Common use of The Offer Clause in Contracts

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 3 contracts

Sources: Merger Agreement (RP Management, LLC), Merger Agreement (Ramius Value & Opportunity LLC), Merger Agreement (Cypress Bioscience Inc)

The Offer. (a) Provided that nothing The Borrower shall have occurred that would give rise not permit Bidco (without the Arrangers’ prior written consent (such consent not to a right be unreasonably withheld, conditioned or delayed)) (i) to terminate amend, supplement, modify, waive or treat as satisfied any condition of the Offer, the Convertible Offer or the Private Sale or (ii) amend, supplement, modify or waive (A) any term of the Offer pursuant Document after submission to BaFin, (B) any term of the Convertible Offer Document after publication or (C) any term of the Purchase Agreement, or grant any consent under any of them, in each case in any respect that, in the aggregate, is materially adverse to the Lenders, provided that any amendment, supplement, modification, waiver or treatment as satisfied of any of the conditions set forth Key Offer Terms or Key Convertible Offer Terms (other than an amendment or supplement of an administrative or technical nature and other than in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement connection with a reduction of the execution of this AgreementMaximum Offer Consideration or the Maximum Convertible Offer Consideration) shall, Merger Subsidiary in each case be deemed to be materially adverse to the Lenders. The Borrower shall amend not, without the Offer Arrangers’ prior written consent (such consent not to be unreasonably withheld, conditioned or delayed)), permit (i) increase the purchase price consideration to $6.50 per Share (the “Offer Price”), net be paid to the seller shareholders of Target in cashconnection with the Offer and to be paid under the Purchase Agreement to exceed, on a price or value per share basis, the Maximum Offer Consideration and (ii) provide that the conditions consideration per Convertible Bond to be paid to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date holders of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated Convertible Bonds in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance connection with the terms of the Convertible Bond Offer prior to the expiration date of the Offer and not withdrawnexceed, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted price or value per bond basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Maximum Convertible Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer ConditionsConsideration. (b) Merger Subsidiary expressly reserves the right Without prejudice to waive any of the Offer Conditions above, without the Arrangers’ prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), the Borrower shall not and shall not permit Bidco or any other Affiliate (or any person acting collectively with Borrower, Bidco or any of their Affiliates within the meaning of Section 2(5) of the German Takeover Act) to (i) enter into agreements which entitle them to demand the transfer of title to shares of the Target or Convertible Bonds if such agreements contain more or different closing conditions than the ones set forth in Section 4.2.1 of the Purchase Agreement unless the settlement of those agreements occurs no later than the Closing Date, (ii) take any actions or measures which would result in an attribution of voting rights pursuant to Section 30 of the German Takeover Act pursuant to Section 4.2.1(iii) of the Purchase Agreement without being able to legally ensure that such voting rights can be exercised by Bidco in the general meeting resolving upon the Domination Agreement; this shall apply mutatis mutandis to an attribution pursuant to Section 4.2.1(v)(C) of the Purchase Agreement or (iii) take any action to declare a special dividend of Target at any time prior to the execution of a Domination Agreement that would decrease the conversion price under any bond convertible into shares in the Target to the extent that it would conflict with the Borrower’s obligation under Section 6.12(d). (c) The Borrower shall not permit Bidco to take any action or step (or permit the taking of any action or step) which may result in Bidco, the Borrower or any of its Subsidiaries being or becoming obliged to make a mandatory offer pursuant to Section 35 of the German Takeover Code. (d) Except as required by law or regulation, the Borrower shall not, and not permit BidCo nor any of its other Subsidiaries to make any statement or announcement (other changes than in the terms of Offer Document) which contains any information or conditions to statement concerning the Offer; provided that Loan Documents or the Arrangers, Agents or Lenders without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Arrangers. (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 3 contracts

Sources: Senior Bridge Term Loan Agreement, Senior Bridge Term Loan Agreement (McKesson Corp), Senior Bridge Term Loan Agreement (McKesson Corp)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article 7, as promptly as practicable after the date hereof, hereof (but in no event later than three Business Days following the public announcement of the execution of this AgreementJanuary 13, 2020), Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer to purchase for cash any and all (i) Shares (other than Shares to be cancelled in accordance with its terms Section 2.1(b)) at the Share Offer Price and (ii) Preferred Shares at the Preferred Share Offer Price. Merger Sub shall, and Parent shall cause Merger Sub to, accept for payment, purchase and pay for all Shares and Preferred Shares, as applicable, validly tendered and not properly withdrawn pursuant to the Offer, subject only to: (a) there being validly tendered in the Offer (in the aggregate) and not properly withdrawn prior to the Expiration Date that number of Shares and Preferred Shares that, together with the number of Shares and Preferred Shares (if any) then owned by the Parent, equals at least a majority of the voting power represented by the Shares and Preferred Shares (voting on an as-converted basis in accordance with the Certificate of Designations) that are then issued and outstanding (the “Minimum Condition”); and (b) the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex I. (b) On or prior to the date that Merger Sub becomes obligated to pay for Shares and Preferred Shares pursuant to the Offer, Parent shall provide or cause to be provided to Merger Sub on a timely basis funds sufficient to purchase and pay for any and all Shares and Preferred Shares, as applicable, that Merger Sub shall become obligated to accept for payment each Share and purchase pursuant to the Offer. Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex I, Merger Sub shall accept for payment (the time of such acceptance, the “Acceptance Time”) and pay for all Shares and Preferred Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly as soon as practicable following the acceptance of Shares for payment pursuant to Expiration Date, and, in any event, no more than two (2) Business Days after the Offer pay the Expiration Date. The Offer Price (without interest) for payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for paymentPreferred Share, and pay the Offer Price (without interest) foras applicable, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiaryapplicable Law, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer Conditions. (b) in accordance with applicable Law and this Agreement, including the conditions and requirements set forth in Annex I. To the extent permitted by applicable Law, Parent and Merger Subsidiary Sub expressly reserves reserve the right to waive any of increase the Offer Conditions and Price or to make any other changes in the terms and conditions of or conditions to the Offer; provided provided, however, that without except with the prior consent written approval of the Company Company, Merger Sub shall not (which consent may be granted or withheld by i) decrease the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (iii) reduce the maximum number of Shares or adds Preferred Shares sought to be purchased in the Offer, (iv) amend, modify or waive the Minimum Condition, (v) amend any of the other conditions to the Offer Conditions set forth in Annex I in a manner adverse to the holders of Shares or amends Preferred Shares, (vi) impose conditions to the Offer that are in addition to the conditions to the Offer set forth in Annex I hereto, (vii) except as provided in Sections 1.1(e) and 1.1(f), terminate, accelerate or otherwise modify or amend the Offer to accelerate the Expiration Date, or (viii) otherwise modify or amend any of the other term terms of the Offer in any a manner adverse in any material respect to the stockholders holders of Shares or Preferred Shares. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall expire at one minute after 11:59 p.m. (New York City time) on the date that is twenty (20) Business Days following the commencement of the Offer (determined using Rule 14d-1(g)(3) promulgated under the Exchange Act) (such date and time, the “Initial Expiration Date”) or, if the Initial Expiration Date has been extended in accordance with this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended in accordance with this Agreement, the “Expiration Date”). (e) If on any then scheduled Expiration Date, any of the conditions to the Offer (including the Minimum Condition and the other conditions and requirements set forth in Annex I) have not been satisfied or waived by Merger Sub, Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for successive periods of up to ten (10) Business Days each, or such longer period as may be agreed between Merger Sub and the Company, (C) in order to permit the expiration date satisfaction of such conditions; provided, however, that Merger Sub shall not be extended except as otherwise provided hereinrequired to extend the Offer beyond the Outside Date. The “Outside Date” shall be June 20, and 2020. In addition, Merger Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the SEC or its staff. (Df) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date without the prior written consent of the Company, except if this Agreement has been terminated in the event that accordance with Article 7. If this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoingin accordance with Article 7, (x) Merger Subsidiary Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Sub to) extend promptly (and in any event within 24 hours following such termination), irrevocably and unconditionally terminate the Offer if at and shall not acquire any Shares or Preferred Shares pursuant thereto. If the scheduled Offer is terminated or extended expiration withdrawn by Merger Sub, or this Agreement is terminated prior to the Acceptance Time, Merger Sub shall (and the Parent shall cause Merger Sub to) promptly return, and shall cause any depositary acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered Shares and Preferred Shares to the registered holders thereof and Merger Sub shall not (and Parent shall cause Merger Sub not to) accept any Shares or Preferred Shares pursuant to the Offer. (g) As soon as practicable on the date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shallSub shall file with the SEC, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of 14d-3 under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO shall include, as practicable after exhibits, the date hereofOffer to Purchase, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement a form of summary advertisement (collectively, together with any amendments or amendments, supplements and exhibits thereto, the “Offer Documents”), . Parent and (ii) Merger Sub agree to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares and Preferred Shares, as and to the extent required by federal securities Laws, including the Exchange Act. Each of ParentParent and Merger Sub, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make promptly notify the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent other party and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Merger Sub agrees to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares and Preferred Shares, in each case case, as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. Except following a Change of Board Recommendation, the Company and its counsel shall be given a reasonable opportunity to review the Schedule TO and the Offer Documents before they are filed with the SEC, and Parent and Merger Sub shall give due consideration to any additions, deletions or changes suggested thereto by the Company and its counsel. In addition, except following a Change of Board Recommendation, Parent and Merger Sub shall provide the Company and its counsel with copies of any written comments, and shall provide them an oral summary of any oral comments, that Parent and Merger Sub or its counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly after receipt of such comments, and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof responses and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, Parent and Merger Subsidiary Sub shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 3 contracts

Sources: Merger Agreement (Care.com Inc), Merger Agreement (Iac/Interactivecorp), Merger Agreement (Iac/Interactivecorp)

The Offer. (a) Provided As promptly as practicable (and in any event within ten (10) Business Days) after the date hereof, the Purchaser shall (and Parent shall cause the Purchaser to) commence, within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”), the Offer to purchase all the outstanding Common Shares at the Common Offer Price and all the outstanding Preferred Shares at the Preferred Offer Price. The obligation of the Purchaser to commence the Offer shall be subject only to the condition that nothing none of the events set forth in clauses (c)(i) through (c)(iv) of Annex I hereto shall have occurred that would give rise and be continuing (and not waived by Parent or the Purchaser in their sole discretion), and the obligation of the Purchaser to a right accept for payment, purchase and pay for Shares validly tendered and not withdrawn pursuant to terminate the Offer pursuant shall be subject only to: (i) there being validly tendered in the Offer and not properly withdrawn prior to any the Expiration Date that number of Shares which, together with the number of Shares (if any) then owned of record by Parent or the Purchaser or with respect to which Parent or the Purchaser otherwise has, directly or indirectly, sole voting power, represents at least a majority of the Common Shares then outstanding (determined on a Fully Diluted Basis) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or the Purchaser, of the other conditions and requirements set forth in Annex I. (b) Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or the Purchaser, of the other conditions and requirements set forth in Annex I, the Purchaser shall (and Parent shall cause the Purchaser to) accept for payment and pay for all Shares validly tendered and not properly withdrawn pursuant to the Offer as promptly as practicable after Purchaser is legally permitted to do so under applicable Law. For the date hereofavoidance of doubt, but the Acceptance Time shall not occur (and Purchaser may not accept for payment any Shares tendered pursuant to the Offer) prior to the Initial Expiration Date or if the Minimum Condition is not satisfied. The Common Offer Price and Preferred Offer Price payable in no event later than three Business Days following the public announcement respect of the execution of this Agreementeach Common Share and Preferred Share, Merger Subsidiary shall amend respectively, validly tendered and not properly withdrawn pursuant to the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), shall be paid net to the seller in cash, without interest, subject to any withholding of Taxes required by applicable Law in accordance with Section 2.2(e). (iic) provide that the conditions to the The Offer shall be as made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with this Agreement, including the Minimum Condition and the other conditions and requirements set forth in Annex I I. Parent and the Purchaser expressly reserve the right to increase the Common Offer Price and the Preferred Offer Price in proportion to each other or to make any other changes in the terms and conditions of the Offer; provided, however, that no other conditions unless otherwise contemplated by this Agreement or as previously approved by the Company in writing, the Purchaser shall applynot (i) decrease the Common Offer Price or the Preferred Offer Price, (ii) change the form of consideration payable in the Offer, (iii) provide that reduce the expiration date maximum number of Shares to be purchased in the Offer, (iv) amend or waive the Minimum Condition, (v) amend or modify any term, condition or requirement of the Offer in a manner adverse to the holders of Shares, (vi) add any additional condition to the Offer or (vii) extend or change the Expiration Date in a manner other than in accordance with this Agreement. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall be expire at midnight (New York City time) on the date that is ten twenty (20) Business Days following the commencement of the Offer (for this purpose calculated the “Initial Expiration Date”) or, if the Initial Expiration Date has been extended in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The , the date on which the Offer shall be subject has been so extended (the Initial Expiration Date, or such later date to which the condition that there shall be validly tendered Initial Expiration Date has been extended in accordance with this Agreement, the terms “Expiration Date”). (e) If on or prior to any then scheduled Expiration Date, all of the Offer prior conditions to the expiration date of Offer (including the Offer Minimum Condition and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions and requirements set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (xI) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has have not been satisfied, or waived by Parent or Merger Subsidiarythe Purchaser, Merger Subsidiary the Purchaser may, and, if requested by the Company, shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary Purchaser to) extend the Offer for successive periods of up to ten (10) Business Days each, the length of each such period to be determined by Parent in its sole discretion, in order to permit the satisfaction of such conditions; provided, however, that neither Parent nor the Purchaser shall be required to extend the Offer (i) beyond April 22, 2011 (the “Outside Date”), (ii) if either of the conditions set forth in clause (c)(iii) or (c)(iv) of Annex I are not at such time satisfied in accordance with this Agreement (other than any such conditions that are not so satisfied or waived under circumstances in which the scheduled breach or extended expiration date breaches preventing such conditions from being satisfied may, by their nature, be cured by the Company through the exercise of its reasonable efforts for a period not greater than forty-five (45) days, in which case the Company may (if all other conditions set forth in clauses (c)(iii) and (c)(iv) of Annex I are satisfied) request one or more extensions of the Offer any pursuant to this sentence for up to forty-five (45) days in the aggregate) or (iii) after the Company delivers or is required to deliver to Parent a notice with respect to an Acquisition Proposal that has been received by the Company in accordance with Section 5.4(c), except to the extent that (A) prior to the expiration of the conditions Offer the Acquisition Proposal giving rise to such notice has been withdrawn or the Offer shall Company Board has rejected the Acquisition Proposal giving rise to such notice and, in each case, the Company Board has reconfirmed the Company Board Recommendation and the withdrawal or rejection of such Acquisition Proposal, and the reconfirmation of the Company Board Recommendation has been publicly announced by the Company or (B) less than three (3) Business Days have elapsed since the Company has received such Acquisition Proposal and there has not be satisfied or waivedbeen a Change of Board Recommendation. In addition, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary Purchaser shall extend the Offer (i) for any period or periods required by any ruleapplicable Law or applicable rules, regulationregulations, interpretation interpretations or position positions of the U.S. Securities and Exchange Commission (the “SEC”) or its staff or (ii) following Parent’s receipt of written notice from the Nasdaq Global Market applicable Company within the three (3) Business Day period immediately preceding (and including) the Expiration Date advising Parent that the Company Board intends to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent make a Change of Board Recommendation or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i5.4(d), in which case Merger Subsidiary shall be required until (and including) the third (3rd) Business Day following the date of such receipt. (f) If necessary to extend obtain sufficient Common Shares and Preferred Shares to reach the Offer beyond Short Form Threshold (without regard to the End Date. Following expiration exercise of the OfferTop-Up Option), Merger Subsidiary shallthe Purchaser may, and, if requested by the Company, or may, in its sole discretionshall (and shall cause the Purchaser to), provide for a subsequent offering period (“Subsequent Offering Period”) period” in accordance with Rule 14d-11 under the Exchange Act of the 1934 Actat least three (3) Business Days. Subject to the foregoingterms and conditions of this Agreement and the Offer, including the requirements of Rule 14d-11Purchaser shall (and Parent shall cause the Purchaser to) immediately accept for payment, and upon pay for, all Shares that are validly tendered pursuant to the Offer during such “subsequent offering period”. The Offer Documents will provide for the possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 1.1(f). (g) The Purchaser shall not terminate the Offer prior to any scheduled Expiration Date without the prior written consent of the Company, except if this Agreement is terminated pursuant to Article 7. If this Agreement is terminated pursuant to Article 7, the Purchaser shall (and subject Parent shall cause the Purchaser to) promptly (and in any event within 24 hours of such termination), irrevocably and unconditionally terminate the Offer. If the Offer is terminated or withdrawn by the Purchaser, or this Agreement is terminated prior to the conditions purchase of Shares in the Offer, the Purchaser shall promptly return, and shall cause any depositary acting on behalf of the Purchaser to return, in accordance with applicable Law, all tendered Shares to the registered holders thereof. (h) As soon as practicable on the date of the commencement of the Offer, Merger Subsidiary shallParent and the Purchaser shall file with the SEC, and Parent shall cause it toin accordance with Rule 14d-3 under the Exchange Act, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO shall include, as practicable after exhibits, the date hereofOffer to Purchase, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement a form of summary advertisement (collectively, together with any amendments or and supplements thereto, the “Offer Documents”), . Parent and (ii) the Purchaser agree to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares, as and to the extent required by the Exchange Act. Each of Parent, Merger Subsidiary Parent and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsPurchaser, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Parent and the Purchaser agree to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Merger Subsidiary Parent and the Purchaser shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. In addition, Parent and Merger Subsidiary the Purchaser shall provide the Company and its counsel with copies of any written or comments, and shall inform them of any oral comments comments, that Parent, Merger Subsidiary the Purchaser or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review any such written responses and Parent and the Purchaser shall give due consideration to the provisions hereofreasonable additions, promptly respond to such commentsdeletions or changes suggested thereto by the Company and its counsel.

Appears in 3 contracts

Sources: Merger Agreement, Merger Agreement (General Electric Co), Merger Agreement (Clarient, Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Section 8.1 and none of the events or conditions set forth in subparagraphs (a) through (c) of Annex II shall have occurred and be continuing and not have been waived by Parent or Merger Sub, as promptly as reasonably practicable after and, in any event, within five (5) Business Days of the date hereofof this Agreement, but in no event later than three Business Days following Parent and Merger Sub shall amend the public announcement of Pending Offer to reflect the execution of this Agreement, Agreement and the terms hereof. The obligations of Merger Subsidiary shall amend Sub to accept for payment and to pay for (and the obligation of Parent to cause Merger Sub to accept for payment and to pay for) any shares of Company Common Stock validly tendered on or prior to the expiration of the Offer (as it may be extended and re-extended in accordance with this Agreement) and not properly withdrawn shall be subject to (i) increase the purchase price there being validly tendered (other than by guaranteed delivery where actual delivery has not occurred on or prior to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City such time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer not properly withdrawn prior to the expiration date of the Offer (as it may be extended and not withdrawn, a re-extended in accordance with this Agreement) that number of Shares that, together with the Shares then owned by Parent and its Affiliates, shares of Company Common Stock which represents a majority of the total number shares of Shares Company Common Stock outstanding on a fully-diluted basis, without regard including after giving effect to whether any convertible or exchangeable securities are then vested and exercisable the issuances of shares of Company Common Stock pursuant to Section 2.12 (the “Minimum Condition”), and (ii) and to the other events or conditions set forth in Annex I and to no other conditions. I. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger SubsidiaryOffer, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) ), in accordance with the terms of the Offer, consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock (the time of such first acceptance, the “Acceptance Time”) validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance after expiration of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends which shall initially be the later of April 2, 2010 or adds to the Offer Conditions or amends any other term date that is fifteen (15) Business Days after the date of this Agreement; provided, however, that (w) if on the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended initial expiration date of the Offer or on any subsequent scheduled expiration date of the Offer (as it may be extended and re-extended in accordance with this Agreement), any of the events or conditions to the Offer set forth on Annex I shall exist and, subject to the provisions of this Agreement, shall not be satisfied or waivedhave been waived by Merger Sub, Merger Sub shall (and Parent shall cause Merger Sub to), from time to time time, extend the Offer for consecutive periods of not more than five (5) Business Days each until the earlier of (A) the date on which all of the events or conditions set forth in Annex I cease to exist or, subject to the provisions of this Agreement, are waived by Merger Sub and (B) the date on which this Agreement is terminated in accordance with ARTICLE VIII; provided that Merger Sub shall have no obligation to (and Parent shall have no obligation to cause Merger Sub to) so extend the Offer if (1) the events or conditions set forth in subsections (ii), (iii) and (iv) of the first paragraph of Annex I and subparagraph (a) of Annex I shall have ceased to exist, or subject to the provisions of this Agreement, been waived by Merger Sub, for a period of not less than ten (10) Business Days prior to the initial expiration date of the Offer or on any subsequent scheduled expiration date of the Offer (as it may be extended and re-extended in accordance with this Agreement) and, with respect to subsections (ii), (iii) and (iv) of the first paragraph of Annex I, such facts shall be reflected in an amendment to the Offer Documents prior to the start of such ten (10) Business Day period, (2) the events or conditions are set forth in subparagraphs (b), (c) and (d) of Annex I shall have ceased to exist or, subject to the provisions of this Agreement, been waived by Merger Sub, as of such expiration date and (3) the Minimum Condition is not satisfied as of such expiration date, (other than conditions which by their nature are to be satisfied x) if on the Acceptance Dateinitial expiration date of the Offer or on any subsequent scheduled expiration date of the Offer (as it may be extended and re-extended in accordance with this Agreement), the Company shall have delivered to Parent a valid Section 8.1(d) Notice, Merger Sub shall (and Parent shall cause Merger Sub to), from time to time, extend the Offer for consecutive periods of not more than five (5) Business Days each until the earlier of (A) the date on which all of the events or waived; conditions set forth in the paragraph immediately following Section 8.1(d)(i) cease to exist or are waived by the Company and (B) the date on which this Agreement is terminated in accordance with ARTICLE VIII, (y) Merger Subsidiary shall Sub may, in its sole discretion, extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission SEC (or the “SEC”staff thereof) or the Nasdaq Global Market NYSE applicable to the Offer; provided that in no event shall Offer and (z) Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or Sub may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) period” in accordance with Rule 14d-11 under the Exchange Act; provided that, in the case of clauses (w), (x), (y) and (z), in no event shall the Offer extend beyond the Walk-Away Date. Merger Sub expressly reserves the right from time to time to waive any of the 1934 Act. Subject conditions set forth in Annex I (other than the Minimum Condition, the Registration Condition, the Listing Condition and the condition set forth in subparagraph (e) of Annex I) or to increase the foregoing, including the requirements of Rule 14d-11, and upon Offer Price or to make any other changes in the terms and subject to the conditions of the Offer; provided that, without the prior written consent of the Company, Merger Subsidiary shallSub shall not decrease the Offer Price, and Parent change the form of consideration payable in the Offer, decrease the number of shares of Company Common Stock sought to be purchased in the Offer, change, modify or waive the Minimum Condition, impose additional conditions to the Offer or modify or change any condition to the Offer in a manner materially adverse to the holders of shares of Company Common Stock or in a manner which would delay consummation of the Offer, reduce the time period during which the Offer shall cause it toremain open or, accept except for payment and pay forany extension required or permitted hereunder, extend or otherwise change the expiration date of the Offer, or amend, modify or supplement any other term of the Offer in any manner adverse to the holders of shares of Company Common Stock or in a manner which would delay consummation of the Offer. (b) Subject to the first sentence of Section 2.1(a), as promptly as reasonably practicable after the expiration and, in any event, within five (5) Business Days of the Offerdate of this Agreement, all Shares (1) validly tendered and not withdrawn pursuant in order to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of reflect the execution of this AgreementAgreement and the terms hereof, Merger Subsidiary shall, and Parent shall file or cause its Affiliates to, to be filed with the SEC (i) file with the SEC an amendment to Parent’s registration statement on Form S-4 (as it may be amended or supplemented, the “Form S-4”) and (ii) an amendment to Parent’s and Merger Sub’s tender offer statement on Schedule TO, which shall include a revised offer as amended, each originally filed on March 5, 2010 with respect to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement Pending Offer (collectively, such schedule together with the Form S-4, and the documents included therein pursuant to which the Offer is made, and any amendments or and supplements thereto, the “Offer Documents”), . Each Party shall use its best efforts (i) to have the Form S-4 declared effective under the Securities Act as promptly as reasonably practicable after such filing and (ii) to have removed as promptly as reasonably practicable any stop order suspending its effectiveness. Subject to the extent required by applicable U.S. federal securities lawsCompany’s compliance with Section 2.2(c), Parent and Merger Sub shall cause the Offer Documents to be disseminated to holders of Sharesshares of Company Common Stock as required by applicable U.S. federal securities Laws. Each of ParentParent and Merger Sub, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respectrespect or as otherwise required by Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case shares of Company Common Stock as and to the extent required by applicable U.S. federal securities lawsLaws. The Company shall promptly furnish to Parent and Merger Sub all information concerning the Company that is required or reasonably requested by Parent or Merger Sub in connection with the obligations relating to the Offer Documents contained in this Section 2.1(b). The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC. In addition, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary Sub shall provide the Company and its counsel with (i) any comments or communications, whether written or oral comments oral, that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptlypromptly after Parent’s or Merger Sub’s, but in no event later than twenty-four hoursas the case may be, after the receipt of such comments, and, subject and (ii) a reasonable opportunity to participate in the response of Parent or Merger Sub to those comments and to provide comments on that response. (c) In the event this Agreement is terminated pursuant to Section 8.1 prior to the provisions hereofAcceptance Time, Parent and Merger Sub shall promptly respond terminate the Offer without accepting any shares of Company Common Stock previously tendered and Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Sub to return, all tendered shares of Company Common Stock to the registered holders thereof. (d) No certificates or scrip representing fractional shares of Parent Common Stock shall be issued by virtue of the Offer, no dividends or other distributions of Parent shall relate to such commentsfractional share interests and such fractional share interests shall not entitle the owner thereof to vote or to any rights of a stockholder of Parent. In lieu of such fractional share interests, Parent shall pay to each holder of shares of Company Common Stock who would otherwise be entitled to a fraction of a share of Parent Common Stock (after aggregating all fractional shares of Parent Common Stock that otherwise would be received by such holder) an amount in cash equal to the product obtained by multiplying (i) the fractional share interest to which such holder would otherwise be entitled by (ii) the average closing sales price, rounded to four decimal points, of shares of Parent Common Stock on the NYSE (as reported in the Wall Street Journal, New York City edition) for the period of the ten (10) consecutive trading days ending on the second full trading day prior to the Acceptance Time (the “Parent Common Stock Cash Value”). (e) If any portion of the Offer Price is to be registered in the name of or paid to a Person other than the Person in whose name the tendered shares of Company Common Stock are registered, the amount of any stock transfer or other similar Taxes (whether imposed on the registered holder(s), or such other Person, or otherwise) payable on account of such issuance or transfer to such other Person shall be deducted from the Offer Price for the exchange of such shares of Company Common Stock in the Offer, unless evidence satisfactory to Merger Sub of the payment of such Taxes, or exemption therefrom, is submitted. (f) Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 3 contracts

