 14e-2 under the Exchange Act with regard to an Acquisition Proposal, or make any disclosure that such party’s Board of Directors may determine (after consultation of AmerUs shall be permitted, prior to the Required AmerUs Vote, and subject to compliance with its outside legal counsel) is required the other terms of this Section 5.4, to be made under applicable Law, (B) effect a Change in RVI Recommendation or a Change in DSW Recommendation (as applicable, a “Change in Recommendation”), (C) engage in any discussions or and negotiations with, or and, subject to first entering into a confidentiality agreement with such initiating person, which confidentiality agreement shall have provisions that are no less favorable to AmerUs than those contained in the Confidentiality Agreement, to provide any confidential nonpublic information or data to, any person in response to an unsolicited that has made a bona fide unsolicited written Acquisition Proposal by any such person first made after that the date of this Agreement and (D) terminate this Agreement pursuant to Sections 7.1(f) (in the case of a termination of this Agreement by RVI) or 7.1(g) (in the case of a termination of this Agreement by DSW) of this Agreement, if and only to the extent that: (i) in any such case referred to in clause (B), (C) or (D) above, (x) such party’s Required Shareholders Meeting shall not have occurred, (y) such party has complied in all material respects with this Section 5.4 and (z) its Board of DirectorsDirectors of AmerUs has determined in good faith by majority vote, after consultation with its financial advisor and outside legal counsel, is, or is reasonably likely to lead to, a Superior Proposal; provided that the Board of Directors has determined in good faith, after consultation with its outside legal counsel, determines in good faith that the failure to take such action in connection therewith would reasonably be expected to be inconsistent with result in a breach of its fiduciary duties under applicable Law; (ii) in any such case referred to in clause (C) above, such party’s Board of Directors, after consultation with outside legal counsel and financial advisors, determines in good faith that there is a reasonable likelihood that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal, and prior to providing any information or data to any person in connection with an Acquisition Proposal by any such person, such party’s Board of Directors receives from such person an executed confidentiality agreement having confidentiality provisions that are no less favorable to the party providing such information than those contained in the Master Separation Agreement; provided that (x) such party furnished to the other party to this Agreement the information and documentation required by Section 5.4(c) with respect to such Acquisition Proposal and (y) prior to effecting such a Change in Recommendation, has (together with its financial and legal advisors) engaged in reasonable, good faith negotiations with the other party to this Agreement, and has considered in good faith, after consulting with its financial and legal advisors, any modifications to the terms and conditions of this Agreement proposed by the other party hereto to determine whether such modifications cause such party’s Board of Directors to conclude that such Acquisition Proposal no longer requires a Change in Recommendation; and (iii) in any such case referred to in clause (D) above, the Acquisition Proposal is not withdrawn and the applicable party’s Board of Directors determines in good faith, after consultation with its financial advisors, that such offer constitutes a Superior Proposal. (c) Each of DSW and RVI AmerUs shall notify the other party to this Agreement Aviva promptly (but in no event later than 24 hours) after receipt of any Acquisition Proposal received by, any information related to an Acquisition Proposal requested fromProposal, or any discussions with or negotiations by, it request for nonpublic information relating to such party or any of its representativesSubsidiaries by any person that informs AmerUs or any of its Subsidiaries that it is considering making, indicatingor has made, an Acquisition Proposal, or any inquiry from any person seeking to have discussions or negotiations with AmerUs relating to a possible Acquisition Proposal. Such notice shall be made orally and confirmed in connection with such noticewriting, and shall indicate the identity of such the person making the Acquisition Proposal, inquiry or request and the material terms and conditions of any such Acquisition Proposal inquiries, proposals or request for information offers (including a copy thereof if in writing and any related available documentation or correspondence). AmerUs shall also promptly, and in any event each of DSW within 24 hours, notify Aviva, orally and RVI shall provide written notice to the other party of any Acquisition Proposalin writing, request for information or initiation of such if it enters into discussions or negotiations within 24 hours of such event. Each of DSW concerning any Acquisition Proposal or provides nonpublic information or data to any person in accordance with this Section 5.4 and RVI agrees that it will promptly keep the other party Aviva informed of the status and terms of any such Acquisition Proposal (proposals, offers, discussions or negotiations on a reasonably current basis, including whether withdrawn or rejected), the status and nature by providing a copy of all information requested and delivered, and the status and terms of any such discussions material documentation or negotiations, and in any event each of DSW and RVI shall provide the other party with written notice of any material development thereto within 24 hours thereof. Each of DSW and RVI also agrees to provide the other party hereto with copies of any written information that it provides to the third party making the request therefor within 24 hours of the time it provides such information to such third party, unless the other party hereto has already been provided with such informationcorrespondence relating thereto. (d) Each of DSW and RVI AmerUs agrees that (i) it will and will cause its Subsidiaries, and its and their officers, directors, affiliates, agents, representatives and advisors to, cease immediately and terminate any and all existing activities, discussions or negotiations with any third parties conducted heretofore with respect to any Acquisition Proposal, and (ii) it will not release any third party from, or waive any provisions of, any confidentiality or standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. Each of DSW and RVI AmerUs agrees that it will use reasonable best efforts to promptly inform its and its Subsidiaries’ respective directors, officers, affiliateskey employees, agents, agents and representatives and advisors of the obligations undertaken in this Section 5.4. (e) Nothing in this Section 5.4 shall permit either party to terminate this Agreement or to submit to the vote of its shareholders any Acquisition Proposal other than the Merger prior to the termination of this Agreement in accordance with Section 7.1. (f) For purposes of this Agreement, “Superior Proposal” means a bona fide unsolicited written Acquisition Proposal not attributable to a breach of Section 5.4(a) which the RVI Board of Directors or the DSW Board of Directors, as the case may be, AmerUs concludes in good faith, after consultation with its financial advisors and outside legal advisorsadvisor, taking into account account, among other things, its obligations under applicable Law, the legalterms and conditions of the proposal, financialincluding price, regulatoryform of consideration, timing financing conditions, closing conditions and other aspects of the proposal and the person making the proposal (including any required voting agreements, break-up fees, fees and expense reimbursement provisions and conditions to consummation): provisions), (i) is more favorable to the unaffiliated shareholders of RVI or DSW, as the case may be, AmerUs from a financial point of view, than the Merger and the other transactions contemplated by this Agreement (after giving effect to any adjustments to the terms and provisions of this Agreement committed to in writing by RVI or DSW, as the case may be, in response to such Acquisition Proposal) and (ii) is fully financed or reasonably capable of being fully financed financed, reasonably likely to receive all required governmental approvals and is otherwise reasonably capable of being completed on the terms proposed; provided provided, however, that, for purposes of this definition of “Superior Proposal,” the term Acquisition Proposal shall have the meaning assigned to such term in Section 5.4(a), except that the reference to “15%10% or more of its total voting power” in the definition of “Acquisition Proposal” shall be deemed to be a reference to “a majoritymajority of its total voting power” and the reference to “Acquisition Proposal10% or more of the consolidated assets” shall only be deemed to refer be a reference to “a transaction involving RVI or DSW, as majority of the case may beconsolidated assets.”

Appears in 1 contract

Sources: Merger Agreement (Amerus Group Co/Ia)