Sources: Merger Agreement (Terra Industries Inc), Merger Agreement (CF Industries Holdings, Inc.), Agreement and Plan of Merger (CF Industries Holdings, Inc.)

The Offer. (a) Provided that nothing shall have occurred that would give rise On or prior to a right to terminate the Offer pursuant to any of the conditions set forth in Annex IAugust 30, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement2013, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer. (b) The obligation and right of Merger Sub to accept for payment and pay for any shares of Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer (and not validly withdrawn) prior to any then scheduled Expiration Time that number of shares of Common Stock which, together with the shares beneficially owned by Parent or Merger Sub, represents at least a majority of the Common Stock then outstanding (determined on a fully diluted basis (which assumes conversion or exercise of all derivative securities regardless of the conversion or exercise price, the vesting schedule or other terms and conditions thereof)) (the “Minimum Condition”), and (ii) the satisfaction, or waiver by Parent or Merger Sub (to the extent permitted hereby), of the other conditions and requirements set forth in Exhibit A (together with the Minimum Condition, the “Offer Conditions”). Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant Expiration Time. The conditions to the Offer pay set forth in Exhibit A are for the sole benefit of Parent and Merger Sub and may be asserted by Parent or Merger Sub regardless of the circumstances (including any action or inaction by Parent or Merger Sub, provided that nothing therein shall relieve any party hereto from any obligation or liability such party has under this Agreement) giving rise to such condition or may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.01. The Offer Price (without interest) for payable in respect of each Share share of Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes pursuant to Section 4.02(i). (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that includes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary expressly reserves Sub reserve the right to waive waive, in whole or in part, any of Offer Condition (other than the Minimum Condition), to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not (i) reduce the number of shares of Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent of the Company Offer Price, (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition may not be waivedCondition, (Biv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds add to the conditions set forth in Exhibit A or modify or change any Offer Conditions or amends any other term of the Offer Condition in any a manner adverse to the stockholders any shareholders of the Company, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.01, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to any shareholder of the Company. (d) The Offer shall expire at midnight (New York City, New York time) on the date that is 20 Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Unless this Agreement has been terminated in accordance with its terms: (i) if on or prior to any then scheduled Expiration Time, all of the conditions to the Offer (including the Minimum Condition and the other Offer Conditions) have not been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, then Merger Sub (A) may (and in such case Parent shall cause Merger Sub to) extend the Offer for successive periods of up to ten Business Days each (or such longer period of up to 20 Business Days if the Company consents in writing prior to such extension), the length of each such period to be determined by Parent in its sole discretion, in order to permit the satisfaction of such conditions; and (B) shall (and Parent shall cause Merger Sub to) extend the Offer on one occasion for a period of up to seven Business Days if requested by the Company; (ii) Merger Sub may (and in such case Parent shall cause Merger Sub to) extend the Offer on one occasion at the Initial Expiration Time for a period of up to ten Business Days if the Debt Financing or Alternative Financing has not actually been received by Merger Sub or Parent, and the Debt Financing Sources have not definitively and irrevocably confirmed in writing to Parent and Merger Sub that the Debt Financing (Dor Alternative Financing) in an amount sufficient (together with the Equity Financing and cash available to the Company) to consummate the Offer and the Merger shall be available at the Offer Closing on the terms set forth in the Debt Financing Letter and subject only to the satisfaction of the Offer Conditions (and contribution by Parent or Merger Sub of the proceeds of the Equity Financing); and (iii) Merger Subsidiary Sub shall (and Parent shall cause Merger Sub to) extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the Securities and Exchange Commission or its staff (the “SEC”); provided, however, that, in any case in this Section 1.01(e), Merger Sub shall not be required to extend the Offer beyond November 29, 2013 (the “Outside Date”) and shall not be permitted to extend the Offer beyond the Outside Date without the Company’s consent. (f) On the terms and subject to the conditions of this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (subject to any withholding of tax pursuant to Section 4.02(i)) all shares of Common Stock validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time (as it may be extended and re-extended in accordance with this Section 1.01). Acceptance for payment of shares of Common Stock pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents (as defined below) may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 1.01 shall affect any termination rights in Article 9. (g) Merger Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company, except in the event that this Agreement is terminated pursuant to Section 11.01Article 9. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub in accordance with the terms of this Agreement, (x) Merger Subsidiary shall (or at if this Agreement is terminated pursuant to Article 9, prior to the request acceptance for payment of the CompanyCommon Stock tendered in the Offer, Parent Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Subsidiary toSub to return, in accordance with applicable Law, all tendered Common Stock to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement, if any (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer shall be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any material information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the shareholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the shareholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any shares of Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 3 contracts

Sources: Merger Agreement (Campbell Thomas J), Merger Agreement (Michael Baker Corp), Merger Agreement (Michael Baker Corp)

The Offer. (a) Provided that nothing shall have occurred that would give rise Subject to a right to terminate the Offer pursuant to any provisions of the conditions set forth this Agreement and this Agreement not having been terminated in Annex Iaccordance with Article 10 hereof, as promptly as ---------- practicable but in any event within five business days after the date hereof, but Merger Sub shall commence, within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations ------------ promulgated thereunder, an offer to purchase (the "Offer") all, and in no any event later ----- not less than three Business Days following the public announcement a majority on a fully diluted basis, of the execution outstanding shares of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase Common Stock at a price to of $6.50 14.75 per Share (the “Offer Price”)share of Common Stock, net to the seller in cash, without interest (ii) provide that the conditions such price or any higher price paid pursuant to the Offer, the "Offer shall be as set forth in Annex I Consideration"). Notwithstanding the foregoing, if between ------------------- the date of this Agreement and that no other conditions shall apply, (iii) provide that the expiration date closing of the Offer the outstanding shares of Common Stock shall have been changed into a different number of shares or a different class by reason of any stock dividend, subdivision, reclassification, recapitalization, split, combination or exchange of shares, the Offer Consideration shall be midnight (New York City time) correspondingly adjusted on a per-share basis to reflect such stock dividend, subdivision, reclassification, recapitalization, split, combination or exchange of shares. The obligation of Purchaser and Merger Sub to commence the date that is ten Business Days (Offer and accept for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendmentpayment, and (iv) make such other amendments as are necessary or appropriate to conform pay for, any shares of Common Stock tendered pursuant to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I Exhibit A hereto and to no other conditions. Subject to the terms and conditions of this Agreement. --------- Subject to the provisions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly shall expire 20 business days after the later date of (x) the earliest date as of which Merger Subsidiary its commencement, unless this Agreement is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer terminated in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to Article 10, in which case the Offer and promptly following (whether or not previously ---------- extended in accordance with the acceptance terms hereof) shall expire on such date of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditionstermination. (b) Merger Subsidiary Sub expressly reserves the right to waive any modify the terms of the Offer Conditions and to make waive any other changes condition of the Offer, except that, without the prior written consent of the Company, Merger Sub shall not (and Purchaser shall cause Merger Sub not to) (i) waive the Minimum Condition (as defined in Exhibit A), --------- (ii) reduce the terms number of or conditions shares of Common Stock subject to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (Biii) no reduce the price per share of Common Stock to be paid pursuant to the Offer, (iv) except as set forth below, extend the Offer, (v) change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (vi) amend or adds modify any term or condition of the Offer (including the conditions set forth on Exhibit A) in any manner --------- adverse to the holders of Common Stock or (vii) impose additional conditions to the Offer Conditions or amends any other term of than such conditions required by applicable law. So long as this Agreement is in effect and the conditions to the Offer in any manner adverse to have not been satisfied or waived, Merger Sub may, without the stockholders consent of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall extend (or shall extend at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at for an aggregate period of not more than 20 business days (for all such extensions) beyond the originally scheduled or extended expiration date of the Offer any of Offer. So long as this Agreement is in effect and the conditions to the Offer shall not be have been satisfied or waived, from time to time until Merger Sub may, without the consent of the Company, extend the Offer for an aggregate period of not more than 20 business days (for all such conditions are satisfied (other extensions) beyond the originally scheduled expiration date of the Offer, if the number of shares of Common Stock that have been validly tendered and not withdrawn represent less than conditions which by their nature are to be satisfied on 90% of the Acceptance Date) or waived; issued and (y) outstanding shares of the Common Stock. Notwithstanding the foregoing, Merger Subsidiary shall Sub may, without the consent of the Company, extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff thereof applicable to the Offer; provided . It is agreed that the conditions set forth in no event shall Exhibit A are for the sole --------- benefit of Merger Subsidiary Sub and Purchaser and may be required to extend the Offer beyond the End Date unless Parent asserted by Merger Sub or Purchaser, or may be waived in whole or in part by Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)Sub or Purchaser, in which case their sole discretion. The failure by Merger Subsidiary Sub or Purchaser at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right and each such right shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Actdeemed an ongoing right which may be asserted at any time. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the OfferOffer and this Agreement, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after in accordance with the expiration terms of the Offer, all Shares (1) shares of Common Stock validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in as soon as practicable after the Subsequent Offering Period (expiration of the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (c) As promptly as practicable after Purchaser shall provide or cause to be provided to Merger Sub on a timely basis the date hereof, but in no event later than three Business Days following funds necessary to purchase any shares of Common Stock that Merger Sub becomes obligated to purchase pursuant to the public announcement of the execution of this Agreement, Merger Subsidiary shall, Offer and shall cause be liable on a direct and primary basis for the performance by Merger Sub or the Surviving Corporation (as defined in Section 2.1), as the case may be, of its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in ----------- obligations under this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the payment of the Offer Documents promptlyConsideration, but the Option Consideration (as defined in no event later than twenty-four hours, after Section 5.2(d)) and the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.-------------- Merger Consideration (as defined in Section 5.2(b)). --------------

Appears in 3 contracts

Sources: Merger Agreement (Avery Dennison Corporation), Merger Agreement (Quad-C Inc), Merger Agreement (Stimsonite Corp)

The Offer. (a) Provided that nothing (i) this Agreement shall not have been terminated in accordance with its terms and (ii) the Company shall have occurred that would give rise complied with its applicable obligations under Section 1.4, Parent shall use its reasonable best efforts to a right cause Bid Sub to terminate commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer pursuant to any of at the conditions set forth in Annex I, Offer Price as promptly as practicable after the date hereofreasonably practicable, but in no event later than three ten (10) Business Days following the public announcement effectiveness of the execution Parent Registration Statement. For the avoidance of this Agreementdoubt, Merger Subsidiary shall amend Parent may consummate the Offer through Bid Sub, its wholly-owned Subsidiary. (b) The obligation of Bid Sub (and Parent’s obligation to (icause Bid Sub) increase to accept for exchange, and exchange the purchase price to $6.50 per Share (the “Offer Price”)Price for, net to the seller in cash, (ii) provide that the conditions any Company Common Shares tendered pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, subject only to (iiii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer (other than Company Common Shares tendered by guaranteed delivery where actual delivery has not occurred), prior to the scheduled expiration date of the Offer (as it may be extended hereunder) and not withdrawn, a number of Company Common Shares that, together with the any Company Common Shares then directly or indirectly owned by Parent and its AffiliatesParent, Bid Sub or Merger Sub, represents a majority at least 90% of all outstanding Company Common Shares (excluding shares held by the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable Company) (the “Minimum Condition”) and to (ii) the other conditions set forth in Annex I A (the Minimum Condition and such other conditions collectively referred to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (herein as the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer . Parent and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary Bid Sub expressly reserves reserve the right in their sole and absolute discretion to waive any of the Offer Conditions (if such waiver is permitted hereunder) and to make any other changes in modify the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld unless previously approved in writing by the Company in its the Company’s sole and absolute discretion) , (A) the Minimum Condition may not be amended or waived (provided that if all the conditions in Annex A (other than the Minimum Condition and conditions that shall be satisfied on the Closing Date) have been satisfied or (if such waiver is permitted hereunder) waived, Parent may elect, in its sole and absolute discretion, to waive the Minimum Condition down to 66 2/3% of all outstanding Company Common Shares (excluding shares held by the Company)), (B) no change may be made that changes the form of consideration to be paid, paid or decreases the price cash per Share Company Common Share, the number of Company Common Shares sought in the Offer or the number of Parent Shares sought per Company Common Share and (C) no change may be made that amends in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any a manner adverse to the stockholders holders of Company Common Shares (which, for the avoidance of doubt, shall not include any waiver of the CompanyMinimum Condition other than in accordance with the proviso in clause (A)), or adds to, the Offer Conditions, provided, that Bid Sub may change the amount of Cash Consideration and Stock Consideration offered as contemplated by and in accordance with this Agreement and (C) except as set forth in Section 1.1(c), the expiration date shall Offer may not be extended. (c) Unless extended except as otherwise provided hereinpursuant to and in accordance with the terms of this Agreement, and (D) Merger Subsidiary shall not terminate the Offer prior shall expire at 10:00 a.m., New York City time, on the twenty-first (21st) Business Day (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) after the date that the Offer is commenced. Subject to any scheduled expiration date except in the event that this Agreement is terminated pursuant to parties’ respective termination rights under Section 11.01. Notwithstanding the foregoing9.1 (if applicable), (xi) Merger Subsidiary shall (or at the request of the Companyif, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer, any Offer any Condition has not been satisfied or waived (if such waiver is permitted hereunder), Bid Sub shall (and Parent shall cause Bid Sub to) extend the Offer for successive periods of ten (10) Business Days each or such other number of Business Days as the parties may agree in order to permit the satisfaction of such Offer Conditions, until the earlier to occur of (x) the satisfaction or waiver (if such waiver is permitted hereunder) of all of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; Conditions and (y) Merger Subsidiary the End Date (as may be extended pursuant to Section 9.1(c)), and (ii) Bid Sub shall (and Parent shall cause Bid Sub to) extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or its staff or the Nasdaq Global Market New York Stock Exchange (including any successor exchange, “NYSE”) applicable to the Offer; provided that in no event shall Merger Subsidiary be Offer or any period required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Dateby applicable Law. Following the expiration of the Offer, Merger Subsidiary shall, if requested by the Company, Bid Sub may elect to provide one or may, in its sole discretion, provide a more subsequent offering period periods (each, a “Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 ActExchange Act and in compliance with all other provisions of applicable Law. The Offer Price payable in respect of each Company Common Share validly tendered and not withdrawn pursuant to the Offer or validly tendered in any Subsequent Offering Period shall be paid to the holder thereof in cash and Parent Shares, subject to reduction for any applicable withholding Taxes. (d) Subject to the foregoing, including the requirements of Rule 14d-11, foregoing and other applicable Law and upon the terms of and subject to the conditions of the Offer, Merger Subsidiary shall, Bid Sub shall (and Parent shall cause it Bid Sub to, ) accept for payment exchange, as promptly as permitted under applicable securities Law, and exchange and pay for, or cause to be exchanged and paid for, (after giving effect to any required withholding Tax), as promptly as practicable after the expiration date on which Bid Sub first accepts Company Common Shares for exchange pursuant to the Offer (the date and time of such first acceptance, regardless of any Subsequent Offering Periods pursuant to Rule 14d-11 of the OfferExchange Act, the “Acceptance Time”), all Company Common Shares (1i) validly tendered and not withdrawn pursuant to the Offer and or (2ii) validly tendered in the any such Subsequent Offering Period (Period. Notwithstanding the date on which immediately preceding sentence and subject to the applicable rules of the SEC and the terms and conditions of the Offer, Parent and Bid Sub expressly reserve the right to delay exchanges of Company Common Shares are first accepted for payment, in order to comply in whole or in part with applicable Laws. Any such delay shall be effected in compliance with Rule 14e-1(c) under the “Acceptance Date”)Exchange Act. (ce) As promptly No fraction of a Parent Share shall be issued in connection with the Offer, no dividends or other distributions with respect to Parent Shares shall be payable on or with respect to any such fractional share interest, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu thereof, each tendering Company shareholder who would otherwise be entitled to a fractional Parent Share (after aggregating all fractional Parent Shares that otherwise would have been received by such Company shareholder) shall, upon surrender of (i) certificates registered in the name of such shareholder and representing outstanding Company Common Shares (each, a “Company Certificate”) or (ii) evidence of uncertificated shares of Company Common Shares represented by book-entry (each, a “Book-Entry Share”), in each case, be entitled to receive an amount of cash (without interest and subject to the amount of any withholding taxes as practicable after contemplated by Section 3.2(i)) rounded to the nearest whole cent determined by multiplying (i) the Acceptance Time Parent Share Price by (ii) the fractional share interest to which such holder would otherwise be entitled. The parties acknowledge that such cash payment in lieu of issuing fractional shares was not separately bargained for consideration, but merely represents a mechanical rounding off for purposes of simplifying the corporate and accounting complexities that would otherwise be caused by the issuance of fractional shares. (f) The Company agrees that no Company Common Shares held by the Company or any of its Subsidiaries will be tendered pursuant to the Offer. (g) On the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Merger Subsidiary shall, Parent and Bid Sub shall (and Parent shall cause its Affiliates Bid Sub to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO, which ”) that shall include a revised contain an offer to purchase exchange and a form of related letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the Parent Registration Statement and such other ancillary documents as may be required, the “Offer Documents”). Parent and Bid Sub agree to use reasonable best efforts to, as promptly as practicable on the date of commencement of the Offer: (x) cause the Offer Documents to be disseminated to the Company’s shareholders as and (ii) to the extent required by applicable U.S. federal and, if applicable, Canadian securities lawsLaws and the Swiss Code of Obligations, cause (y) deliver a copy of the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they at its principal executive offices in accordance with Rule 14d-3(a) promulgated under the Exchange Act and (z) give telephonic notice of the information required by Rule 14d-3 promulgated under the Exchange Act, and mail by means of first class mail a copy of the Offer Documents to the NYSE in accordance with Rule 14d-3(a) promulgated under the Exchange Act. The Company shall promptly furnish to Parent and Bid Sub in writing all information concerning the Company, its directors, officers and Affiliates as may be required by applicable securities Law or reasonably requested by Parent or Bid Sub for inclusion in the Schedule TO or the other Offer Documents. Parent and Bid Sub shall (and Parent shall cause Bid Sub to) use their reasonable best efforts to: (x) cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with (A) the 1934 Securities Act and the Exchange Act, (B) the rules and regulations thereunder of the NYSE and other applicable Law the TSX, (C) the rules and that regulations of FINRA and (D) the Swiss Code of Obligations, in each case, as applicable. If at any time before consummation of the Offer Parent shall become aware that there has occurred an event that is required to be set forth in an amendment to the Schedule TO or in a supplement to the other Offer Documents, when filed : (1) Parent shall promptly prepare such an amendment or supplement; and (2) Parent shall promptly file with the SEC and on the date first published, sent or given distribute to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact Company such amendment or omit to state any material fact required to be stated therein or necessary in order to make the statements thereinsupplement, in light each case, as and to the extent required by applicable federal securities Law and the Swiss Code of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing)Obligations. Each of Parent, Merger Subsidiary Bid Sub and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the other Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary The Company and Parent will, and will cause their respective Representatives to, reasonably cooperate with the other in the preparation of the Schedule TO and the other Offer Documents. Without limiting the generality of the foregoing, Parent shall, and shall cause its Affiliates Representatives to, use their respective reasonable best efforts to cause provide the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given Representatives with a reasonable opportunity opportunity, in advance of initial filing or any amendment or filing of any supplement thereto, to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the other Offer Documents, and Merger Subsidiary . Parent shall give reasonable and good faith consideration to any comments made by promptly notify the Company and its counsel. Parent and Merger Subsidiary shall provide in writing of the Company and its counsel with receipt of any written or oral comments Parent, Merger Subsidiary from or their respective Affiliates or counsel may receive from other correspondence with the SEC or its staff with respect to the Schedule TO or the other Offer Documents promptlyand any request by the SEC or its staff for amendments or supplements to the Schedule TO or the other Offer Documents or for additional information and shall promptly supply the Company with copies of all correspondence between it and any of its Representatives or Affiliates, but on the one hand, and the SEC or its staff, on the other hand, with respect to the Schedule TO or the other Offer Documents. (h) Parent shall provide or cause to be provided to the Exchange Agent in no accordance with Section 3.2 the funds and Parent Shares necessary to accept for payment, and pay for, any Company Common Shares that Bid Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer. (i) If, between the date hereof and the date on which any Company Common Share is accepted for payment and paid for pursuant to the Offer, the Company Common Shares are changed (or a record date for such change occurs) into a different number or class of shares by reason of any stock split, stock dividend, reclassification, recapitalization or other similar transaction, then the Offer Price shall be appropriately and proportionately adjusted, taking into account the record and payment or effective dates, as the case may be, for such transaction. (j) If, between the date hereof and the date on which any Company Common Share is accepted for payment and paid for pursuant to the Offer, the outstanding Parent Shares are changed (or a record date for such change occurs) into a different number or class of shares by reason of any division or subdivision of shares, stock dividend, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Offer Price shall be appropriately and proportionately adjusted, taking into account the record and payment or effective dates, as the case may be, for such transaction. (k) Unless this Agreement is terminated pursuant to Section 9.1, Bid Sub shall not (and Parent shall cause Bid Sub not to) terminate or withdraw the Offer prior to any scheduled expiration date without the prior written consent of the Company in its sole and absolute discretion, except that in the event later than this Agreement is terminated pursuant to Section 9.1, Bid Sub shall (and Parent shall cause Bid Sub to) promptly (and in any event within twenty-four (24) hours, after ) following such termination irrevocably and unconditionally terminate the receipt of such comments, and, subject Offer and shall not acquire any Company Common Shares pursuant thereto. If the Offer is terminated in accordance with this Agreement prior to the provisions hereofpurchase of Company Common Shares in the Offer, Bid Sub shall (and Parent shall cause Bid Sub to) promptly respond return, or cause any depositary acting on behalf of Bid Sub to such commentsreturn, all tendered Company Common Shares to the tendering shareholders of the Company.

Appears in 2 contracts

Sources: Merger Agreement (Fairfax Financial Holdings LTD/ Can), Merger Agreement (Allied World Assurance Co Holdings, AG)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise been terminated in accordance with Article VII, by the later of (i) ten business days after the date of this Agreement and (ii) the date on which the Company files its Annual Report on Form 10-K for the 2015 fiscal year with the SEC (as defined below), Merger Sub shall (and Parent shall cause Merger Sub to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer. (b) In accordance with the terms and conditions of this Agreement, and subject only to a right the satisfaction or waiver (to terminate the Offer pursuant to any extent such waiver is permitted by applicable Law) of the conditions set forth in Annex II (collectively, the “Offer Conditions”) and, for the avoidance of doubt, no other conditions, Merger Sub shall (and Parent shall cause Merger Sub to), at or as promptly as practicable after following the date hereofExpiration Time, irrevocably accept for payment (the time of acceptance for payment, the “Offer Acceptance Time”) and, at or as promptly as practicable following the Offer Acceptance Time (but in no any event later than within three Business Days following business days (calculated as set forth in Rule 14d-1(g)(3) under the public announcement Exchange Act) thereafter) pay for all shares of Company Common Stock validly tendered and not properly withdrawn pursuant to the execution of this AgreementOffer. Parent shall provide or cause to be provided to Merger Sub, Merger Subsidiary shall amend at the Offer Acceptance Time and on a timely basis at all times thereafter, the funds necessary to purchase any shares of Company Common Stock that Merger Sub becomes obligated to purchase pursuant to the Offer. (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) in accordance with the terms set forth in this Agreement and subject only to the Minimum Condition and the other Offer Conditions. Merger Sub expressly reserves the right to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide waive any Offer Condition other than the Minimum Condition and (iii) make any other changes to the terms and conditions of the Offer not inconsistent with the terms of this Agreement; provided, however, that unless otherwise expressly provided by this Agreement, without the prior written consent of the Company, Merger Sub shall not, and Parent shall cause Merger Sub not to, (A) decrease the Offer Price, (B) change the form of consideration payable in the Offer, (C) decrease the maximum number of shares of Company Common Stock sought to be purchased in the Offer, (D) impose any conditions to the Offer shall be as set forth in Annex I and that no other conditions shall applythan the Offer Conditions, (iiiE) provide that the expiration date amend, modify or supplement any of the Offer Conditions (i) in a manner that adversely affects the holders of Company Common Stock or that makes such Offer Condition more difficult to satisfy or (ii) in any other circumstance, without the consent of the Company, not to be unreasonably withheld, delayed or conditioned, (F) amend, modify or waive the Minimum Condition, (G) except as otherwise required or expressly permitted by Section 1.01(e), extend or otherwise change the Expiration Time, (H) provide for any “subsequent offering period” within the meaning of Rule 14d-11 under the Exchange Act or (I) otherwise amend, modify or supplement any of the other terms of the Offer in any manner adverse to the holders of Company Common Stock. The Offer may not be terminated prior to its scheduled Expiration Time, unless this Agreement is terminated in accordance with Article VII. (d) The Offer shall be expire at midnight (New York City time) (i.e., one minute after 11:59 p.m. New York City time) on the date that is ten Business Days 20 business days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (such amendmentinitial expiration date and time of the Offer, the “Initial Expiration Time”) or, if the Offer has been extended pursuant to and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with Section 1.01(e), the terms of date and time to which the Offer prior to has been so extended (the Initial Expiration Time, or such later expiration date of and time to which the Offer and not withdrawnhas been so extended, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum ConditionExpiration Time). (e) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including parties’ respective rights to terminate the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered Agreement pursuant to Article VII, the Offer and may or shall, as applicable, be extended from time to time as follows: (yi) if, at the earliest date as of which each then-scheduled Expiration Time, any of the Offer Conditions has not been satisfied, satisfied or waived by Parent and Merger Sub (to the extent such waiver is permitted under this Agreement and applicable Law), then Merger Sub shall, and Parent shall cause Merger Sub to, extend the Offer on one or more occasions in consecutive increments of five business days each (each such increment to end at 5:00 p.m., New York City time, on the last business day of such increment) (or such other duration as may be agreed to by Parent and the Company) in order to permit the satisfaction of such Offer Condition(s); provided, however, that (A) Merger Sub shall not be required to extend the Offer to a date later than the Outside Date (for the avoidance of doubt, as the Outside Date may be extended pursuant to Section 7.01(b)(i) and (B) if the Marketing Period has ended and the sole then-unsatisfied Offer Condition is the Minimum Condition, (1) Merger Sub may (but shall not be required to) extend the Offer on up to two occasions in consecutive increments of five business days each (each such increment to end at 5:00 p.m., New York City time, on the last business day of such increment) (or such other duration as may be agreed to by Parent and the Company) and (2) except as provided in clause (1) of this Section 1.01(e)(i), Merger Sub shall, and Parent shall cause Merger Sub to, extend the Offer if the Company shall have requested in writing that Merger Sub so extend the Offer; (ii) Merger Sub shall extend the Offer for the minimum period required by applicable Law, interpretation or position of the SEC or its staff or The NASDAQ Stock Market LLC (“NASDAQ”) or its staff; (iii) if, at the then-scheduled Expiration Time, the Company brings or shall have brought any action in accordance with Section 8.08 to enforce specifically the performance of the terms and provisions of this Agreement by Parent or Merger SubsidiarySub, the Expiration Time shall be extended (A) for the period during which such action is pending or (B) by such other time period established by the court presiding over such action, as the case may be, but, in any event, not past the Outside Date (for the avoidance of doubt, as the Outside Date may be extended pursuant to Section 7.01(b)(i)); and (iv) if , at the then-scheduled Expiration Time, (A) the full amount of the Debt Financing has not been funded and will not be available to be funded at the Offer Closing and the Closing (other than as a result of a breach by Parent or Merger Sub of any of their representations, warranties or covenants set forth in Sections 4.05 and 5.04 of this Agreement) and (B) Parent and Merger Sub acknowledge and agree in writing that (1) the Company may terminate this Agreement pursuant to Section 7.01(d)(iii) and receive the Parent Termination Fee and (2) all Offer Conditions set forth in paragraphs (d), (e), (f) and (h) of Annex I will be deemed to have been satisfied or waived at the Expiration Time of the Offer after giving effect to any extension pursuant to this clause (iv), Merger Subsidiary Sub shall have the right in its sole discretion to extend the Offer on up to four occasions in consecutive increments of five business days each (each such increment to end at 5:00 p.m., New York City time, on the last business day of such increment) (or such other duration as may be agreed to by Parent and the Company); provided that Merger Sub shall not be permitted to extend the Offer to a date later than the Outside Date (for the avoidance of doubt, as the Outside Date may be extended pursuant to Section 7.01(b)(i)). Merger Sub shall not, and Parent shall not permit Merger Sub to, extend the Offer in any manner except as required or expressly permitted pursuant to this Section 1.01(e). Notwithstanding the foregoing, in the event that, as a result of the extension of the Offer in accordance with the provisions of this Section 1.01(e), the Expiration Time would occur on the date that is the Outside Date, the Expiration Time shall instead occur at 5:00 p.m., New York City time, on the business day immediately preceding the Outside Date. (f) The Offer Price shall be adjusted appropriately and proportionately to reflect the effect of any stock split, reverse stock split, stock dividend (including any dividend or other distribution of securities convertible into Company Common Stock), reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to Company Common Stock occurring on or after the date of this Agreement and at or prior to the Offer Acceptance Time, and such adjustment to the Offer Price shall provide to the holders of shares of Company Common Stock the same economic effect as contemplated by this Agreement prior to such action. (g) In the event that this Agreement is terminated in accordance with Article VII, Merger Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate as promptly as practicable (and in any event within one business day of such termination) irrevocably and unconditionally terminate the Offer in accordance with its terms Offer, and accept for payment each Share validly tendered and shall not properly withdrawn acquire any shares of Company Common Stock pursuant to the Offer and promptly following the acceptance shall cause any depository acting on behalf of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger SubsidiarySub to return, in accordance with applicable Law, all tendered shares of each of Company Common Stock to the Offer Conditionsregistered holders thereof. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (ch) As promptly as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution Offer (within the meaning of this AgreementRule 14d-2 under the Exchange Act), Parent and Merger Subsidiary shall, and Sub shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all exhibits, amendments and supplements thereto, the “Schedule TO”) that will contain or incorporate by reference the Offer to Purchase and form of the related letter of transmittal (the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements theretoall documents included therein pursuant to which the Offer will be made, the “Offer Documents”), ) and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Sharesshares of Company Common Stock. Each of Parent, Merger Subsidiary Sub and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, Parent further agrees to use their respective all reasonable best efforts to promptly cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to promptly be disseminated to holders of Sharesshares of Company Common Stock, in each case as and to the extent required by applicable U.S. federal securities lawsLaw. The Company shall promptly furnish or otherwise make available to Parent, Merger Sub or Parent’s legal counsel any information concerning the Company and the Company’s Subsidiaries that is required by the Exchange Act to be set forth in the Offer Documents or reasonably requested by Parent or Merger Sub for inclusion in the Offer Documents. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed prior to the filing thereof with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselSEC. Parent and Merger Subsidiary shall Sub agree to provide the Company and its counsel with any written or comments (including a summary of any oral comments comments) that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject . Each of Parent and Merger Sub shall give the Company and its counsel a reasonable opportunity to participate in the response to any comments of the SEC or its staff with respect to the provisions hereof, Offer Documents and shall respond promptly respond to any such comments. (i) Parent, Merger Sub and the paying agent with respect to the Offer shall be entitled to deduct and withhold from the Offer Price payable pursuant to the Offer such amounts as are required to be deducted and withheld with respect to the making of such payment under the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder (the “Code”), or under any provision of state, local or foreign Tax Law. To the extent amounts are so withheld and (if required) paid over to the appropriate Governmental Authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.

Appears in 2 contracts

Sources: Merger Agreement (Fresh Market, Inc.), Merger Agreement (Fresh Market, Inc.)

The Offer. (a) Provided that nothing this Agreement shall not have occurred been terminated in accordance with Section 7.1, as promptly as practicable (and in any event within ten (10) Business Days from the date hereof, Purchaser shall (and Parent shall cause Purchaser to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer to purchase for cash all Shares at the Offer Price, subject to: (i) there being validly tendered in the Offer and not withdrawn prior to any then scheduled Expiration Date (as defined below) that number of Shares which, together with the Shares then beneficially owned by Parent or Purchaser (if any), represents at least sixty-six and two-thirds percent (66 2/3%) of: (x) all Shares then outstanding, plus (y) all Shares issuable upon the exercise, conversion or exchange of any Company Stock Options or Company Warrants then outstanding that are vested and exercisable, convertible or exchangeable as of any then scheduled Expiration Date or that would give rise be vested and exercisable, convertible or exchangeable (including after giving effect to the acceleration of any vesting or exercisability, convertibility or exchangeability that may occur as a result of the Offer) at any time within sixty (60) days following the then scheduled Expiration Date assuming that the holder of such Company Stock Options satisfies the vesting or exercisability, convertibility or exchangeability conditions applicable thereto during such time period (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Purchaser, of the other conditions and requirements set forth in Annex I. (b) Subject to Section 1.1(a), Purchaser shall (and Parent shall cause Purchaser to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not withdrawn pursuant to the Offer as promptly as practicable. The Offer Price payable in respect of each Share validly tendered and not withdrawn pursuant to the Offer shall be paid net to the seller in cash subject to withholding as provided in Section 2.2(e). (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms set forth in this Agreement, the Minimum Condition and the other conditions and requirements set forth in Annex I. Parent and Purchaser expressly reserve the right to terminate increase the Offer pursuant Price or to make any other changes in the terms and conditions of the offer; provided, however, that unless otherwise provided by this Agreement or as previously approved by the Company in writing, Purchaser shall not (i) decrease the Offer Price, (ii) change the form of consideration payable in the Offer, (iii) reduce the maximum number of Shares to be purchased in the Offer, (iv) impose conditions to the Offer that are different from, or in addition to, the conditions set forth in Annex I, as promptly as practicable after (v) amend or waive the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cashMinimum Condition, (iivi) provide that amend any of the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, or (iiivii) provide that extend the expiration date of the Offer in a manner, other than as required by this Agreement, without the prior written consent of the Company. (d) Unless extended pursuant to and in accordance with the terms of this Agreement, the Offer shall be expire at midnight (New York City time) on the date that is ten twenty (20) Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing commencement (within the meaning of such amendmentRule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Date”) or, in the event the Initial Expiration Date has been extended pursuant to, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of date to which the conditions set forth in Annex I Offer has been so extended (the “Offer Conditions”)Initial Expiration Date, promptly after or such later date to which the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered Initial Expiration Date has been extended pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant this Agreement, is referred to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Expiration Date”). (ce) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “The Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity extended from time to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.as follows:

Appears in 2 contracts

Sources: Merger Agreement (Altra Holdings, Inc.), Merger Agreement (Tb Woods Corp)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary Sub shall amend (and Parent shall cause Merger Sub to) commence (within the Offer to (i) increase meaning of Rule 14d-2 under the purchase price to $6.50 per Share Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer PriceExchange Act”), net ) the Offer. (b) The obligation of Merger Sub to the seller in cash, (ii) provide that the conditions accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, subject to: (iiii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a validly withdrawn prior to any then scheduled Expiration Time that number of Shares thatshares of Company Common Stock which, together with the Shares then shares beneficially owned by Parent and its Affiliatesor Merger Sub (if any), represents the greater of (A) a majority of the total number of shares of Company Common Stock outstanding without giving effect to the Top-Up Shares and (B) one share more than ninety percent (90%) of the total number of shares of Company Common Stock outstanding immediately after the issuance of the Top-Up Shares, calculated on a fully-fully diluted basisbasis (which assumes the conversion or exercise of all Company Stock Options and other derivative securities and the vesting and/or exercise of all other Company Stock Awards, without regard to whether any convertible in each case, regardless of the conversion or exchangeable securities are then vested exercise price, the vesting schedule or other terms and exercisable conditions thereof) (the “Minimum Condition”); and (ii) and to the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to Exhibit A (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfiedMinimum Condition and the satisfaction, or waived waiver by Parent or Merger SubsidiarySub, of the other Offer Conditions, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant Expiration Time; provided that if, at or prior to any Expiration Time, Parent delivers a notice to the Offer pay Company representing that the full amount of the Debt Financing has not been funded and would not be available to be funded at the consummation of the Offer if such Expiration Time were not extended, then Purchaser may (on one occasion only) extend the Offer and such Expiration Time for up to ten (10) Business Days in its sole discretion. The Offer Price (without interest) for payable in respect of each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary Sub expressly reserves reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not (i) reduce the number of shares of Company Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent of the Company Offer Price, (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition may not be waivedCondition, (Biv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds add to the conditions set forth in Exhibit A or modify or change any Offer Conditions or amends any other term of the Offer Condition in a manner adverse in any manner adverse material respect to the stockholders any shareholders of the Company, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.01, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse in any material respect to any shareholders of the Company. (d) The Offer shall expire at midnight (Minneapolis time) on the date that is twenty (20) Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer, determined as set forth in Rule 14d-1(g)(3) and Rule 14e-1(a) under the Exchange Act (the “Initial Expiration Time”), or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement to the contrary, and without limiting Parent’s or Merger Sub’s obligations under this Section 1.01(e), Merger Sub (Di) may, in its sole discretion, without consent of the Company, extend the Offer on one or more occasions for any period, if on any then-scheduled Expiration Time any of the Offer Conditions shall not be satisfied or, in Merger Sub’s sole discretion, waived, until such time as such condition or conditions are satisfied or waived and (ii) shall extend the Offer for any period required by applicable Law, any interpretation or position of the Securities and Exchange Commission (the “SEC”), the staff thereof or the NASDAQ Capital Market (“NASDAQ”) applicable to the Offer, and until any waiting period (and any extension thereof) applicable to the consummation of the Offer under any applicable antitrust, competition or similar Law shall have expired or been terminated; provided, however, that in no event shall Merger Sub be required to extend the Offer (A) beyond January 31, 2018 (the “Outside Date”) or (B) at any time that Parent or Merger Sub is permitted to terminate this Agreement pursuant to ARTICLE VIII. (f) On the terms and subject to the conditions of this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (subject to any withholding of tax pursuant to Section 3.05) all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer as soon as practicable after the Expiration Time (as it may be extended and re-extended in accordance with this Section 1.01). Acceptance for payment of shares of Company Common Stock pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing”, and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date”. Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents (as defined below) may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 1.01 shall affect any termination rights in ARTICLE VIII. (g) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01ARTICLE VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to ARTICLE VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Subsidiary toSub to return, all tendered Company Common Stock to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, modifications, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or amendments, modifications and supplements thereto, the “Offer Documents”), . The Company agrees to promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the shareholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments, modifications or supplements thereto) with the SEC or dissemination thereof to the shareholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before or response (including, if applicable, participation in the formulation of any such document is filed with the SEC after the date hereof and (Bwritten response(s) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from of the SEC with respect to the Offer Documents promptlyDocuments), but in no event later than twenty-four hours, after the receipt of such comments, and, subject and Parent and Merger Sub shall give reasonable consideration to the provisions hereof, promptly respond to any such comments. (i) Parent and Merger Sub shall, on the same date that the Offer is commenced, file with the Commissioner of Commerce of the State of Minnesota and deliver to the Company a registration statement relating to the Offer required to be filed pursuant to Chapter 80B of Minnesota Statutes and will disseminate to the shareholders of the Company the information specified in Chapter 80B.03 of the Minnesota Statutes. Parent and Merger Sub shall promptly provide copies to the Company of any and all correspondence between them and the Minnesota Department of Commerce with respect to compliance with Chapter 80B, and shall promptly respond as soon as possible to address any such comments or actions required by the Minnesota Department of Commerce to consummate the transactions contemplated by this Agreement. (j) Subject to the prior satisfaction, or waiver by Parent or Merger Sub, of the Offer Conditions, Parent shall provide or cause to be provided to Merger Sub the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer. (k) For purposes of this Agreement and the Offer, unless mutually agreed by Parent and the Company, any shares of Company Common Stock subject to notices of guaranteed delivery shall be deemed not to be validly tendered into the Offer (including for purposes of determining whether the Minimum Condition has been satisfied) unless and until the shares of Company Common Stock underlying such notices of guaranteed delivery are delivered to or on behalf of Merger Sub.

Appears in 2 contracts

Sources: Merger Agreement (MGC Parent LLC), Merger Agreement (MGC DIAGNOSTICS Corp)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Section 8.1 and none of the events or conditions set forth in subparagraphs (a) through (d) of Annex II shall have occurred and be continuing and not have been waived by Parent or Merger Sub, as promptly as reasonably practicable and, in any event, within ten (10) Business Days of the date of this Agreement, Parent shall cause Merger Sub to, and Merger Sub shall commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement. The date on which Merger Sub commences the Offer, Merger Subsidiary shall amend within the Offer meaning of Rule 14d-2 under the Exchange Act, is referred to (i) increase the purchase price to $6.50 per Share (in this Agreement as the “Offer PriceCommencement Date), net . Each share of Company Common Stock accepted by Merger Sub in accordance with the terms and subject to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight purchased for cash at the Offer Price. The obligations of Merger Sub to accept for payment and to pay for (New York City timeand the obligation of Parent to cause Merger Sub to accept for payment and to pay for) any shares of Company Common Stock validly tendered on or prior to the date that is ten Business Days expiration of the Offer (for this purpose calculated as it may be extended in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer ) and not properly withdrawn shall be subject to the condition that (i) there shall be being validly tendered (other than by guaranteed delivery where actual delivery has not occurred on or prior to such time) and not properly withdrawn prior to the expiration of the Offer (as it may be extended in accordance with this Agreement) that number of shares of Company Common Stock which, when added to any shares of Company Common Stock owned by Parent or any of its Subsidiaries, represents a majority of the shares of Company Common Stock outstanding on a fully-diluted basis (the “Minimum Condition”), and (ii) the other events or conditions set forth in Annex I. Subject to the terms and conditions of the Offer, Merger Sub shall (and Parent shall cause Merger Sub to), in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawnOffer, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock (the time of such first acceptance, the “Acceptance Time”) validly tendered and not properly withdrawn pursuant to the Offer and promptly following after expiration of the acceptance Offer; provided, however, that (i) if on the initial expiration date of Shares for payment pursuant the Offer or on any subsequent scheduled expiration date of the Offer (as it may be extended in accordance with this Agreement), any of the events or conditions to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant set forth on Annex I shall exist and, subject to the Offer. The obligation provisions of this Agreement, shall not have been waived by Merger Subsidiary (and of Parent to cause Sub, Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary Sub expressly reserves the right to waive any of the Offer Conditions and to make any other changes (and, in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Companysuch case, Parent shall cause Merger Subsidiary Sub to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived), from time to time time, extend the Offer for additional successive periods of up to twenty (20) Business Days per extension (with the length of such periods to be determined by Parent), until such all of the conditions set forth in Annex I are satisfied (other than conditions which by their nature are or validly waived in order to be satisfied on permit the Acceptance Date) or waived; Time to occur, and (yii) Merger Subsidiary Sub shall extend the Offer from time to time for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff of the SEC applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend . If less than 90% of the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement number of outstanding shares of Company Common Stock are accepted for purchase pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or Sub may, in its sole discretiondiscretion (and without the consent of the Company or any other Person), elect to provide a for one or more subsequent offering period periods (“Subsequent Offering Period”of up to twenty (20) Business Days in the aggregate) in accordance with Rule 14d-11 under the Exchange Act. Merger Sub expressly reserves the right from time to time to waive any of the 1934 Act. Subject conditions set forth in Annex I (other than the Minimum Condition and the condition set forth in subparagraph (e) of Annex I) or to increase the foregoing, including the requirements of Rule 14d-11, and upon Offer Price or to make any other changes in the terms and subject to the conditions of the Offer; provided that, without the prior written consent of the Company, Merger Subsidiary shallSub shall not decrease the Offer Price, and Parent change the form of consideration payable in the Offer, decrease the number of shares of Company Common Stock sought to be purchased in the Offer, change, modify or waive the Minimum Condition, impose additional conditions to the Offer or modify or change any condition to the Offer in a manner materially adverse to the holders of shares of Company Common Stock or in a manner which would delay consummation of the Offer, reduce the time period during which the Offer shall cause it toremain open or, accept except for payment and pay forany extension required or permitted hereunder, extend or otherwise change the expiration date of the Offer, or amend, modify or supplement any other term of the Offer in any manner adverse to the holders of shares of Company Common Stock or in a manner which would delay consummation of the Offer. (b) Subject to the first sentence of Section 2.1(a), as promptly as reasonably practicable after the expiration of the Offerand, all Shares (1) validly tendered and not withdrawn pursuant to in any event, no later than the Offer and (2) validly tendered Commencement Date, in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of order to reflect the execution of this AgreementAgreement and the terms hereof, Merger Subsidiary shall, and Parent shall file or cause its Affiliates to, (i) file to be filed with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include will contain a revised offer to purchase and form of a letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, such schedule together with the documents included therein pursuant to which the Offer is made, and any amendments or and supplements thereto, the “Offer Documents”), and (ii) . Subject to the extent required by applicable U.S. federal securities lawsCompany’s compliance with Section 2.2(c), Parent and Merger Sub shall cause the Offer Documents to be disseminated to holders of Sharesshares of Company Common Stock as required by applicable U.S. federal securities Laws. Each of ParentParent and Merger Sub, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respectrespect or as otherwise required by Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case shares of Company Common Stock as and to the extent required by applicable U.S. federal securities lawsLaws. The Company shall promptly furnish to Parent and Merger Sub all information concerning the Company that is required or reasonably requested by Parent or Merger Sub in connection with the obligations relating to the Offer Documents contained in this Section 2.1(b). The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC. In addition, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary Sub shall provide the Company and its counsel with (i) any comments or communications, whether written or oral comments oral, that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptlypromptly after Parent’s or Merger Sub’s, but in no event later than twenty-four hoursas the case may be, after the receipt of such comments, and, subject and (ii) a reasonable opportunity to participate in the response of Parent or Merger Sub to those comments and to provide comments on that response. (c) In the event this Agreement is terminated pursuant to Section 8.1 prior to the provisions hereofAcceptance Time, Parent and Merger Sub shall promptly respond terminate the Offer without accepting any shares of Company Common Stock previously tendered and Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Sub to return, all tendered shares of Company Common Stock to the registered holders thereof. (d) If any portion of the Offer Price is to be paid to a Person other than the Person in whose name the tendered shares of Company Common Stock are registered, the amount of any stock transfer or other similar Taxes (whether imposed on the registered holder(s), or such other Person, or otherwise) payable on account of such transfer to such commentsother Person shall be deducted from the Offer Price for the exchange of such shares of Company Common Stock in the Offer, unless evidence satisfactory to Merger Sub of the payment of such Taxes, or exemption therefrom, is submitted. (e) Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 2 contracts

Sources: Merger Agreement (Superior Well Services, INC), Merger Agreement (Nabors Industries LTD)

The Offer. (a) Provided that nothing Merger Sub shall, and Parent shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex Icause Merger Sub to, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend commence (within the Offer to (i) increase meaning of Rule 14d-2 under the purchase price to $6.50 per Share Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer PriceExchange Act”), net ) the Offer. (b) The obligation of Merger Sub to the seller in cash, (ii) provide that the conditions accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, subject to: (iiii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a validly withdrawn prior to and at any then scheduled Expiration Time: (A) that number of Shares thatshares of Company Common Stock (including the shares of Company Common Stock that would result from the exercise of all validly tendered In-the-Money Warrants) which, together with the Shares then shares beneficially owned by Parent and its Affiliatesor Merger Sub (if any), represents at least a majority of the total shares of Company Common Stock then outstanding (excluding any treasury stock but including any Restricted Shares and the shares of Company Common Stock that would result from the exercise of all In-the-Money Warrants regardless of the exercise price, the vesting schedule or other terms and conditions thereof); and (B) that number of Shares shares of Company Preferred Stock which, together with the shares beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the shares of Company Preferred Stock then outstanding on a fully-diluted basis(excluding any treasury stock) ((A) and (B) collectively, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”); and (ii) and to the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to Exhibit A (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after . The Company agrees that no shares of Company Common Stock or Company Preferred Stock held by the later Company or any of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares its Subsidiaries will be tendered pursuant to the Offer and (y) Offer. Subject to the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfied, Minimum Condition and the satisfaction or waived waiver by Parent or Merger SubsidiarySub of the other Offer Conditions, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all Shares validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant to the Offer pay the Expiration Time. The Common Offer Price (without interest) for payable in respect of each Share share of Company Common Stock, and the Preferred Offer Price payable in respect of each share of Company Preferred Stock, validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, on the terms and subject to the conditions set forth in this Agreement and the Offer. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . The Offer Conditions are for the sole benefit of Parent and Merger Subsidiary Sub, and Parent and Merger Sub expressly reserves reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of or conditions to the Offer; provided, however, that unless otherwise provided that without the prior consent of the Company (which consent may be granted by this Agreement or withheld as previously approved in writing by the Company in its sole discretionCompany, Merger Sub shall not, and Parent shall not permit Merger Sub to: (i) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or reduce the number of Shares sought in subject to the Offer, amends or adds (ii) subject to the Offer Conditions or amends any other term terms of this Agreement (including Section 6.20, but subject to the satisfaction of clause (c)(iii)(B)(2) in the Offer Conditions), reduce the Offer Price, (iii) change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Exhibit A or modify or change any Offer Condition in a manner adverse in any manner adverse material respect to the any stockholders of the Company, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.01, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer, or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse in any material respect to any stockholders of the Company. (d) The Offer shall expire at midnight (New York time) on the date that is twenty (20) Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement to the contrary, and without limiting Parent’s or Merger Sub’s obligations under this Section 1.01(e): (i) if on the then-scheduled Expiration Time, any of the Offer Conditions shall not be satisfied or, in Merger Sub’s sole discretion, waived: (A) in its sole discretion, Merger Sub may extend the Offer for any additional period or periods as it so determines or (B) if requested by the Company, Merger Sub shall, and Parent shall cause Merger Sub to, extend the Offer for: (I) up to two (2) additional successive periods, not to exceed ten (10) Business Days each, and (DII) a third (3rd) additional successive period not to exceed ten (10) Business Days, if all of the Offer Conditions other than the condition set out in clause (c) thereof have been satisfied (other than those conditions to be satisfied at the Offer Closing or the Expiration Time, as the case may be, but subject to the satisfaction thereof) if the Company reasonably believes that such condition in clause (c) will be satisfied prior to the end of such additional ten (10) Business Day period (or, in the case of this clause (B), for such longer period as the parties hereto reasonably agree); (ii) if the Offer is required to be extended by any rule, regulation, interpretation or position of the SEC applicable to the Offer, then Merger Sub shall, and Parent shall cause Merger Sub to, extend the Offer for the minimum period required by such Law, rule, regulation, interpretation or position or (iii) in its sole discretion, following the Offer Closing, Merger Sub may extend the Offer for a “subsequent offering period” and one or more extensions thereof, not to exceed ten (10) Business Days, in each instance (or for such longer period to which the Company reasonably agrees), in accordance with Rule 14d-11 of the Exchange Act, and the Offer Documents may, in Merger Sub’s sole discretion, provide for a reservation of right to do so; provided that in no event shall Merger Sub be required to extend the Offer (A) beyond March 29, 2013 (the “Outside Date”) or (B) at any time that Parent or Merger Sub is permitted to terminate this Agreement pursuant to Article VIII. (f) On the terms and subject to the conditions of this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (less any withholding of tax pursuant to Section 3.05) all Shares validly tendered and not validly withdrawn pursuant to the Offer as soon as practicable after the Expiration Time (as it may be extended and re-extended in accordance with this Section 1.01). Acceptance for payment of Shares pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” Nothing contained in this Section 1.01 shall affect any termination rights in Article VIII. (g) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Subsidiary toSub to return, all tendered Shares to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) Merger Sub all information concerning the Company required by the Exchange Act to be set forth in the Offer Documents or reasonably requested by Parent or Merger Sub in connection with its obligations relating to the extent required by applicable U.S. federal securities laws, Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the stockholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the stockholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Subject in all respects to the other terms and conditions of this Agreement and the Offer, Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any Shares that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 2 contracts

Sources: Merger Agreement (Bishop Infrastructure III Acquisition Company, Inc.), Merger Agreement (Westway Group, Inc.)

The Offer. (a) By no later than 9:00 a.m., New York City time, on Friday, June 27, 2008, Parent, on behalf of Purchaser, shall extend the Pending Offer to July 18, 2008. Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Section 8.1 and none of the events or conditions set forth in Annex II hereto shall have occurred and be continuing and not have been waived by Parent or Purchaser, as promptly as reasonably practicable after and, in any event, within five (5) Business Days of the date hereofof this Agreement, but in no event later than three Business Days following Parent or the public announcement of Purchaser shall amend the Pending Offer to reflect the execution of this Agreement, Merger Subsidiary shall amend Agreement and the terms hereof and to purchase for cash all Shares at the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date . The obligations of the Offer shall be midnight (New York City time) on the date that is ten Business Days (Purchaser to accept for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, payment and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be pay for any Shares validly tendered in accordance with the terms of the Offer on or prior to the expiration date of the Offer and not withdrawn, a properly withdrawn shall be subject to (i) there being validly tendered and not properly withdrawn prior to the expiration of the Offer that number of Shares that, together with the Shares then owned by Parent and its Affiliates, which represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable basis (the “Minimum Condition”) and to (ii) the other conditions set forth in Annex I and to no other conditionshereto. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver by Parent or the Purchaser of the Minimum Condition and the other conditions of the Offer set forth in Annex I (hereto, the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Purchaser shall (and Parent shall cause Merger Subsidiary Purchaser to) ), in accordance with the terms of the Offer, consummate the Offer in accordance with its terms and accept for payment each Share and pay for all Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance after expiration of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Companywhich shall initially be July 18, (C) the expiration date shall not be extended except as otherwise provided herein2008, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event provided, however, that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at if on the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended initial expiration date of the Offer or on any subsequent scheduled expiration date of the Offer (as extended in accordance with this Agreement), all conditions to the Offer shall not be have been satisfied or waived, the Purchaser may, from time to time until time, in its sole discretion, extend the Offer for such conditions are satisfied (other than conditions which by their nature are to be satisfied on period as the Acceptance Date) or waived; and Purchaser may determine, (y) Merger Subsidiary shall the Purchaser may, in its sole discretion, extend the Offer for any period required by any rule, regulation, interpretation or position of the SEC or the staff thereof applicable to the Offer, and (z) the Purchaser may, in its sole discretion, provide a “subsequent offering period” in accordance with Rule 14d-11 under the U.S. Securities Exchange Act of 1934, as amended (together with the rules and regulations thereunder, the “Exchange Act”), provided that, in no event shall the Offer or any “subsequent offering period” extend beyond the Outside Date without the mutual written consent of the Company and Parent. In addition, the Purchaser may increase the Offer Price and extend the Offer to the extent required by Law in connection with such increase, in each case in its sole discretion and without the Company’s consent. Notwithstanding anything to the contrary contained in this Agreement, neither Parent nor Purchaser shall, without the prior written consent of the Company (i) change or waive the Minimum Condition, (ii) reduce the Offer Price or decrease the number of Shares sought to be purchased in the Offer, (iii) change the expiration date of the Offer (except to the extent required or permitted pursuant to this Section 1.1(a)), impose any condition to the Offer in addition to the conditions set forth or referred to in this Section 1.1(a) or amend, modify or supplement any of the terms of the Offer in any manner adversely affecting the holders of Shares. (b) As promptly as reasonably practicable and, in any event, within five (5) Business Days of the date of this Agreement, Parent or Purchaser shall file with the United States Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable an amendment to Parent’s Tender Offer Statement on Schedule TO, as amended, and originally filed on May 30, 2008 with respect to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Pending Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent which amendment shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of reflect the execution of this Agreement, Merger Subsidiary shall, Agreement and the terms hereof and shall cause its Affiliates to, (i) file with the SEC include an amendment to the Schedule TO, which shall include a revised amended offer to purchase and purchase, form of letter of transmittal reflecting the terms and conditions set forth in this Agreement form of notice of guaranteed delivery (collectively, together with any amendments or and supplements thereto, the “Offer Documents”), and (ii) . Subject to the extent required by applicable U.S. federal securities lawsCompany’s compliance with Section 1.2(b), Parent and the Purchaser shall cause the Offer Documents to be disseminated to holders of SharesShares as required by applicable U.S. federal securities laws. Each of Parent, Merger Subsidiary Parent and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsPurchaser, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respectrespect or as otherwise required by Law. Merger Subsidiary shall, Parent and shall cause its Affiliates to, use their respective reasonable best efforts the Purchaser further agree to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case Shares as and to the extent required by applicable U.S. federal securities laws. The Company shall promptly furnish to Parent and Purchaser all information concerning the Company that is required or reasonably requested by Parent or Purchaser in connection with the obligations relating to the Offer Documents contained in this Section 1.1(b). The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, Parent and Merger Subsidiary Purchaser shall give reasonable and good faith consideration to any comments made by the Company and its counsel. In addition, Parent and Merger Subsidiary the Purchaser shall provide the Company and its counsel with (i) any comments or communications, whether written or oral comments oral, that Parent, Merger Subsidiary the Purchaser or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptlypromptly after Parent’s or the Purchaser’s, but in no event later than twenty-four hoursas the case may be, after the receipt of such comments, andand (ii) a reasonable opportunity to participate in the response of Parent or Purchaser to those comments and to provide comments on that response (to which reasonable and good faith consideration shall be given), subject to including by participating with Parent and/or Purchaser or their counsel in any discussions or meetings with the provisions hereof, promptly respond to such commentsSEC.

Appears in 2 contracts

Sources: Merger Agreement (Esmark INC), Merger Agreement (OAO Severstal)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Section 8.1, as promptly as practicable (and in any event within 10 Business Days) after the date hereof, but in no event later than three Business Days following Merger Sub shall (and Parent shall cause Merger Sub to) commence (within the public announcement meaning of Rule 14d-2 under the execution Securities Exchange Act of this Agreement1934, Merger Subsidiary shall amend as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer to (i) increase purchase for cash all Shares at the purchase price to $6.50 per Share (the “Offer Price”); provided, net that Merger Sub shall not be required to commence, or cause to be commenced, the Offer prior to the seller in cash, date on which the Company is prepared to filed the Schedule 14D-9. (iib) provide that the conditions The obligation of Merger Sub to accept for payment and pay for any Shares validly tendered and not withdrawn pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, subject to: (iiii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a withdrawn prior to any then scheduled Expiration Time that number of Shares thatwhich, together with the Shares then beneficially owned by Parent and its Affiliatesor Merger Sub (if any), represents at least a majority of the total number of Shares then outstanding (determined on a fully-fully diluted basis, without regard to whether any convertible which assumes conversion or exchangeable exercise of all derivative securities are then vested regardless of the conversion or exercise price, the vesting schedule or other terms and exercisable conditions thereof; provided, however, it will not include the Company’s 2012 Notes or the 2017 Notes) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the HSR Condition and to the other conditions set forth in Annex I and to no other conditions. Subject to (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfiedMinimum Condition and the satisfaction, or waived waiver by Parent or Merger SubsidiarySub, of the other Offer Conditions, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) as promptly as possible after Merger Sub is legally permitted to do so after the Expiration Time. The Offer Price payable in respect of each Share validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment not withdrawn pursuant to the Schedule TOOffer shall be paid net to the seller in cash, which shall include a revised offer to purchase and form of letter of transmittal reflecting without interest, on the terms and subject to the conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, and the Offer. The acceptance for payment of shares of Company Common Stock pursuant to and subject to the Offer Conditions and otherwise on the terms and subject to the conditions set forth in this Agreement is referred to herein as the “Offer DocumentsClosing,” and the date on which the Offer Closing occurs is referred to herein as the “Offer Closing Date.) (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms set forth in this Agreement and the Offer Conditions. Parent and Merger Sub expressly reserve the right (in their sole discretion) to increase the Offer Price or to make any other changes in the terms and conditions of the Offer, and or to waive, in whole or in part, any of the Offer Conditions; provided, however, that unless otherwise provided by this Agreement or as previously approved in writing by the Company, Merger Sub shall not (i) decrease the Offer Price, (ii) change the form of consideration payable in the Offer, (iii) reduce the number of Shares to be purchased in the Offer, (iv) amend or modify any of the Offer Conditions or impose conditions to the extent required by applicable U.S. federal securities laws, cause Offer that are different than or in addition to the Offer Documents to be disseminated to holders of Shares. Each of ParentConditions, Merger Subsidiary and (v) amend or waive the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by Minimum Condition, (vi) amend or modify any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that terms of the Offer Documentsin a manner that is, when filed with the SEC and on the date first publishedor could reasonably be expected to be, sent or given adverse to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, or (vii) extend or otherwise change the Expiration Time in each case as a manner other than pursuant to and in accordance with this Agreement. (d) Unless extended pursuant to and in accordance with the extent required by applicable U.S. federal securities laws. The Company and its counsel terms of this Agreement, the Offer shall be given a reasonable opportunity to review and comment expire at midnight (ANew York City time) on the Schedule TO and date that is 20 Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer Documents each time before any such document is filed (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to and in accordance with the SEC after this Agreement, the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning to which the Offer has been so extended (the Initial Expiration Time, or such later time to which the Initial Expiration Time has been extended pursuant to and in accordance with this Agreement, is referred to as the “Expiration Time”). (e) The Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration be extended from time to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.time as follows:

Appears in 2 contracts

Sources: Merger Agreement (International Coal Group, Inc.), Merger Agreement (Arch Coal Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Article VIII and none of the events or conditions set forth in Annex IA shall have occurred and be existing, Cardinal shall cause Subcorp to commence, and Subcorp shall, within 12 business days, commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to amended (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent rules and its Affiliatesregulations thereunder, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer ConditionsExchange Act”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to Cardinal shall cause Merger Subsidiary) Subcorp to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer Subcorp shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay forpayment, as promptly as practicable after the expiration shares of the Offer, all Shares (1) BLP Common Stock that have been validly tendered and not withdrawn pursuant to the Offer at the earliest time following the initial Expiration Date (as defined in Section 1.1(c)) at which time all conditions of the Offer shall have been satisfied or waived by Subcorp, and, thereafter, Subcorp shall accept for payment additional shares of BLP Common Stock validly tendered during any subsequent offering period to the extent Cardinal and Subcorp determine to provide a subsequent offering period in connection with the Offer. Subcorp shall not accept for payment any shares of BLP Common Stock tendered pursuant to the Offer unless there shall have been validly tendered and not withdrawn prior to the Expiration Date such number of shares of BLP Common Stock that satisfy the Minimum Condition (2) validly as defined in Annex A). Subcorp expressly reserves the right to increase the Per Share Amount and to waive any condition of the Offer, except the Minimum Condition. Without the prior written consent of BLP, Subcorp shall not decrease the Per Share Amount or change the form of consideration payable in the Offer, decrease the number of shares of BLP Common Stock sought to be purchased in the Offer or waive the Minimum Condition. The Per Share Amount shall be paid less any required withholding of Taxes (as defined in Section 5.12(f)), upon the terms and subject to satisfaction or waiver of the conditions of the Offer set forth in Annex A. BLP agrees that no shares of BLP Common Stock held by BLP or any of its subsidiaries will be tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (cb) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and Subcorp shall cause its Affiliates to, (i) file with the SEC an amendment Securities and Exchange Commission (the “Commission”) a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include a revised an offer to purchase purchase, form of transmittal letter and form of letter notice of transmittal reflecting the terms and conditions set forth in this Agreement guaranteed delivery (collectively, together with any supplements or amendments or supplements thereto, collectively, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the . The Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to will comply in all material respects with the 1934 Act provisions of applicable United States federal securities laws. The information provided and the rules to be provided by BLP, Cardinal and regulations thereunder and other applicable Law and that Subcorp for use in the Offer DocumentsDocuments shall not, when on the date filed with the SEC Commission and on the date first published, published or sent or given to holders of shares of BLP Common Stock (the stockholders of “BLP Stockholders”), as the Companycase may be, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent misleading. BLP, Cardinal and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees Subcorp each agree promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Cardinal further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC Commission and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and the BLP Stockholders to the extent required by applicable U.S. United States federal securities laws. The Company . (c) Subject to the terms and its counsel conditions thereof, the Offer shall be given a reasonable opportunity to review and comment (A) remain open until at least midnight, New York City time, on the Schedule TO and the Offer Documents each time before any such document date that is filed with the SEC 20 business days after the date hereof the Offer is commenced (the initial “Expiration Date,” and any expiration time and date established pursuant to an authorized extension of the Offer as so extended, also an “Expiration Date”); provided, however, that, without the consent of BLP, Subcorp may (Bi) on from time to time extend the Offer if, at the scheduled Expiration Date, any correspondence of the conditions of the Offer shall not have been satisfied or waived until such time as such conditions are satisfied or waived to the extent permitted by this Agreement; (ii) extend the Offer for any period required by any rule, regulation, interpretation or position of the Commission or the staff of the Commission (the “SEC Staff”) thereof applicable to the Offer; or (iii) extend the Offer for a subsequent offering period (as provided in Rule 14d-11 under the Exchange Act) for three to 20 business days in order to acquire at least 90% of the outstanding shares of BLP Common Stock. Cardinal and Subcorp shall comply with the SEC (including comment response letters) concerning obligations respecting prompt payment and announcement under the Offer or Exchange Act, and, without limiting the Offer Documentsgenerality of the foregoing, Subcorp shall, and Merger Subsidiary Cardinal shall give reasonable cause Subcorp to, accept for payment, and good faith consideration to any comments made by the Company pay for, all shares of BLP Common Stock validly tendered and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect not withdrawn pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after promptly following the receipt acceptance of such comments, and, subject the shares of BLP Common Stock for payment pursuant to the provisions hereof, promptly respond to such commentsOffer and this Agreement.

Appears in 2 contracts

Sources: Merger Agreement (Boron Lepore & Associates Inc), Merger Agreement (Cardinal Health Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise On a date to a right be agreed by Parent and the Company or, if they are unable to terminate agree, on or prior to the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable 20th Business Day after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this AgreementAgreement (the “Commencement Date”), Merger Subsidiary shall amend Sub will (and Parent will cause Merger Sub to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer. (b) The obligation and right of Merger Sub to accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer to will be solely subject to: (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be being validly tendered in accordance with the terms of the Offer (and not validly withdrawn) prior to the expiration date of the Offer and not withdrawn, a any then scheduled Expiration Time that number of Shares that, together with the Shares then owned by Parent and its Affiliates, which represents a majority of the total number of Shares then outstanding (determined on a fully-fully diluted basisbasis (which assumes conversion or exercise of all derivative securities regardless of the conversion or exercise price, without regard to whether any convertible the vesting schedule or exchangeable securities are then vested other terms and exercisable conditions thereof)) (the “Minimum Condition”) and (ii) the satisfaction or waiver by Parent or Merger Sub (to the extent permitted hereby) of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to B (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfied, Minimum Condition and the satisfaction or waived waiver by Parent or Merger SubsidiarySub of the other Offer Conditions, Merger Subsidiary shall Sub will (and Parent shall will cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time. The conditions to the Offer set forth in Annex B are for the sole benefit of Parent and Merger Sub and may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.1. The Offer Price payable in respect of each Share validly tendered and not properly validly withdrawn pursuant to the Offer and promptly following will be paid net to the acceptance seller in cash, without interest, subject to any withholding of Shares for payment Taxes pursuant to Section 3.2(i). (c) The Offer will be made by means of an offer to purchase (the “Offer to Purchase”) that includes the terms and conditions of the Offer pay as set forth in this Agreement, including the Offer Conditions. Parent and Merger Sub reserve the right to waive, in whole or in part, any Offer Condition (other than the Minimum Condition), to increase the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms and conditions of or conditions to the Offer; provided, however, that unless otherwise provided that without the prior consent of by this Agreement or as previously approved in writing by the Company (which consent may be granted or withheld by the Company in its sole discretion), Merger Sub will not (i) reduce the number of Shares subject to the Offer, (Aii) reduce the Offer Price, (iii) change, modify or waive the Minimum Condition may not be waivedCondition, (Biv) no add to the conditions set forth in Annex B or modify or change may be made that changes any Offer Condition in a manner adverse to any Stockholders, (v) except as otherwise provided in this Section 1.1, extend or otherwise change the expiration time of the Offer, (vi) change the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends or adds to (vii) otherwise amend, modify or supplement any of the Offer Conditions or amends any other term terms of the Offer in any a manner adverse to any Stockholder. (d) The Offer will expire at midnight (New York City, New York time) on the stockholders date that is 20 Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the CompanyOffer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended as permitted or required by this Agreement, the date and time to which the Offer has been so extended or re-extended (Cthe Initial Expiration Time, as so extended, the “Expiration Time”). (i) If on or prior to any then scheduled Expiration Time, any of the expiration date shall Offer Conditions has not been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, then Merger Sub may (and in such case Parent will cause Merger Sub to) extend the Offer for successive periods of up to ten Business Days each (or such additional or longer periods of up to twenty (20) Business Days each if Parent so desires and the Company consents in writing prior to such extension), the length of each such period to be determined by Parent in its sole discretion in order to permit the satisfaction of such conditions; and (ii) Merger Sub will (and Parent will cause Merger Sub to) extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the Securities and Exchange Commission or its staff (the “SEC”); provided, however, that, in any case in this Section 1.1(e), Merger Sub will not be extended except as otherwise provided hereinrequired to extend the Offer beyond the Outside Date and will not be permitted to extend the Offer beyond the Outside Date without the Company’s consent in its sole discretion. (f) On the terms and subject to the conditions of this Agreement, Merger Sub will, and Parent will cause Merger Sub to, accept and pay for (Dsubject to any withholding of tax pursuant to Section 3.2(i)) all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable and in any event within 12 hours after the Expiration Time. Acceptance for payment of Shares in accordance with this Agreement upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” (g) Merger Subsidiary shall Sub will not terminate the Offer prior to any scheduled expiration date Expiration Time, except after this Agreement has been terminated in accordance with Article VIII. If the Offer is terminated or withdrawn by Merger Sub prior to the acceptance for payment of Shares tendered in the event that this Agreement is terminated pursuant Offer, Merger Sub will promptly return, and will cause any depository acting on behalf of Merger Sub to Section 11.01. Notwithstanding return, in accordance with applicable Law, all tendered Shares to the foregoing, registered holders thereof. (xh) Merger Subsidiary shall (or at As soon as practicable on the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shallSub will file with the SEC, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of 14d-3 under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO will include, as practicable after exhibits, the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, Offer to Purchase and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement, if any (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company will promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub will take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and disseminated to the Stockholders, in each case as and to the extent required by the Exchange Act. Parent and Merger Sub, on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit to state on the other hand, will correct promptly any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become becomes false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub will take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesthe Stockholders, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub will promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and will promptly provide the Company with copies of all correspondence between them and their Representatives, on the one hand, and the SEC, on the other hand. Prior to filing any Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the Stockholders, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub will provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary shall Sub will give reasonable and good faith consideration to any comments made by such comments. (i) Parent will provide or cause to be provided to Merger Sub, within two Business Days after the Company Expiration Time, the funds necessary to pay for any Shares that Merger Sub becomes obligated to accept for payment, and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parentpay for, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsand this Agreement.

Appears in 2 contracts

Sources: Merger Agreement (Home Depot, Inc.), Merger Agreement (HD Supply Holdings, Inc.)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary the Parent shall amend the Offer to Existing Offer: (i) increase to provide that the purchase price consideration to $6.50 be paid per Share share of Company Common Stock pursuant to the Offer will be as calculated in accordance with Annex II hereto (the "Offer Price”Consideration"), net to the seller in cash, ; (ii) provide that to designate the Purchaser as the offeror and to set November 29, 2001 (the "Initial Expiration Date"), as the expiration date for the Offer; and (iii) otherwise to reflect the terms and conditions of this Agreement. For purposes of this Agreement, the term "business day" shall mean any day, other than Saturday, Sunday or a federal holiday, and shall consist of the time period from 12:01 a.m. through 12:00 midnight Eastern time. The obligation of the Purchaser to accept for payment and pay for shares of Company Common Stock (including the related Company Rights) tendered pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject only to the condition that there shall be validly tendered (other than by guaranteed delivery where actual delivery has not occurred) in accordance with the terms of the Offer Offer, prior to the expiration date of the Offer and not withdrawn, a number of Shares shares of Company Common Stock that, together with the Shares shares of Company Common Stock then owned by the Parent and its Affiliatesand/or the Purchaser, represents at least a majority of the total number shares of Shares Company Common Stock outstanding on a fully-fully diluted basisbasis (after giving effect to the conversion or exercise of all outstanding options, without regard warrants and other rights to acquire, and securities exercisable or convertible into, Company Common Stock, whether any convertible or exchangeable securities are then vested and exercisable not exercised or converted at the time of determination, other than potential dilution attributable to the Company Rights) (the "Minimum Condition") and to the satisfaction or waiver by the Purchaser as permitted hereunder of the other conditions set forth in Annex I and to no other conditionshereto. Subject to Without limiting the terms and conditions of this Agreementforegoing, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each effective upon Consummation of the Offer Conditions has been satisfied(as defined in Section 1.4), or waived by Parent or Merger Subsidiary, Merger Subsidiary shall the holder of such Company Common Stock (including the related Company Rights) will sell and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant assign to the Offer Purchaser all right, title and promptly following interest in and to all of the acceptance shares of Shares for payment pursuant Company Common Stock tendered (including, but not limited to, such holder's right to the Offer pay the Offer Price (without interest) for each Share validly tendered any and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (all dividends and of Parent to cause Merger Subsidiary) to accept for paymentdistributions with a record date before, and pay the Offer Price (without interest) fora payment date after, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”date). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 2 contracts

Sources: Merger Agreement (Northrop Grumman Corp /De/), Merger Agreement (Newport News Shipbuilding Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Section 7.1, as promptly as practicable after the date hereof, but in no any event later than three Business Days following within ten business days after the public announcement of the execution date of this Agreement, Merger Subsidiary Sub shall amend commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”)) the Offer to (i) increase for all of the purchase price to $6.50 Shares for consideration per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date consisting of the Offer shall be midnight (New York City time) Price, subject to reduction only for applicable federal back-up withholding or stock transfer taxes payable by the sellers of such Shares. The date on which Merger Sub commences the date that is ten Business Days (for this purpose calculated in accordance with Offer, within the meaning of Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments is referred to in this Agreement as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer ConditionsCommencement Date.), (b) As promptly after as practicable on the later of (xi) the earliest date as of which Merger Subsidiary Sub is permitted under applicable Law Laws to accept for payment Shares tendered pursuant to the Offer Offer, and (yii) the earliest date as of which each of the conditions set forth in Annex A hereto (the “Offer Conditions has Conditions”) shall have been satisfied, satisfied or waived by Parent or Merger Subsidiarywaived, Merger Subsidiary Sub shall (and Parent Purchaser shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share validly all Shares tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to validly withdrawn) (the Offerdate of acceptance for payment, the “Acceptance Date”). The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) Sub to accept for payment, payment and to pay the Offer Price (without interest) for, each Share for any Shares validly tendered and not properly withdrawn pursuant prior to the expiration of the Offer (as it may be extended in accordance with the requirements of this Agreement) shall be subject only to the satisfaction, satisfaction or waiver by Parent or Merger Subsidiary, of each of the Offer ConditionsConditions (and shall not be subject to any other conditions). As promptly as is commercially and reasonably practicable after the Acceptance Date, Merger Sub shall pay for such Shares. (bc) Merger Subsidiary Sub expressly reserves the right to waive any of the conditions set forth in Annex A, to increase the Offer Conditions Price and to make any other changes in the terms of or conditions to the Offer; provided provided, however, that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may Merger Sub shall not, and Purchaser shall cause Merger Sub not be waivedto, (Bi) no decrease the Offer Price, (ii) change may be made that changes the form of consideration to be paidpayable in the Offer, decreases the price per Share or (iii) decrease the number of Shares sought in the Offer, amends or adds (iv) impose additional conditions to the Offer, (v) extend the Offer beyond the Expiration Date (except to the extent required by Section 1.1(d) hereof), (vi) purchase any Shares pursuant to the Offer Conditions that when added to Shares owned by Purchaser and its Affiliates would represent less than the Minimum Condition or amends (vii) amend any other term or condition of the Offer in any manner adverse to the stockholders holders of the CompanyShares, in each case without the prior written consent of the Company (Csuch consent to be authorized by the Board or a duly authorized committee thereof). (d) the expiration date shall not be Unless extended except as otherwise provided hereinin this Agreement, and (D) Merger Subsidiary shall not terminate the Offer prior to shall expire on the date (the “Expiration Date”) that is 20 business days (calculated as set forth in Rule 14d-1(g)(3) under the Exchange Act) after the Offer Commencement Date. If, at any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the CompanyOffer, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to Merger Sub’s obligation to accept Shares for payment (including, without limitation, the Offer Minimum Condition) shall not be satisfied or waived, from Merger Sub shall, and Purchaser shall cause Merger Sub to, extend the Offer beyond the then applicable expiration date thereof for a time period ending no later than the Outside Date and reasonably necessary to time until permit such conditions are satisfied (other than conditions which by their nature are condition to be satisfied on in increments of not more than ten business days each. Notwithstanding the Acceptance Date) or waived; and (y) foregoing, Merger Subsidiary shall Sub may, without the consent of the Company, extend the Offer for any period required by any rule, regulation, regulation or interpretation or position of published by the U.S. United States Securities and Exchange Commission (the “SEC”) ), or the Nasdaq Global Market staff thereof, which is applicable to the Offer; provided that . The Offer may be terminated prior to its expiration date (as such expiration date may be extended and re-extended in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate accordance with this Agreement) but only if this Agreement pursuant to is validly terminated in accordance with Section 11.01(b)(i), in which case 7 hereof. (e) If the Acceptance Date occurs but Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration Sub does not acquire at least 90% of the Offershares of Common Stock then outstanding, Merger Subsidiary Sub shall, if requested by the Company, or may, in its sole discretionand Purchaser shall cause Merger Sub to, provide a subsequent offering period (“Subsequent Offering Period”) period” in accordance with Rule 14d-11 under the Exchange Act of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, not less than ten business days nor more than 20 business days; provided that Merger Subsidiary Sub shall, and Parent Purchaser shall cause it Merger Sub to, accept for payment immediately and pay for, as promptly as practicable after the expiration of the Offer, for all Shares (1) validly tendered during the initial offering period and not withdrawn pursuant to accept immediately and pay promptly for all Shares tendered during such subsequent offering period, in each case in accordance with Rule 14d-11 under the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Exchange Act. (cf) As promptly as practicable after On the date hereofOffer Commencement Date, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Purchaser and Merger Subsidiary shall, and Sub shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO (together with all amendments and supplements thereto, the “Schedule TO”) with respect to the Offer. The Schedule TO, which TO shall include a revised offer contain or incorporate by reference the Offer to purchase Purchase and form forms of the related letter of transmittal reflecting the terms and conditions set forth in this Agreement all other ancillary Offer documents (collectively, together with any all amendments or and supplements thereto, the “Offer Documents”), . Purchaser and (ii) Merger Sub shall cause the Offer Documents to be made available to the holders of the Shares as and to the extent required by applicable U.S. federal securities laws. Purchaser and Merger Sub, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make on the statements thereinother hand, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees will promptly to correct any information respectively provided by it or any of its Affiliates them for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to Merger Sub will cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated made available to holders of the Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on upon the Schedule TO and the Offer Documents each time to Purchase before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC. In addition, Purchaser and Merger Subsidiary shall give reasonable and good faith consideration Sub agree to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any comments, whether written or oral comments Parentoral, that Purchaser or Merger Subsidiary Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject comments and to consult with the provisions hereof, promptly respond Company and its counsel prior to responding to any such comments. (g) The Offer Price shall be adjusted to the extent appropriate to reflect the effect of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction with respect to Shares occurring or having a record date on or after the date of this Agreement and prior to the payment by Merger Sub for the Shares.

Appears in 2 contracts

Sources: Merger Agreement (International Electronics Inc), Merger Agreement (Linear LLC)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII, as promptly as reasonably practicable after the date hereof, of this Agreement but in no event later than three Business Days following ten business days after the public announcement of the execution date of this Agreement, Merger Subsidiary Sub shall, and Parent shall amend the Offer cause Merger Sub to (iand the Company shall cooperate with Parent and Merger Sub to) increase commence (within the purchase price to $6.50 per Share meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer Price“ Exchange Act ”), net to ) the seller in cash, Offer. (iib) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer ConditionsConditions ”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer (the time and date of acceptance for payment, the “ Acceptance Time ”) and promptly following the acceptance of Shares the shares of Company Common Stock for payment pursuant to the Offer Offer, pay (subject to any withholding of Tax pursuant to Section 1.01(i) or Section 2.02(g)) the Offer Price (net to the seller in cash, without interest) , for each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary Sub to (and of Parent to cause Merger SubsidiarySub to) to accept for payment, and pay the Offer Price (net to the seller in cash, without interest) , for, each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger SubsidiarySub if permitted hereunder, of each of the Offer Conditions. (bc) Merger Subsidiary expressly reserves The Offer shall be made by means of an offer to purchase (the right “ Offer to waive any Purchase”) that contains the terms and conditions of the Offer Conditions as set forth in this Agreement, including the Minimum Tender Condition (as defined in Annex I) and the other conditions set forth in Annex I. Parent and Merger Sub expressly reserve the right (in their sole discretion) to (i) increase the Offer Price, (ii) waive, in whole or in part, any Offer Condition and (iii) make any other changes in the terms and conditions of or conditions to the Offer; provided that that, unless otherwise provided by Section 1.01(k), without the prior written consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent and Merger Sub shall cause Merger Subsidiary tonot (A) extend decrease the Offer if at Price, (B) change the scheduled form of consideration payable in the Offer, (C) decrease the number of shares of Company Common Stock sought to be purchased in the Offer, (D) impose additional conditions on the consummation of the Offer, (E) amend or extended expiration date modify any of the Offer Conditions in a manner that adversely affects any holder of shares of Company Common Stock, (F) change or waive the conditions Minimum Tender Condition, (G) extend or otherwise change the Expiration Date in a manner other than as required or permitted by Section 1.01(e) of this Agreement or (H) otherwise amend or modify the Offer in a manner that adversely affects any holder of shares of Company Common Stock. (d) Unless extended pursuant to and in accordance with the terms of this Agreement, the Offer shall not expire at midnight, New York time, on the date that is 20 business days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the commencement of the Offer (the “Initial Expiration Date ”) or, in the event the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, the “ Expiration Date ”). (e) The Offer shall be satisfied or waived, extended from time to time until such conditions are as follows: (i) If on or prior to any then scheduled Expiration Date, any of the Offer Conditions shall not have been satisfied (other than conditions which by their nature are to be satisfied on at the Acceptance Time), or waived by Parent or Merger Sub if permitted hereunder, then Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for one or more successive periods of up to 10 business days each in order to permit the satisfaction of such conditions (subject to the right of Parent and Merger Sub to waive any condition (other than the Minimum Tender Condition) in accordance with this Agreement); provided that, such extension of the Offer does not extend past the earlier of (A) the termination of this Agreement pursuant to Article VIII and (B) December 31, 2012 (the “ Outside Date”); (ii) If, within five business days prior to any then scheduled Expiration Date, the Company receives a Company Competing Proposal (or waived; a revision to a previously received Company Competing Proposal), then Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer so that the Expiration Date does not occur until the later of (x) the date that is 5 business days following the date of the Company’s initial receipt of such Acquisition Proposal (or such revision to a previously received Acquisition Proposal) and (y) the first business day following the expiration of the applicable Notice Period related to such Acquisition Proposal (or such revision to a previously received Acquisition Proposal); provided, that such extension of the Offer shall not extend past the termination of this Agreement pursuant to Article VIII; provided, further, that Merger Subsidiary Sub shall only be required to provide for one such extension of the Offer pursuant to this Section 1.01(e)(ii) ; and (iii) Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for any period or periods required by any ruleapplicable Law, regulation, by interpretation or position of the U.S. Securities and Exchange Commission (the SEC”) or its staff or by the Nasdaq Global Market New York Stock Exchange ( “NYSE”) applicable to the Offer; provided that in no event . Merger Sub shall Merger Subsidiary be required to extend not terminate the Offer beyond prior to any scheduled Expiration Date (including any rescheduled Expiration Date) without the End Date unless Parent or Merger Subsidiary is not then permitted to terminate prior written consent of the Company except in the event that this Agreement is terminated pursuant to Article VIII. Nothing in this Section 11.01(b)(i), 1.01 shall affect any of the termination rights set forth in which case Merger Subsidiary shall be required Article VIII. (f) If fewer than 90% of the number of outstanding shares of Company Common Stock are accepted for payment pursuant to extend the Offer beyond the End Date. Following expiration of the Offer, Parent and Merger Subsidiary Sub may, and at the request of the Company shall, if requested and upon any such request by the Company, or may, in its sole discretionCompany Parent shall cause the Merger Sub to, provide a for one “subsequent offering period period” (“Subsequent Offering Period”and one or more extensions thereof) in accordance with Rule 14d-11 of under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of this Agreement and the Offer, Merger Subsidiary shall, Sub shall (and Parent shall cause it Merger Sub to, ) promptly after any Company Common Stock is validly tendered during a “subsequent offering period” (or any extension thereof) accept for payment payment, and pay (subject to any withholding of Tax pursuant to Section 1.01(i) or Section 2.02(g)) the Offer Price net to the seller in cash, without interest, for, as each share of Company Common Stock that is validly tendered during such “subsequent offering period” or any extension thereof promptly as practicable after any such share of Company Common Stock is tendered during any such period. The Offer Documents will provide for the expiration possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 1.01(f). (g) In the event that this Agreement is terminated pursuant to Article VIII, Merger Sub shall (and Parent shall cause Merger Sub to) (i) within one business day of such termination, terminate the Offer, all Shares (1ii) validly tendered and not withdrawn acquire any shares of Company Common Stock pursuant to the Offer and (2iii) validly cause any depository acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered in shares of Company Common Stock to the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)registered holders thereof. (ch) As promptly as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of the execution commencement of this Agreementthe Offer, Parent and Merger Subsidiary shall, Sub shall prepare and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO”) that will contain or incorporate by reference the Offer to Purchase, which shall include a revised offer to purchase the summary advertisement and form of the related letter of transmittal reflecting (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto and including exhibits thereto, the Offer DocumentsDocuments ”), . Parent and (ii) to the extent required by applicable U.S. federal securities laws, Merger Sub shall as promptly as practicable cause the Offer Documents to be disseminated to holders of Sharesthe shares of Company Common Stock in accordance with and to the extent required by Rule 14d-4 under the Exchange Act. Each of Parent, Parent and Merger Subsidiary and the Company agrees Sub agree that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC by either Parent or Merger Sub to comply in all material respects with the 1934 Exchange Act and the rules and regulations thereunder and other applicable Law Laws. The Company shall promptly furnish or otherwise make available to Parent, Merger Sub and Parent’s counsel all information concerning the Company, the Company’s Subsidiaries and the Company’s stockholders that may be required in connection with any action contemplated by this Section 1.01(h), including such information required by applicable Laws to be set forth in the Offer Documents. No filing of, when filed with or amendment or supplement to, the SEC Offer Documents will be made by Parent or Merger Sub, without providing the Company and on the date first published, sent or given its counsel a reasonable opportunity to review and comment thereon and giving due consideration to such comments. If at any time prior to the stockholders of Acceptance Time or during any “subsequent offering period” (or extension thereof) any information relating to the Company, shall Parent, Merger Sub, or any of their respective Affiliates, directors or officers should be discovered by any of the parties hereto, which should be set forth in an amendment or a supplement to the Offer Documents so that such documents would not contain include any untrue statement misstatement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except misleading, the party that discovers such information shall promptly notify the other parties hereto, and Parent and Merger subsidiary Sub shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed file with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesan appropriate amendment or supplement describing such information and, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel Law, shall be given a reasonable opportunity disseminate such amendment or supplement to review and comment (A) on the Schedule TO and stockholders of the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselCompany. Parent and Merger Subsidiary Sub shall provide notify the Company and its counsel with promptly of the receipt of any comments, whether written or oral, from the SEC or the staff of the SEC and of any request by the SEC or the staff of the SEC for amendments or supplements to the Offer Documents or for additional information, and shall promptly supply the Company with copies of all correspondence (including a written summary of any oral comments communications) between Parent, Merger Subsidiary Sub or any of their respective Affiliates or counsel may receive from Representatives, on the one hand, and the SEC or the staff of the SEC, on the other hand, with respect to the Offer Documents promptlyDocuments. Each of Parent and Merger Sub shall respond promptly to any comments of the SEC or its staff with respect to the Offer Documents. (i) If any portion of the Offer Price is to be paid to a person other than the person in whose name the tendered shares of Company Common Stock are registered, but in no event later than twenty-four hoursthe amount of any stock transfer or other similar Taxes (whether imposed on the registered holder(s), after the receipt or such other person, or otherwise) payable on account of such commentsissuance or transfer to such other person shall be deducted from the Offer Price for the exchange of such shares of Company Common Stock in the Offer, andunless evidence satisfactory to Merger Sub of the payment of such Taxes, subject or exemption therefrom, is submitted. For the avoidance of doubt, Section 2.02(g) applies to payments made pursuant to this Section 1.01. (j) Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the provisions hereofOffer. (k) If, promptly respond between the date of this Agreement and the Acceptance Time, the outstanding shares of Company Common Stock shall have been increased, decreased, changed into or exchanged for a different number or kind of shares or securities as a result of a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in capitalization (but excluding any change that results from (i) the exercise of stock options or the conversion into Company Common Stock of other equity awards relating to the Company Common Stock or (ii) the grant of stock-based compensation (other than any such commentsgrants not made in accordance with the terms of this Agreement) to directors or employees of the Company or its Subsidiaries under the Company’s stock option or compensation plans or arrangements), the Offer Price shall be appropriately and proportionately adjusted to reflect such reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in capitalization.

Appears in 2 contracts

Sources: Merger Agreement, Merger Agreement

The Offer. (a) Provided that nothing shall have occurred that would give rise Subject to a right to terminate the Offer pursuant to any last sentence of the conditions set forth in Annex Ithis Section 1.1(a), as promptly as practicable after the date hereof, (but in no any event not later than three Business Days following five business days after the public announcement of the execution and delivery of this Agreement), Merger Subsidiary shall amend Parent will cause Purchaser to commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")), the Offer whereby Purchaser will offer to (i) increase purchase for cash all of the purchase price to $6.50 per Shares at the Per Share (the “Offer Price”)Amount, net to the seller in cashcash (subject to reduction for any stock transfer taxes payable by the seller, if payment is to be made to a Person other than the Person in whose name the certificate for such Shares is registered, or any applicable federal back-up withholding), provided, however, that Parent may designate another direct or indirect subsidiary of Parent as the bidder thereunder (ii) provide that within the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(314d-1(e) under the Exchange Act) following ), in which event references herein to Purchaser will be deemed to apply to such subsidiary, as applicable. Notwithstanding the filing of such amendmentforegoing, and (iv) make such other amendments as are necessary or appropriate to conform to if between the requirements date of this AgreementAgreement and the Effective Time the outstanding Shares shall have been changed into a different number of shares or a different class, by reason of any stock dividend, subdivision, reclassification, recapitalization, split, combination or exchange of shares, the Per Share Amount will be correspondingly adjusted on a per-share basis to reflect such stock dividend, subdivision, reclassification, recapitalization, split, combination or exchange of shares. The obligation of Parent to cause Purchaser to commence the Offer, to consummate the Offer shall be subject and to the condition that there shall be accept for payment and to pay for Shares validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawnwithdrawn in accordance therewith will be subject to, a number of Shares thatand only to, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other those conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I A hereto (the “Offer Conditions”"OFFER CONDITIONS"), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without Without the prior written consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may Company, Purchaser will not, and Parent will cause Purchaser not be waivedto, (Bi) no decrease or change may be made that changes the form of consideration to be paidthe Per Share Amount, decreases the price per Share or (ii) decrease the number of Shares sought in the Offer, amends (iii) amend or adds waive the Minimum Condition (as defined in Annex A hereto) or impose conditions other than the Offer Conditions on the Offer, (iv) extend the expiration date of the Offer (the "EXPIRATION DATE") (which will initially be 20 business days following the commencement of the Offer) except (A) as required by Law, (B) that, in the event that any condition to the Offer is not satisfied or waived at the time that the Expiration Date would otherwise occur, (1) Purchaser must extend the Expiration Date for an aggregate of 10 additional business days to the extent necessary to permit such condition to be satisfied and (2) Purchaser may, in its sole discretion, extend the Expiration Date for such additional period as it may determine to be appropriate (but not beyond June 30, 1999) to permit such condition to be satisfied, and (C) that, in the event that the OCC Condition (as defined in Annex A hereto) is not satisfied, and all other Offer Conditions have been satisfied or amends waived at the time that the Expiration Date (as extended pursuant to Section 1.1(b)(iv)(A) or (B)), would have otherwise occurred, Purchaser must either irrevocably waive the OCC Condition or extend the Expiration Date (but not beyond the date that is 60 calendar days from the date of the filing with the Office of the Comptroller of the Currency (the "OCC") in respect of the OCC Condition) to the extent necessary to permit the OCC Condition to be satisfied, or (v) amend any other term of the Offer in any manner materially adverse to Shareholders (including without limitation to result in any extension which would be inconsistent with the stockholders preceding provisions of this sentence), provided, however, that (1) subject to applicable legal requirements, Parent may cause Purchaser to waive any Offer Condition, other than the CompanyMinimum Condition, in Parent's sole discretion and (C2) the expiration date shall not Offer may be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in connection with an increase in the event that this Agreement is terminated consideration to be paid pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time so as to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; comply with applicable rules and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position regulations of the U.S. Securities and Exchange Commission (the "SEC”) or the Nasdaq Global Market "). Except as set forth above and subject to applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend legal requirements, Purchaser may amend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the waive any Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, Condition in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 . Assuming the prior satisfaction or waiver of the 1934 Act. Subject Offer Conditions, Parent will cause Purchaser to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment payment, and pay for, as promptly as practicable after in accordance with the expiration terms of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as soon as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it Expiration Date or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsextension thereof.

Appears in 2 contracts

Sources: Merger Agreement (Federated Department Stores Inc /De/), Merger Agreement (Fingerhut Companies Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred been terminated in accordance with Article X and provided further that would give rise the Company is prepared (in accordance with Section 1.2) to a right to terminate file the Offer pursuant to any of Schedule 14D-9 on the conditions set forth in Annex Isame date as Merger Sub commences the Offer, as promptly as practicable after the date hereofof this Agreement, but in no any event not later than three 5 Business Days following from the public announcement of the execution date of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to), if, and only if, this Agreement has been executed by the Company at or prior to 8:00 p.m., New York City time, on December 31, 2015, commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer. (b) The obligation of Merger Sub to, and of Parent to cause Merger Sub to, accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer (and not validly withdrawn) prior to any then scheduled Expiration Time that number of Shares which, together with the Shares beneficially owned by Parent, Merger Sub or any of their respective Subsidiaries or Affiliates, represents at least a majority of the Fully Diluted Shares as of immediately prior to the Expiration Time (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth on Exhibit A (together with the Minimum Condition, the “Offer Conditions”). For purposes of determining whether the Minimum Condition has been satisfied, any Shares tendered in the Offer pursuant to guaranteed delivery procedures shall be included only if such Shares have been delivered pursuant to such procedures. Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions as of the Expiration Time, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time. The conditions to the Offer set forth on Exhibit A are for the sole benefit of Parent and Merger Sub and may be asserted by Parent or Merger Sub regardless of the circumstances (including any action or inaction by Parent or Merger Sub, provided that nothing therein shall relieve any Party from any obligation or liability such Party has under this Agreement) giving rise to such condition or may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.1. The Offer Price payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, less any applicable Tax withholding. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary expressly reserves Sub reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition (other than the Minimum Condition), to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not, and Parent shall not on Merger Sub’s behalf, (i) reduce the number of Shares subject to the Offer; , (ii) reduce the Offer Price or change the form of consideration payable in the Offer, (iii) change, modify or waive the Minimum Condition, (iv) add to the conditions set forth on Exhibit A or modify or change any Offer Condition in a manner adverse to any shareholders of the Company, (v) except as otherwise provided in this Section 1.1, extend or otherwise change the Expiration Time, or (vi) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to any shareholders of the Company. (d) Subject to the terms and conditions of this Agreement, unless the Offer is extended in accordance with this Agreement or the Parties shall otherwise agree, the Offer shall expire at midnight, New York City time, on the date that without is 20 business days (calculated as set forth in Rule 14d-1(g)(3) under the prior consent Exchange Act) following the commencement of the Offer (such time, or such subsequent time to which the expiration of the Offer is extended in accordance with this Agreement, the “Expiration Time”). (e) Subject to the terms and conditions of this Agreement, unless this Agreement has been terminated in accordance with Article X, (i) Merger Sub may, and at the request of the Company shall (which consent may and Parent shall cause Merger Sub to), extend the Offer on one or more occasions for periods of up to 20 Business Days per extension (with the length of any such extension to be granted determined by Merger Sub (or withheld by the Company Parent on its behalf) in its sole discretion) up to and including the Termination Date, if at any then-scheduled Expiration Time any Offer Condition has not been satisfied or waived and (Aii) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided hereinMerger Sub shall, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary Sub to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period or periods if required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market Law applicable to the Offer; provided provided, however, that in no event shall Merger Subsidiary Sub be required to, nor shall Parent be required to cause Merger Sub to, extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Termination Date. . (f) Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, Sub (or Parent on its behalf) may, in its sole discretion, provide a subsequent offering period or one or more extensions thereof (a “Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 ActExchange Act if, as of the commencement of such period, there shall not have been validly tendered (without regard to Shares tendered pursuant to guaranteed delivery procedures that have not yet been delivered in settlement or satisfaction of such guarantee), and not properly withdrawn pursuant to the Offer, that number of Shares necessary to permit the Merger to be effected without a meeting of shareholders of the Company in accordance with Section 321(d)(1)(ii) of the PBCL. Nothing contained in this Section 1.1 shall affect any termination rights in Article X. (g) Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject conditions of this Agreement and the satisfaction or waiver of the Offer Conditions prior to the conditions of the OfferExpiration Time, Merger Subsidiary Sub shall, and Parent shall cause Merger Sub to, (i) promptly after the date of the Expiration Time (as it tomay be extended and re-extended in accordance with this Section 1.1), accept for payment all Shares that have been validly tendered and not properly withdrawn pursuant to the Offer (such acceptance for payment of Shares following the satisfaction or waiver of the Offer Conditions as of the Expiration Time is referred to in this Agreement as the “Offer Closing”), which acceptance shall be by written notice to the Paying Agent, (ii) on the date of the Offer Closing, deposit or cause to be deposited with the Paying Agent cash in U.S. dollars sufficient to pay for, the aggregate Offer Price for such accepted Shares and (iii) cause the Paying Agent to pay the Offer Price (subject to any withholding of Taxes pursuant to Section 3.6) for all Shares so accepted as promptly as practicable after the expiration of Expiration Time. Parent shall provide or cause to be provided to Merger Sub on a timely basis the Offer, all funds necessary to pay for any Shares (1) validly tendered and not withdrawn that Merger Sub becomes obligated to accept for payment pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)shall cause Merger Sub to fulfill all of Merger Sub’s obligations under this Agreement. (ch) As promptly as practicable after Merger Sub shall not terminate the date hereof, but in no event later than three Business Days following Offer prior to any then-scheduled Expiration Time without the public announcement prior written consent of the execution Company except in the event that this Agreement is terminated pursuant to Article X. If the Offer is terminated or withdrawn by Merger Sub in accordance with the terms of this Agreement, or this Agreement is terminated pursuant to Article X, prior to the acceptance for payment of the Shares tendered in the Offer, Merger Subsidiary Sub shall, and shall cause its Affiliates any depository acting on behalf of Merger Sub to, promptly (and in any event within three Business Days) return, in accordance with applicable Law, all tendered Shares to the registered holders thereof. (i) As soon as practicable on the date of the commencement of the Offer, Parent and Merger Sub shall file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish in writing to Parent and (ii) to Merger Sub all information concerning the extent Company and its Subsidiaries that may be required by applicable U.S. federal securities laws, Laws or reasonably requested by Parent or Merger Sub for inclusion in the Offer Documents. Parent and Merger Sub shall take all steps reasonably necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps reasonably necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the shareholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their Representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the shareholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 2 contracts

Sources: Merger Agreement (Pep Boys Manny Moe & Jack), Merger Agreement (Icahn Enterprises Holdings L.P.)

The Offer. (a) Provided that nothing shall have occurred that would give rise Subject to a right to terminate the Offer pursuant to any provisions of the conditions set forth in Annex Ithis Agreement, as promptly as practicable after the date hereof, but in no event later than three Business Days following May 25, 1999, Sub shall, and Parent shall cause Sub to, commence, within the public announcement meaning of Rule 14d-2 under the execution of this Agreement, Merger Subsidiary shall amend the Offer to Exchange Act (i) increase the purchase price to $6.50 per Share (the “Offer Price”as hereinafter defined), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the Offer. The initial expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendmentJune 23, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer1999. The obligation of Merger Subsidiary (Sub to, and of Parent to cause Merger Subsidiary) to Sub to, commence the Offer and accept for payment, and pay the Offer Price (without interest) for, each Share validly any Shares tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfactionconditions set forth in Exhibit A, or waiver any of which may be waived by Parent or Merger SubsidiarySub in their sole discretion; provided that, without the prior written consent of each the Company, Sub shall not (i) waive the Minimum Condition (as defined in Exhibit A), (ii) reduce the number of Shares of Common Stock subject to the Offer, (iii) reduce the price per Share to be paid pursuant to the Offer, (iv) extend the Offer if all of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of conditions are satisfied or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (Bv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends or adds to the Offer Conditions (vi) amend, add or amends waive any other term or condition of the Offer (including the conditions set forth on Exhibit A) in any manner adverse to that would adversely affect the Company or its stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to in any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01material respect. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at Sub may, without the request consent of the Company, Parent shall cause Merger Subsidiary to) extend the Offer (i) if at the then scheduled or extended expiration date of the Offer any of the conditions to the Offer Sub's obligation to accept for payment and pay for shares of Common Stock shall not be have been satisfied or waived, from time until the fifth business day after the date Sub reasonably believes to time until be the earliest date on which such conditions are satisfied will be satisfied; (other than conditions which by their nature are to be satisfied on the Acceptance Dateii) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission SEC (the “SEC”as hereinafter defined) or the Nasdaq Global Market its staff applicable to the Offer; provided or (iii) for an aggregate period of not more than ten business days (for all such extensions) notwithstanding the satisfaction of all conditions to the Offer. Parent and Sub agree that if at any scheduled expiration date of the Offer, the Minimum Condition or the Regulatory Condition (as defined in Exhibit A) shall not have been satisfied, but at such scheduled expiration date each of the other conditions set forth in Exhibit A shall then be satisfied, at the request of the Company, Sub shall extend the Offer from time to time, subject to the right of Parent, Sub or the Company to terminate this Agreement pursuant to the terms hereof. Parent and Sub further agree that in no the event Sub wishes to terminate the Offer solely by reason of the condition described in clause (i) of Exhibit A, Sub shall Merger Subsidiary first extend the Offer for a minimum period of ten days, it being understood that, if at the end of such ten day period, a banking moratorium or suspension of payments in respect of banks in the United States shall be in effect, Sub shall then be entitled to terminate the Offer under the provisions of clause (i) of Exhibit A, provided, that Sub shall not be required to extend the Offer beyond more than once pursuant to this sentence. Notwithstanding anything to the End Date unless Parent contrary contained herein, the parties further agree that, in the event that upon any scheduled expiration date of the Offer (or Merger Subsidiary is not then permitted any extension thereof), (x) all conditions to terminate the Offer set forth in Exhibit A to this Agreement pursuant have been satisfied and (y) for a period of five consecutive trading days prior to Section 11.01(b)(ithe expiration of the Offer (or any extension thereof), the average of the daily closing values of the Standard & Poor's Index of 500 Industrial Companies (the "S&P Index") for such five trading days shall reflect a decline in which case excess of 25% as compared to the closing value of the S&P Index on the close of business on the trading day next preceding the date of the Merger Subsidiary Agreement, then Sub shall be required entitled to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide for a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Actnot to exceed eight trading days. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the OfferOffer set forth in Exhibit A, Merger Subsidiary Sub shall, and Parent shall cause it Sub to, accept pay for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as soon as practicable after the date hereof, but in no event later than three Business Days following the public announcement expiration of the execution Offer. (b) On the date of this Agreementcommencement of the Offer, Merger Subsidiary shall, Parent and Sub shall cause its Affiliates to, (i) file with the SEC an amendment Securities and Exchange Commission (the "SEC") a Tender Offer Statement on Schedule 14D-1 with respect to the Schedule TOOffer, which shall include a revised contain (included as an Exhibit) or incorporate by reference an offer to purchase and form of a related letter of transmittal reflecting and summary advertisement (such Schedule 14D-1 and the terms and conditions set forth in this Agreement (collectivelydocuments therein pursuant to which the Offer will be made, together with any supplements or amendments or supplements thereto, the "Offer Documents"), . The Company and (ii) its counsel shall be given an opportunity to the extent required by applicable U.S. federal securities laws, cause review and comment upon the Offer Documents prior to be disseminated to holders of Sharesthe filing thereof with the SEC. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other The Offer Documents filed by any of them with the SEC shall comply as to comply form in all material respects with the 1934 requirements of the Securities Exchange Act and of 1934, as amended (including the rules and regulations thereunder promulgated thereunder, the "Exchange Act"), and other applicable Law and that on the Offer Documents, when date filed with the SEC and on the date first published, sent or given to the stockholders of Company's stockholders, the Company, Offer Documents shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (misleading, except that no representation is made by Parent and Merger subsidiary shall have no obligation or Sub with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing), expressly for inclusion in the Offer Documents. Each of Parent, Merger Subsidiary Sub and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts each of Parent and Sub further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Common Stock, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall Sub agree to provide the Company and its counsel in writing with copies of any written or oral comments Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptlyDocuments. (c) Prior to or concurrently with the expiration of the Offer, but in no event later than twenty-four hours, after Parent shall provide or cause to be provided to Sub all of the receipt of such comments, and, subject funds necessary to purchase any Shares that Sub becomes obligated to purchase pursuant to the provisions hereof, promptly respond to such commentsOffer.

Appears in 2 contracts

Sources: Merger Agreement (Floss Acquisitions Corp), Merger Agreement (First Commonwealth Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Section 7.01, as promptly as practicable after the date hereof, but in no event later than three ten (10) Business Days following the public announcement of the execution date of this Agreement, Merger Subsidiary Sub shall amend (and Parent shall cause Merger Sub to) commence, within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act, the Offer to purchase all of the outstanding shares of Company Common Stock (other than Excluded Shares) following at a price per share equal to the filing Offer Price. The consummation of such amendmentthe Offer, and (iv) make such other amendments as are necessary or appropriate the obligation of Merger Sub to conform accept for payment and pay for any shares of Company Common Stock tendered pursuant to the requirements of this Agreement. The Offer Offer, shall be subject to the condition that only to: (i) there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a properly withdrawn prior to the Expiration Date that number of Shares thatshares of Company Common Stock which, together with the Shares number of shares of Company Common Stock (if any) then owned by Parent and Parent, Merger Sub or its Affiliatesother Subsidiaries, represents a majority of the total number of Shares outstanding shares of Company Common Stock entitled to vote on a fully-diluted basisthe matter (collectively, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”); (ii) this Agreement not having been terminated in accordance with its terms (the “Termination Condition”); and to (iii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions requirements set forth in Annex I (together with the Minimum Condition and the Termination Condition, the “Offer Conditions”), promptly after . For purposes of determining whether the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions Minimum Condition has been satisfied, any shares of Company Common Stock tendered in the Offer pursuant to guaranteed delivery procedures shall be included only if such shares have actually been delivered pursuant to such procedures. (b) Subject to the satisfaction of the Minimum Condition and the Termination Condition and the satisfaction, or waived waiver by Parent or Merger SubsidiarySub, of the other Offer Conditions, in each case, as of the Expiration Date, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer and on or promptly following (within the acceptance meaning of Shares for payment pursuant Section 14e-1(c) under the Exchange Act) after the applicable Expiration Date. Subject to the Offer pay Section 2.10(h), the Offer Price (without interest) for payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation share of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with this Agreement, including the Offer Conditions. (b) . Merger Subsidiary Sub expressly reserves the right to waive any of the Offer Conditions and to make any other changes change in the terms of or conditions to the Offer; provided provided, however, that without the prior consent of the Company (which consent may be granted or withheld unless previously approved by the Company in its sole discretionwriting, Parent and Merger Sub shall not: (i) (A) decrease the Minimum Condition may not be waivedOffer Price other than pursuant to Section 2.09(e), (Bii) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (iii) change the number of shares of Company Common Stock to be purchased in the Offer, (iv) waive the Minimum Condition, the Termination Condition or adds the other Offer Conditions set forth in clause (b) or clause (c)(1) of Annex I, (v) add any condition to the Offer, (vi) extend the expiration of the Offer except as required or permitted by this Section 2.01, (vii) provide for a “subsequent offering period” (or any extension thereof) in accordance with Rule 14d-11 under the Exchange Act, (viii) amend or modify any of the Offer Conditions or amends (ix) modify, supplement or amend any other term or condition of the Offer in any a manner adverse to the stockholders holders of Company Common Stock. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall expire at 11:59 p.m. (New York City time) on the date that is twenty (20) Business Days following the commencement of the CompanyOffer, as calculated in accordance with Rule 14d-1(g)(3) of the Exchange Act (such time and date, the “Initial Expiration Date”) or if the Initial Expiration Date has been extended in accordance with this Agreement, on the date to which the Offer has been so extended (the Initial Expiration Date, or such later time and date to which the Initial Expiration Date has been extended in accordance with this Agreement, the “Expiration Date”). (e) Unless this Agreement has been terminated in accordance with its terms, if as of any then scheduled Expiration Date, (Ci) any Offer Condition (other than the expiration date shall Minimum Condition) has not be extended except as otherwise provided hereinbeen satisfied or, and (D) to the extent waivable by Parent or Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated Sub pursuant to Section 11.01. Notwithstanding the foregoingthis Agreement, (x) waived by Parent or Merger Subsidiary Sub, Merger Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Sub to) extend the Offer for successive periods of up to ten (10) Business Days each (or such longer period of up to twenty (20) Business Days if at Parent so desires and the scheduled Company consents in writing prior to such extension), the length of each such period to be determined by Parent in its reasonable discretion in order to permit the satisfaction of any such Offer Conditions; provided, however, that (x) in no event shall Parent or extended expiration date Merger Sub extend the Offer for a period that expires more than three (3) Business Days following the end of the Offer any of Marketing Period without the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; Company’s prior written consent and (y) Merger Subsidiary Sub shall be required to extend the Offer pursuant to this clause (i) only if in the reasonable discretion of Parent any such Offer Condition is capable of being satisfied on or prior to the End Date, (ii) all of the Offer Conditions (other than the Minimum Condition) have been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for an extension period of ten (10) Business Days (or such longer period of up to twenty (20) Business Days if Parent so desires and the Company consents in writing prior to such extension), in order to permit the satisfaction of the Minimum Condition; provided, however, that (x) in no event shall Parent or Merger Sub extend the Offer for a period that expires more than three (3) Business Days following the end of the Marketing Period without the Company’s prior written consent and (y) Merger Sub shall not be required to extend the Offer pursuant to this clause (ii) on more than two (2) occasions, but may, in its sole and absolute discretion, elect to do so, and (iii) Merger Sub shall extend the Offer for any the minimum period or periods required by any ruleapplicable Law or applicable rules, regulationregulations, interpretation interpretations or position positions of the U.S. Securities and Exchange Commission (the “SEC”) SEC or its staff or the Nasdaq NASDAQ Global Market applicable to the OfferMarket; provided provided, however, that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall Sub (x) be required to extend the Offer beyond the End Date, unless at such time Parent would be prohibited from terminating this Agreement pursuant to Section 7.01(b)(i), or (y) extend the Offer beyond the End Date or more than three (3) Business Days following the end of the Marketing Period without the Company’s prior written consent. Following expiration Notwithstanding the foregoing, nothing in this Section 2.01(e) shall be deemed to impair, limit or otherwise restrict in any manner the right of the Parties to terminate this Agreement pursuant to Section 7.01. (f) Merger Sub shall not terminate the Offer prior to any scheduled Expiration Date without the prior written consent of the Company, except if this Agreement is terminated pursuant to Section 7.01. If this Agreement is terminated pursuant to Section 7.01, Merger Sub shall (and Parent shall cause Merger Sub to) promptly terminate the Offer and shall not acquire the shares of Company Common Stock pursuant thereto. If the Offer is terminated by Merger Sub, or this Agreement is terminated prior to the Acceptance Time, Merger Sub shall (and Parent shall cause Merger Sub to) promptly return, and shall cause any depositary acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered shares of Company Common Stock that have not then been purchased in the Offer to the registered holders thereof. (g) As soon as practicable on the date of the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer, Parent and Merger Subsidiary Sub shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”).: (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment SEC, in accordance with Rule 14d-3 under the Exchange Act, a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”); (ii) deliver a copy of the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements including all exhibits thereto, to the “Offer Documents”)Company at its principal executive offices in accordance with Rule 14d-3(a) promulgated under the Exchange Act; (iii) give telephonic notice of the information required by Rule 14d-3 promulgated under the Exchange Act, and (ii) mail by means of first class mail or other acceptable means a copy of the Schedule TO, to the extent required by applicable U.S. federal securities laws, NASDAQ Global Market in accordance with Rule 14d-3(a) promulgated under the Exchange Act; (iv) cause the Offer Documents to be disseminated to all holders of Shares. Each shares of ParentCompany Common Stock as and to the extent required by all applicable Laws, including the Exchange Act; and (v) cause the notice referred to in Section 3-106.1(e)(1) of the MGCL (the “Maryland Short Form Merger Subsidiary Notice”) to be disseminated to all holders of shares of Company Common Stock with the Offer Documents. (h) The Schedule TO shall include as exhibits the Offer to Purchase, a form of letter of transmittal, a form of summary advertisement, and a form of notice of guaranteed delivery (the Schedule TO and the Company agrees that they documents included therein pursuant to which the Offer shall be made, together with any amendments and supplements thereto, being referred to herein as the “Offer Documents”) and the Maryland Short Form Merger Notice. Parent and Merger Sub shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply as to form in all material respects with the 1934 Act requirements of applicable Law. Subject to Section 5.02, the Company consents to the inclusion of a description of the Company Recommendation in the Schedule TO and the rules and regulations thereunder and other applicable Law and that the Offer Documents. The Company shall furnish in writing to Parent and Merger Sub all information concerning the Company and its Subsidiaries that is required by applicable Laws or reasonably requested by Parent or Merger Sub to be included in the Schedule TO or the Offer Documents so as to enable Parent and Merger Sub to comply with their obligations under this Section 2.01(h). Parent and Merger Sub, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates respective Representatives for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Parent and Merger Sub agree to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Company Common Stock, in each case as and to the extent required by all applicable U.S. federal securities lawsLaws, including the Exchange Act. The Company and its (and the Special Committee’s) legal counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Parent and Merger Subsidiary Sub shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel(and the Special Committee’s) legal counsel (it being understood that the Company and its (and the Special Committee’s) legal counsel shall provide any comments thereon as soon as reasonably practicable). In addition, Parent and Merger Subsidiary Sub shall provide the Company and its (and the Special Committee’s) legal counsel with copies of any written or comments, and shall inform them of any oral comments comments, that Parent, Merger Subsidiary Sub or their respective Affiliates or legal counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but promptly (and in no any event later than twenty-four within 48 hours, ) after the receipt of such comments, and any written or oral responses thereto. The Company and its (and the Special Committee’s) legal counsel shall be given a reasonable opportunity to review any proposed written or oral responses to the Schedule TO and Offer Documents and Parent and Merger Sub shall give due consideration to the reasonable additions, deletions or changes suggested thereto by the Company and its (and the Special Committee’s) legal counsel and, subject to the provisions hereofextent practicable, promptly respond to such commentsparticipate in any substantive telephonic communications with the staff of the SEC related thereto.

Appears in 2 contracts

Sources: Merger Agreement (Telecommunication Systems Inc /Fa/), Merger Agreement (Comtech Telecommunications Corp /De/)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer been terminated pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this AgreementArticle IX, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer within a reasonable period of time following the date of this Agreement, and in any event within ten (10) Business Days following the execution of this Agreement by the parties (or such other date as the parties may agree in writing). (b) The obligation of Merger Sub to, and of Parent to cause Merger Sub to, accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer and not validly withdrawn prior to any then scheduled Expiration Time that number of shares of Company Common Stock which, together with the shares of Company Common Stock beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the shares of Company Common Stock outstanding as of immediately prior to the expiration of the Offer (as it may be extended and re-extended in accordance with this Section 2.1) (the “Minimum Condition”); (ii) the Company Board having granted each of Parent and Merger Sub an effective exemption from the restrictions on transfer and ownership of the Company’s stock contained in Article VII of the Company Charter (the “Ownership Limit Waivers”); and (iii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Exhibit A, as such conditions may be modified in accordance with this Agreement (together with the Minimum Condition and the Ownership Limit Waivers, the “Offer Conditions”). For purposes of determining whether the Minimum Condition has been satisfied, any shares tendered in the Offer pursuant to guaranteed delivery procedures shall be included only if such shares have been delivered pursuant to such procedures. Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions as of the Expiration Time, Merger Sub shall, and Parent shall cause Merger Sub to, consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant to the Offer pay the Expiration Time. The Offer Price (without interest) for payable in respect of each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid to the satisfactionseller in cash, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. without interest (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior subject to any scheduled expiration date except in the event that this Agreement is terminated withholding of Tax pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i4.3), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon on the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsAgreement.

Appears in 2 contracts

Sources: Merger Agreement (American Realty Capital Properties, Inc.), Merger Agreement (Cole Credit Property Trust Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Section 8.01, as promptly as practicable after and in any event within one Business Day following the date hereofhereof (or such later date as the parties may mutually agree in writing), but in no event later than three Business Days following Merger Sub (i) shall amend the public announcement of Offer to reflect the execution of this Agreement, Merger Subsidiary (ii) shall amend file an amendment to its Schedule TO, which amendment shall include an amended offer to purchase, form of transmittal letter, form of notice of guaranteed delivery and all other necessary documents and exhibits with the Offer to (i) increase the purchase price to $6.50 per Share Securities and Exchange Commission (the “Offer PriceSEC)) and make all deliveries, net filings, publications, mailings and telephonic notices required to the seller be made in cash, (ii) provide that the conditions to connection with the Offer shall under the Federal securities laws, including Regulations 14D and 14E of the Securities Exchange Act of 1934, as amended (including the rules and regulations promulgated thereunder, the “Exchange Act”) (such documents filed or required to be as set forth in Annex I filed with the SEC and that no such other conditions shall applyfilings, deliveries, mailings and notices, collectively and together with any amendments, exhibits or supplements thereto, the “Offer Documents”) and (iii) provide that shall use its reasonable best efforts to consummate the expiration date Offer. Parent will cause Merger Sub to accept for payment and pay for any shares of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform Company Common Stock tendered pursuant to the requirements of this Agreement. The Offer shall be Offer, subject only to the condition that there shall be validly tendered in accordance with the terms of the Offer and not withdrawn prior to the expiration date of the Offer and not withdrawn, a such number of Shares shares of Company Common Stock that, together with when added to the Shares then shares of Company Common Stock already owned by Parent and or any of its AffiliatesSubsidiaries, represents would constitute at least a majority of the total number shares of Shares Company Common Stock outstanding determined on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable Fully Diluted Basis on the date of expiration of the Offer (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to hereto (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (collectively, the “Tender Offer Conditions”). (b) Without the prior written consent of the Company, promptly after Merger Sub shall not (and Parent shall cause Merger Sub not to) decrease the later Offer Price or change the form of (x) consideration payable in the earliest date as Offer, decrease the number of which Merger Subsidiary is permitted under applicable Law shares of Company Common Stock sought to accept for payment Shares tendered pursuant be purchased in the Offer, impose additional conditions to the Offer and (y) the earliest date as of which each or amend any other term of the Offer in a manner that is adverse to the holders of shares of Company Common Stock, except as provided in this Agreement. The Offer shall remain open until the date that is five Business Days after the amendment of the Offer (the “Expiration Date”), unless the period of time for which the Offer is open shall have been extended as may be required by applicable Law or in accordance with the immediately following sentence, in which event the term “Expiration Date” shall mean the latest time and date as the Offer, as so extended, may expire; provided, however, that Merger Sub may (or, at the Company’s option, if at least 80% of the outstanding shares of Company Common Stock on a Fully Diluted Basis have been tendered and accepted for payment by Merger Sub, shall) provide for a subsequent offering period after the Expiration Date, in accordance with Rule 14d-11 under the Exchange Act (including the obligations that Merger Sub immediately accept and promptly pay for all shares of Company Common Stock tendered during the initial offering period and immediately accept and promptly pay for any shares of Company Common Stock tendered during such subsequent offering period). If, at any Expiration Date, any of the Tender Offer Conditions has been satisfied, are not satisfied or waived by Parent or Merger SubsidiarySub, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate extend the Offer from time to time, each such extension not to exceed such number of days that Merger Sub reasonably believes is necessary to cause the Tender Offer Conditions to be satisfied (but in accordance with its any event not more than 15 Business Days for all such extensions, unless, in each case, the parties shall otherwise mutually agree in writing). Under no circumstances shall Parent or Merger Sub waive the Minimum Condition. Subject to the terms of the Offer and this Agreement and the satisfaction of the Tender Offer Conditions as of any Expiration Date, including the Minimum Condition, Parent will cause Merger Sub to accept for payment each Share and pay for any and all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and promptly following after such Expiration Date, regardless of the acceptance number of Shares shares of Company Common Stock tendered in the Offer (such date as Merger Sub shall be obligated to accept for payment pursuant to the Offer pay the Offer Price (without interest) for each Share any and all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). For the avoidance of doubt, and notwithstanding anything in this Agreement to the contrary, Merger Sub shall not (and Parent shall cause Merger Sub not to) accept for payment any shares of Company Common Stock tendered pursuant to the Offer unless the Minimum Condition shall have been satisfied. (c) As promptly as practicable after Each of Parent and Merger Sub, on the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shallone hand, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make on the statements thereinother hand, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct promptly any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. respect and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders stockholders of Sharesthe Company, in each case case, as and to the extent required by applicable U.S. federal Federal securities lawsLaws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed in advance of their filing with the SEC after and dissemination to stockholders of the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselCompany. Parent and Merger Subsidiary Sub shall provide to the Company and its counsel with copies in writing of any written or comments and shall inform the Company of any oral comments that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject . The Company and its counsel shall be given a reasonable opportunity to the provisions hereof, promptly respond to review any such commentswritten and oral comments and proposed responses.

Appears in 2 contracts

Sources: Merger Agreement (Iron Acquisition Corp), Merger Agreement (Engelhard Corp)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated been terminated in accordance with Section 9.1, Merger Sub shall, and Parent shall cause Merger Sub to, on or before December 3, 2013, commence (within the meaning of Rule 14d-1(g)(3) 14d-2 under the Exchange Act), the Offer. (b) following the filing The obligations of such amendmentMerger Sub to, and of Parent to cause Merger Sub to, accept for payment and pay for (ivby means of funds provided to Merger Sub by Intermediary) make such other amendments as are necessary or appropriate to conform any shares of Company Common Stock pursuant to the requirements of this Agreement. The Offer shall be is subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver (as provided in Section 2.1(c) below) of the conditions set forth in Annex I (the “Offer Conditions”), promptly after . On the later terms and subject to the conditions of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiarythis Agreement, Merger Subsidiary shall (Sub shall, and Parent shall cause Merger Subsidiary Sub to, accept and pay for (by means of funds provided to Merger Sub by Intermediary) consummate the Offer in accordance with its terms and accept for payment each Share all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer (the “Tendered Shares”) as soon as practicable after the expiration date of the Offer and promptly following the in compliance with applicable Law. The acceptance of Shares for payment of shares of Company Common Stock pursuant to and subject to the conditions of the Offer pay is referred to in this Agreement as the “Offer Closing,” and the date and time at which the Offer Price Closing occurs is referred to in this Agreement as the “Acceptance Time.” Parent shall provide, or cause to be provided, to Merger Sub (without interestby means of funds provided to Merger Sub by Intermediary) on a timely basis funds necessary to purchase and pay for each Share validly tendered any and not properly withdrawn all shares of Company Common Stock that Merger Sub becomes obligated to accept for payment and purchase pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (bc) Parent and Merger Subsidiary Sub expressly reserves reserve the right to waive any of the Offer Conditions and Conditions, to increase the Offer Price or to make any other changes in the terms and conditions of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted that, unless otherwise provided in this Agreement or withheld previously approved by the Company in its sole discretionwriting, Parent and Merger Sub shall not: (i) (A) decrease the Minimum Condition may not be waived, (B) no Offer Price or change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (ii) decrease the number of shares of Company Common Stock subject to or adds sought to be purchased in the Offer, (iii) impose conditions on the Offer in addition to the Offer Conditions or amends amend any Offer Condition, (iv) waive or amend the Minimum Condition, (v) amend any other term of the Offer in any a manner that is materially adverse to the stockholders holders of shares of Company Common Stock or (vi) extend or otherwise change the Expiration Date except as required or permitted by Section 2.1(e). (d) On the date the Offer is commenced, Merger Sub shall, and Parent shall cause Merger Sub to, file with the SEC a Tender Offer Statement on Schedule TO with respect to the Offer, which Tender Offer Statement shall include an offer to purchase, letter of transmittal, summary advertisement and other required ancillary offer documents (such Schedule TO and the documents included therein pursuant to which the Offer will be made, together with any supplements or amendments thereto, the “Offer Documents”) and cause the Offer Documents to be disseminated to the Stockholders as and to the extent required by applicable Law. The Company hereby consents to the inclusion of the Company Board Recommendation in the Offer Documents. Merger Sub shall, and Parent shall cause Merger Sub to, cause the Offer Documents to comply as to form in all material respects with the requirements of applicable Law. The Company shall promptly furnish to Parent and Merger Sub all information concerning the Company, (C) the expiration date Company Subsidiary and the Stockholders that may be required to be set forth in the Offer Documents or reasonably requested in connection with any action contemplated by this Section 2.1(d), including communication of the Offer to the record and beneficial holders of shares of Company Common Stock. Each of the parties agrees to promptly correct any information provided by it for use in the Offer Documents if and to the extent that it shall not be extended except as otherwise provided hereinhave become false or misleading in any material respect, and (D) Parent and Merger Subsidiary shall not terminate Sub further agree to take all steps necessary to cause the Offer prior Documents as so corrected to be filed with the SEC and disseminated to the Stockholders, in each case as and to the extent required by applicable Law. Parent and Merger Sub shall provide the Company and its counsel in writing with any comments (whether written or oral) that Parent, Merger Sub or their counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly after receipt of such comments. Prior to the filing of the Offer Documents (including any amendment or supplement thereto) with the SEC or dissemination thereof to the Stockholders, or responding to any scheduled expiration date except comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company with a reasonable opportunity to review and comment on such Offer Documents or response, and Parent and Merger Sub shall give reasonable consideration to any comments provided by the Company. Parent and Merger Sub shall use reasonable efforts to respond promptly to any such SEC comments. (e) Subject to the terms and conditions set forth in the event Offer Documents, the Offer shall remain open until midnight, New York City time, at the end of the 20th business day (for purposes of this Section 2.1(e) calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) after the date that the Offer is commenced (the “Initial Expiration Date”) or, if the period of time for which the Offer is open shall have been extended pursuant to, and in accordance with, this Agreement is terminated pursuant Section 2.1(e) or as may be required by applicable Law, the time and date to which the Offer has been so extended (the Initial Expiration Date or such later time and date to which the Offer has been extended in accordance with this Section 11.012.1(e), the “Expiration Date”). Notwithstanding the foregoing, (xi) Merger Subsidiary shall (or at if, on the request then-effective Expiration Date, any of the CompanyOffer Conditions have not been satisfied or waived, Merger Sub shall, and Parent shall cause Merger Subsidiary Sub to, extend the Offer for successive periods of not more than 10 Business Days (the length of such period to be determined by Merger Sub), or for such longer period as the parties may agree in order to permit the satisfaction of the Offer Conditions; provided that if the sole then-unsatisfied Offer Condition is the Minimum Condition, the maximum aggregate number of days that Merger Sub shall extend the Offer pursuant to this clause (i) is 40 Business Days; provided further that Merger Sub shall not, without the Company’s prior written consent, extend the Offer if at the scheduled or extended expiration date of the all Offer any of the conditions to the Offer shall not be Conditions have been satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (yii) Merger Subsidiary Sub shall, and Parent shall cause Merger Sub to, extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market its staff applicable to the OfferOffer or necessary to resolve any comments of the SEC or its staff applicable to the Offer or the Offer Documents; provided that that, in no each case, Merger Sub shall not in any event shall Merger Subsidiary be required to to, and without the Company’s prior written consent shall not, extend the Offer beyond the End Outside Date, and (iii) Merger Sub shall have the right successively to extend the Offer from time to time if, on the on the then-effective Expiration Date the Marketing Period shall not have been completed, and in each instance Merger Sub may extend the Offer for an extension period of not more than 10 Business Days (the length of such period to be determined by Merger Sub); provided that, unless the parties agree otherwise, the maximum aggregate number of days that Merger Sub shall extend the Offer pursuant to this clause (iii) is 20 Business Days. Nothing in this Section 2.1(e) shall be deemed to impair, limit or otherwise restrict in any manner the right of the Company, Parent or Merger Subsidiary is not then permitted Sub to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required 9.1. In the event that this Agreement is terminated pursuant to extend the Offer beyond the End Date. Following expiration of the Offerterms hereof, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, accept promptly (and in any event within one Business Day of such termination) irrevocably and unconditionally terminate the Offer. If the Offer is terminated or withdrawn by Merger Sub, or this Agreement is terminated in accordance with Section 9.1, prior to the acceptance for payment and pay for, as promptly as practicable after the expiration of shares of Company Common Stock tendered in the Offer, all Shares (1) validly tendered Merger Sub shall, and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentParent shall cause Merger Sub to, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shallreturn, and shall cause its Affiliates toany depository acting on behalf of Merger Sub to return, (i) file with the SEC an amendment all tendered Company Common Stock to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to registered holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsthereof.

Appears in 2 contracts

Sources: Merger Agreement, Merger Agreement (Salix Pharmaceuticals LTD)

The Offer. (a) Provided that nothing Merger Sub shall, and Parent shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex Icause Merger Sub to, as promptly as practicable (and, in any event, within ten (10) Business Days) after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend commence (within the Offer to (i) increase meaning of Rule 14d-2 under the purchase price to $6.50 per Share Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer PriceExchange Act”), net ) the Offer. (b) The obligation of Merger Sub to the seller in cash, (ii) provide that the conditions accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, subject to: (iiii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a validly withdrawn prior to any then scheduled Expiration Time that number of Shares thatshares of Company Common Stock which, together with the Shares then shares beneficially owned by Parent and its Affiliatesor Merger Sub (if any), represents at least a majority of the total number of Shares Company Common Stock then outstanding determined on a fully-fully diluted basisbasis (which assumes conversion or exercise of all derivative securities regardless of the conversion or exercise price, without regard to whether the vesting schedule or other terms and conditions thereof and the exclusion of any convertible or exchangeable securities are then vested and exercisable treasury stock) (the “Minimum Condition”); and (ii) and to the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to Exhibit A (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfiedMinimum Condition and the satisfaction, or waived waiver by Parent or Merger SubsidiarySub, of the other Offer Conditions, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant to the Offer pay the Expiration Time. The Offer Price (without interest) for payable in respect of each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, on the terms and subject to the conditions set forth in this Agreement and the Offer. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary Sub expressly reserves reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not, and Parent shall not permit Merger Sub to, (i) reduce the number of shares of Company Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent of the Company Offer Price, (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition may not be waivedCondition, (Biv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds add to the conditions set forth in Exhibit A or modify or change any Offer Conditions or amends any other term of the Offer Condition in a manner adverse in any manner adverse material respect to the any stockholders of the Company, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.01, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer, or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse in any material respect to any stockholders of the Company. (d) The Offer shall expire at midnight (New York City time) on the date that is twenty (20) Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement to the contrary, and without limiting Parent’s or Merger Sub’s obligations under this Section 1.01(e), Merger Sub (Di) shall (and Parent shall cause Merger Sub to), extend the Offer on one or more occasions for successive periods not to exceed ten (10) Business Days in each instance (or for such longer period to which the Company reasonably agrees), if on any then-scheduled Expiration Time any of the Offer Conditions shall not be satisfied or, in Merger Sub’s sole discretion, waived, until such time as such condition or conditions are satisfied or waived and (ii) shall extend the Offer for any period required by applicable Law, any interpretation or position of the Securities and Exchange Commission (the “SEC”), the staff thereof or the New York Stock Exchange (“NYSE”) applicable to the Offer, subject to any waiting period (and any extension thereof) applicable to the consummation of the Offer under the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and any other applicable foreign antitrust, competition or similar Law shall have expired or been terminated; provided, however, that in no event shall Merger Sub be required to extend the Offer (A) beyond January 31, 2012 (the “Outside Date”) or (B) at any time that Parent or Merger Sub is permitted to terminate this Agreement pursuant to Article VIII. (f) On the terms and subject to the conditions of this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (subject to any withholding of tax pursuant to Section 3.05) all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer as soon as practicable after the Expiration Time (as it may be extended and re-extended in accordance with this Section 1.01). Acceptance for payment of shares of Company Common Stock pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for a “subsequent offering period” not to exceed ten (10) Business Days in each instance (or for such longer period to which the Company reasonably agrees) (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents (as defined below) may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 1.01 shall affect any termination rights in Article VIII. (g) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Subsidiary toSub to return, all tendered Company Common Stock to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the stockholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the stockholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 2 contracts

Sources: Merger Agreement (Randstad North America, L.P.), Merger Agreement (SFN Group Inc.)

The Offer. (a) Provided that nothing Upon the terms and subject to the --------- conditions of this Agreement, Purchaser shall have occurred that would give rise to a right to terminate commence the Offer pursuant to any of the conditions set forth in Annex I, as promptly as reasonably practicable after the date hereof, but in no event later than three five Business Days after the initial public announcement of Purchaser's intention to commence the Offer. The initial scheduled expiration date for the Offer shall be 20 Business Days following the public announcement commencement of the execution Offer. The obligation of this Agreement, Merger Subsidiary shall amend the Offer Purchaser to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net accept for payment and pay for Shares tendered pursuant to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition (the "Minimum Condition") that there ----------------- shall be have been validly tendered in accordance with the terms of the Offer and not withdrawn prior to the expiration date of the Offer and not withdrawn, a at least such number of Shares thatwhich, together with the Shares then when added to any shares of Common Stock already owned by Parent and its AffiliatesParent, represents shall constitute a majority of the total number then outstanding shares of Shares outstanding Common Stock on a fully-fully diluted basisbasis (including, without regard to whether limitation, all shares of Common Stock issuable upon the conversion of the ESOP Preferred Stock and any convertible securities or exchangeable securities are then vested and exercisable (upon the “Minimum Condition”exercise of any options, warrants or rights) and also shall be subject to the satisfaction of the other conditions set forth in Annex I and to no other conditionsA hereto. Subject The conditions to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions Offer set forth in Annex I (A hereto are for the “Offer Conditions”), promptly after the later benefit of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer Parent and (y) the earliest date as of which each Purchaser regardless of the Offer Conditions has been satisfiedcircumstances giving rise to such conditions or, or except as expressly set forth herein, may be waived by Parent and Purchaser in whole or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offerpart. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary Purchaser expressly reserves the right to waive any of such condition, to increase the Offer Conditions price per Share payable in the Offer, and to make any other changes in the terms and conditions of the Offer; provided, however, that without the -------- ------- prior written consent of the Company, Parent and Purchaser shall not (i) waive the Minimum Condition, (ii) decrease the price per Share payable in the Offer, (iii) reduce the maximum number of Shares to be purchased in the Offer, (iv) amend or add to the conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company Offer set forth in its sole discretion) (A) the Minimum Condition may not be waivedAnnex A hereto, (Bv) no extend the Offer, (vi) change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends or adds (vii) amend, add to the Offer Conditions or amends waive any other term of the Offer in any manner which would be adverse to the stockholders of Company or the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01Holders. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at Purchaser may, without the request consent of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at Offer: (i) if, on the scheduled or extended expiration date of the Offer Offer, any of the conditions to Purchaser's obligation to accept for payment and pay for the Offer Shares shall not be have been satisfied or waived, from time until the fifth Business Day after the date Purchaser reasonably believes to time until be the earliest date on which such conditions are satisfied will be satisfied; (other than conditions which by their nature are to be satisfied on the Acceptance Dateii) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market its staff applicable to the Offer; provided or (iii) from time to time, for an aggregate period of not more than 10 Business Days (for all such extensions) beyond the latest expiration date that would be permitted under clause (i) or (ii) of this sentence. In addition, if, on the scheduled expiration date of the Offer, (i) the waiting period under the HSR Act shall not have expired or been terminated, (ii) the Commission of the European Union shall not have approved the Transactions under Regulation (EC) No. 4064/89, as amended, of the Council of the European Union or (iii) a temporary restraining order prohibiting the purchase of the Shares shall have been issued by a court of competent jurisdiction in no event any country in which the Company or its Subsidiaries have operations material to the Company and its Subsidiaries, taken as a whole, the Purchaser shall Merger Subsidiary be required to extend the Offer beyond from time to time until five Business Days after the End Date unless Parent expiration or Merger Subsidiary is not then permitted termination of the waiting period under the HSR Act, such approval of the Commission of the European Union or the lifting of such temporary restraining order, subject to the right of Parent, Purchaser or the Company to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary the terms hereof. The Per Common Share Amount and the Per Preferred Share Amount shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject net to the foregoingseller in cash, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer. Subject to the terms and conditions of the Offer, Merger Subsidiary Purchaser shall, and Parent shall cause it Purchaser to, accept for payment and pay forpay, as promptly as practicable after the expiration of the Offer, for all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)withdrawn. (cb) As promptly as reasonably practicable after on the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Merger Subsidiary shall, and Purchaser shall cause its Affiliates to, (i) file with the SEC an amendment to the (i) a Tender Offer Statement on Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement 14D-1 (collectively, together with any all amendments or and supplements thereto, the "Schedule 14D-1") with respect to the Offer. The Schedule 14D-1 shall contain --------------- or shall incorporate by reference an offer to purchase (the "Offer to Purchase") ----------------- and forms of the related letter of transmittal and any related summary advertisement (the Schedule 14D-1, the Offer to Purchase and such other documents, together with all supplements and amendments thereto, being referred to herein collectively as the "Offer Documents"), . The Company and (ii) its counsel --------------- shall be given a reasonable opportunity to the extent required by applicable U.S. federal securities laws, cause review and comment on the Offer Documents prior to be disseminated to holders of Sharesthe filing thereof with the SEC. Each of Parent, Merger Subsidiary Purchaser and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed agree to correct promptly any information provided by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information for use in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information which shall have become false or misleading in any material respect. Merger Subsidiary shallmisleading, and shall cause its Affiliates to, use their respective reasonable best efforts Parent and Purchaser further agree to take all steps necessary to cause the Schedule TO 14D-1 as so corrected to be filed with the SEC and the other Offer Documents as so corrected to be disseminated to holders of SharesHolders, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall Purchaser agree to provide the Company and its counsel with copies of any written or oral comments Parent, Merger Subsidiary Purchaser or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 2 contracts

Sources: Merger Agreement (H2o Acquisition Co), Merger Agreement (Nalco Chemical Co)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VII, as promptly as practicable after the date hereof, but hereof (and in no any event later than three within fifteen (15) Business Days following the public announcement of the execution of this Agreementdate hereof), Merger Subsidiary Sub shall amend (and Parent shall cause Merger Sub to) commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer to purchase (subject to the Offer Conditions, including the Minimum Condition) all the outstanding Common Stock (other than the Shares cancelled or converted pursuant to Section 2.1(a)) at a price per share equal to the Offer Price. The consummation of the Offer, and the obligation of Merger Sub to accept for payment, purchase and pay for any shares of Common Stock validly tendered (and not withdrawn) pursuant to the Offer, shall be subject only to: (i) increase there being validly tendered in the purchase price Offer and not properly withdrawn prior to $6.50 per Share the Expiration Date that number of shares of Common Stock (excluding shares of Common Stock tendered pursuant to guaranteed delivery procedures but not yet delivered) which, together with the number of shares of Common Stock (if any) then owned by Parent or its Subsidiaries, represents at least a majority of the shares of Common Stock then outstanding (collectively, the “Minimum Condition”); (ii) this Agreement not having been terminated in accordance with its terms (the “Offer PriceTermination Condition”); and (iii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I (together with the Minimum Condition and the Termination Condition, the “Offer Conditions”). (b) Subject to the satisfaction of the Minimum Condition and the Termination Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) (i) promptly (and in any event no later than one (1) Business Day) after the Expiration Date accept for payment and purchase all shares of Common Stock validly tendered (and not properly withdrawn) pursuant to the Offer (the time of such acceptance, the “Acceptance Time”) and (ii) promptly (and in any event no later than one (1) Business Day) after the applicable Expiration Date cause the Paying Agent to pay for such shares of Common Stock. Subject to Section 2.9, the Offer Price payable in respect of each share of Common Stock validly tendered (and not properly withdrawn) pursuant to the Offer shall be paid net to the seller in cash, without interest. (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with this Agreement, including the Offer Conditions. Unless previously approved by the Company in writing, Parent and Merger Sub shall not: (i) decrease the Offer Price, (ii) provide that change the conditions to form of consideration payable in the Offer shall be as set forth in Annex I and that no other conditions shall applyOffer, (iii) provide change the number of shares of Common Stock to be purchased in the Offer, (iv) amend or waive the Minimum Condition, the Termination Condition or the conditions set forth in clauses (b) or (c)(i) of Annex I, (v) add any condition to the Offer or any term that is adverse to the holders of Common Stock, (vi) extend the expiration date of the Offer except as required or permitted by this Section 1.1, (vii) provide for a “subsequent offering period” (or any extension thereof) in accordance with Rule 14d-11 under the Exchange Act or (viii) modify, supplement or amend any other term or condition of the Offer in a manner adverse to the holders of Common Stock. Parent and Merger Sub expressly reserve the right (but shall not be midnight obligated) at any time and from time to time, in their sole discretion, to (A) increase the Offer Price, and (B) waive (to the extent permitted by applicable Law) any Offer Condition and make any other changes in the terms and conditions of the Offer, in each case, that are not inconsistent with the terms of this Agreement (including the limitations set forth in the preceding sentence). (d) Unless extended or terminated in accordance with the terms of this Agreement, the Offer shall expire at one minute after 11:59 p.m. (New York City time) on the date that is ten twenty (20) Business Days (for this purpose following the commencement of the Offer, as calculated in accordance with Rule 14d-1(g)(3) under of the Exchange ActAct (such time and date, the “Initial Expiration Date”) following or if the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered Initial Expiration Date has been extended in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including on the prior satisfaction or waiver of date to which the conditions set forth in Annex I Offer has been so extended (the Initial Expiration Date, or such later time and date to which the Initial Expiration Date has been extended in accordance with this Agreement, the Offer ConditionsExpiration Date”), promptly after the later of . (xe) the earliest date If as of which any then scheduled Expiration Date, any Offer Condition has not been satisfied or, to the extent waivable by Parent or Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered Sub pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfiedthis Agreement, or waived by Parent or Merger SubsidiarySub, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate extend the Offer for successive periods of up to five (5) Business Days each (or such longer period of up to twenty (20) Business Days if Parent so desires and the Company consents in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant writing prior to such extension) in order to permit the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each satisfaction of the Offer Conditions; provided, however, that Merger Sub shall not be required to extend the Offer beyond August 31, 2019 (such date, the “Outside Date”), and shall not extend the Offer beyond the Outside Date without the Company’s consent. Notwithstanding the foregoing, Merger Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the SEC or its staff or NASDAQ; provided, however, that Merger Sub shall not be required to extend the Offer beyond the Outside Date, and shall not extend the Offer beyond the Outside Date without the Company’s consent. (bf) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date without the prior written consent of the Company, except in the event that if this Agreement is terminated pursuant to Section 11.01Article VII. Notwithstanding the foregoingIf this Agreement is terminated pursuant to Article VII, (x) Merger Subsidiary Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Sub to) extend promptly terminate the Offer if at and shall not acquire the scheduled or extended expiration date shares of Common Stock pursuant thereto. If the Offer any of the conditions is terminated by Merger Sub, or this Agreement is terminated prior to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the OfferTime, Merger Subsidiary shallSub shall promptly return, if requested by the Companyand shall cause any depositary acting on behalf of Merger Sub to promptly return, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 applicable Law, all tendered shares of the 1934 Act. Subject Common Stock to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)registered holders thereof. (cg) As promptly as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of the execution commencement, within the meaning of this AgreementRule 14d-2 under the Exchange Act, of the Offer, Parent and Merger Subsidiary Sub shall, and shall cause its Affiliates to, : (i) file with the SEC an amendment SEC, in accordance with Rule 14d-3 under the Exchange Act, a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”); (ii) cause a notice that satisfies the requirements of Section 3-106.1(e)(1) of the MGCL (the “Maryland Short Form Notice”) to be given to all holders of shares of Common Stock with the Offer Documents, unless, prior to the date the Offer is first commenced, the Maryland Short Form Notice has been given to all holders of shares of Common Stock who, except for the application of Section 3-106.1 of the MGCL, would be entitled to vote on the Merger on the date such notice is given; (iii) deliver a copy of the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements including all exhibits thereto, the “Offer Documents”), and (ii) to the extent Company at its principal executive offices in accordance with Rule 14d-3(a) promulgated under the Exchange Act; (iv) give telephonic notice of the information required by applicable U.S. federal securities lawsRule 14d-3 promulgated under the Exchange Act, and, unless waived by NASDAQ or the NASDAQ Listing Rules, mail by means of first class mail a copy of the Schedule TO, to NASDAQ in accordance with Rule 14d-3(a) promulgated under the Exchange Act; and (v) cause the Offer Documents to be disseminated to all holders of Shares. Each shares of ParentCommon Stock as and to the extent required by all applicable Laws, Merger Subsidiary including the Exchange Act. (h) The Schedule TO shall include as exhibits, the Offer to Purchase, a form of letter of transmittal, a form of summary advertisement, and the Company agrees that they shall cause a form of notice of guaranteed delivery (the Schedule TO and the other documents included therein pursuant to which the Offer shall be made, together with any amendments and supplements thereto, being referred to herein as the “Offer Documents”). The Offer Documents filed by any of them with shall include the SEC to comply Maryland Short Form Notice (whether as an exhibit or otherwise) as provided in all material respects with the 1934 Act clause (g)(ii) above and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders may include a description of the Companydeterminations, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light approvals and recommendations of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary Board and the Company agrees promptly described in this Agreement (and a change to correct any information provided by it or any such determinations, approvals and recommendations to the extent applicable at the relevant time). Subject to the provisions of its Affiliates for use Section 5.2, the Company consents to the inclusion of a description of the Company Recommendation in the Schedule TO and the Offer Documents. Parent and Merger Sub, on the one hand, and the Company, on the other hand, agree to use reasonable best efforts to (i) respond promptly to any comments of the SEC or its staff with respect to the Offer Documents and (ii) cause the Offer Documents when filed to comply with applicable Law and promptly correct any information provided by it for use in the Offer Documents, if and to the extent that any of them become aware that such information shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Parent and Merger Sub agree to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Common Stock, in each case as and to the extent required by all applicable U.S. federal securities lawsLaws, including the Exchange Act. The Company shall promptly furnish to Parent all information concerning the Company, its stockholders and the Company Subsidiaries that may be reasonably requested in connection with this Section 1.1(h). The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any such comments made by the Company and its counsel. In addition, Parent and Merger Subsidiary Sub shall provide the Company and its counsel promptly with copies of any written or comments, and shall inform them of any oral comments comments, that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review and comment on any proposed written or oral responses to the provisions hereofSEC or its staff in respect of the Schedule TO and Offer Documents and Parent and Merger Sub shall give reasonable consideration to any such comments made by the Company and its counsel and shall give the Company and its counsel a reasonable opportunity to participate in any substantive telephonic communications with the staff of the SEC related thereto, promptly respond to the extent such commentsparticipation is not prohibited by the SEC or applicable Law.

Appears in 2 contracts

Sources: Merger Agreement (Jacobs Engineering Group Inc /De/), Merger Agreement (Keyw Holding Corp)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Article X hereof and so long as none of the conditions events set forth in Annex IA hereto (the "Tender Offer Conditions") shall have occurred and are continuing (unless such event shall have been waived by Parent or Merger Sub), as promptly as practicable after the date hereofpracticable, but in no event later than three Business Days following the public announcement of fifth business day after the execution date of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its AffiliatesMerger Sub shall, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary Sub to) consummate , commence the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to at the Offer and promptly Price. The initial expiration date for the Offer shall be the twentieth business day following the acceptance commencement of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation obligations of Merger Subsidiary (and of Parent to cause Merger Subsidiary) Sub to accept for payment, payment and to pay the Offer Price (without interest) for, each Share validly for any shares of Common Stock tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfactionTender Offer Conditions, or waiver any of which may be waived by Parent or Merger SubsidiarySub in their sole discretion; PROVIDED, of each HOWEVER, that Merger Sub shall not waive the Minimum Condition without the prior written consent of the Company. The Tender Offer Conditions. (b) Conditions are for the sole benefit of Parent and Merger Subsidiary Sub and may be asserted by Parent and Merger Sub regardless of the circumstances giving rise to any such Tender Offer Conditions or, except as expressly reserves set forth herein, may be waived by Parent and Merger Sub in whole or in part. Parent and Merger Sub expressly reserve the right to waive any modify the terms of the Offer; PROVIDED HOWEVER, that without the prior written consent of the Company, Merger Sub shall not (i) reduce the number of shares of Common Stock to be purchased in the Offer, (ii) reduce the Offer Conditions and Price, (iii) modify or add to the Tender Offer Conditions, (iv) change the form of consideration payable in the Offer or (v) make any other changes change in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner which is materially adverse to the stockholders holders of Common Stock. Notwithstanding the foregoing sentence, Merger Sub may, without the consent of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary toA) extend the Offer Offer, if at the then scheduled or extended expiration date of the Offer any of the conditions to Merger Sub's obligations to purchase the Offer shall shares of Common Stock have not be been satisfied or waived, until the third business day after the day Merger Sub reasonably believes to be the earliest date on which such conditions will be satisfied, (B) extend the Offer from time to time until such conditions are satisfied up to a maximum of an aggregate of 30 days beyond the first day all of the Tender Offer Conditions have been met, and/or (other than conditions which by their nature are to be satisfied on the Acceptance DateC) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff thereof applicable to the Offer; provided . Notwithstanding the foregoing, (x) the Offer may not, without the Company's written consent, be extended beyond the date of termination of this Agreement pursuant to Section 10.1(a) and (y) the Offer may not, without the Company's prior written consent, be extended pursuant to clause (A) above if the failure to satisfy any condition was caused by a material breach by Parent or Merger Sub of any of their representations, warranties, covenants or agreements set forth in this Agreement. Notwithstanding any thing to the contrary in this Agreement, Parent and Merger Sub agree that if immediately prior to any scheduled expiration date of the Offer, the Regulatory Conditions (as defined in no event Annex A) shall not have been satisfied, but at such scheduled expiration date each of the other conditions set forth in Annex A (other than the Minimum Condition) shall then be satisfied, at the request of the Company, Merger Subsidiary be required to Sub shall extend the Offer beyond from time to time, subject to the End Date unless Parent right of Parent, Merger Sub or Merger Subsidiary is not then permitted the Company to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Dateterms hereof. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon Upon the terms and subject to the conditions of the Offer, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, promptly purchase all shares of Common Stock which are validly tendered on or prior to the expiration of the Offer and not withdrawn. Parent shall provide, or cause to be provided, to Merger Sub on a timely basis all funds necessary to accept for payment payment, and pay for, as promptly as practicable after the expiration all shares of the Offer, all Shares (1) validly tendered and not withdrawn Common Stock that Merger Sub becomes obligated to purchase pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 2 contracts

Sources: Merger Agreement (Bison Acquisition Corp), Merger Agreement (Entertainment Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including as promptly as practicable (but in no event later than ten business days after the prior date of this Agreement), Merger Sub shall, and Parent shall cause Merger Sub to, commence (within the meaning of the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”)) the Offer at the Offer Price. The obligations of Merger Sub to, and of Parent to cause Merger Sub to, accept for payment, and pay for, any shares of Company Common Stock validly tendered pursuant to the Offer are subject to the satisfaction or waiver of the conditions set forth in Annex I Exhibit A (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation initial expiration date of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to at the satisfactiontime that is one minute following 11:59 p.m., or waiver by Parent or Merger SubsidiaryNew York City time, of each on the date that is twenty business days (determined using Rule 14d-1(g)(3) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”)) after the date the Offer Conditions. is first commenced (b) within the meaning of Rule 14d-2 promulgated under the Exchange Act). Merger Subsidiary Sub expressly reserves the right to waive any of the Offer Conditions and to make any other changes in Condition or modify the terms of or conditions the Offer, except that, without the consent of the Company, Merger Sub shall not, and Parent shall not permit Merger Sub to, (i) reduce the number of shares of Company Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent of the Company Offer Price, (which consent may be granted iii) waive, amend or withheld by the Company in its sole discretion) (A) modify the Minimum Tender Condition may not be waivedor the Termination Condition, (Biv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds add to the Offer Conditions or amends impose any other term conditions on the Offer or amend, modify or supplement any Offer Condition in any manner adverse to the holders of Company Common Stock in their capacity as such, (v) change the form or terms of consideration payable in the Offer, or (vi) otherwise amend, modify or supplement any of the terms of the Offer in any manner adverse to the stockholders holders of the Company, (C) the expiration date shall not be extended except Company Common Stock in their capacity as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01such. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the CompanySub shall, and Parent shall cause Merger Subsidiary Sub to, (A) extend the Offer for one or more consecutive increments of not more than ten business days each (or for such longer period as may be agreed by the Company), if at the scheduled or extended expiration date of the Offer any of the conditions to Offer Conditions (other than the Offer Minimum Tender Condition) shall not be have been satisfied or waived, from time to time until such time as such conditions are shall have been satisfied or waived (other than conditions which by their nature are to be satisfied on irrespective of whether the Acceptance DateMinimum Tender Condition has been satisfied) or waived; and (yB) Merger Subsidiary shall extend the Offer for any the minimum period required by any rule, regulation, regulation or interpretation or position of the U.S. Securities and Exchange Commission SEC or the staff thereof or the NASDAQ Capital Market (the SECNasdaq”) or the Nasdaq Global Market applicable to the Offer; provided that in no event Merger Sub shall Merger Subsidiary not be required to extend the Offer beyond the End Date unless Outside Date. In addition, if at the otherwise scheduled expiration date of the Offer each Offer Condition (other than the Minimum Tender Condition) shall have been satisfied or waived and the Minimum Tender Condition shall not have been satisfied, Merger Sub shall, and Parent shall cause Merger Sub to, extend the Offer at the request of the Company for one or more consecutive increments of not more than ten business days each (or for such longer period as may be agreed by the Company); provided that Merger Subsidiary is Sub shall not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Outside Date. Following expiration Notwithstanding anything to the contrary herein, if, as of the Offerscheduled expiration date, all of the Offer Conditions are satisfied or waived, but there shall not have been validly tendered and not withdrawn pursuant to the Offer that number of shares of Company Common Stock necessary to permit the Merger to be effected without a meeting of the Company’s stockholders, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, Sub may provide a subsequent offering period (“Subsequent Offering Period”) period” in accordance with Rule 14d-11 of under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the OfferOffer and this Agreement, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, accept for payment payment, and pay for, all shares of Company Common Stock validly tendered and not withdrawn pursuant to the Offer that Merger Sub becomes obligated to purchase pursuant to the Offer as promptly as practicable after the expiration of the OfferOffer and, all Shares (1) validly tendered and not withdrawn pursuant to in any event, no more than two business days after the Offer and (2) validly Closing Date. The date on which Merger Sub first accepts for payment the shares of Company Common Stock tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, Offer is referred to as the “Acceptance Offer Closing Date”. The Offer may not be terminated prior to its expiration date (as such expiration date may be extended and re-extended in accordance with this Section 1.01(a)), unless this Agreement is validly terminated in accordance with Section 8.01. If the Offer is terminated or withdrawn by Merger Sub, or this Agreement is terminated in accordance with Section 8.01, Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Sub to return, all tendered shares of Company Common Stock to the registered holders thereof. Nothing contained in this Section 1.01(a) shall affect any termination rights set forth in Section 8.01. (cb) As promptly as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Parent and Merger Subsidiary shall, and Sub shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include a revised or incorporate by reference an offer to purchase and form of a related letter of transmittal reflecting and summary advertisement containing the terms and conditions set forth in this Agreement and Exhibit A (collectivelysuch Schedule TO and the documents included therein pursuant to which the Offer will be made, together with any supplements or amendments or supplements thereto, the “Offer Documents”), ) and (ii) to the extent required by applicable U.S. federal securities laws, cause disseminate the Offer Documents to be disseminated to the holders of SharesCompany Common Stock. The Company shall promptly furnish to Parent and Merger Sub all information concerning the Company required by the Exchange Act to be set forth in the Offer Documents. Each of Parent, Merger Subsidiary Sub and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and each of Parent and Merger Sub shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to amend or supplement the Offer Documents and to cause the Schedule TO Offer Documents, as so corrected amended or supplemented, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to the holders of SharesCompany Common Stock, in each case as and to the extent required by applicable U.S. federal Federal securities lawsLaws. The Parent and Merger Sub shall provide the Company and its counsel with copies of any written comments, and shall be given reasonably inform the Company and its counsel of any oral comments, that Parent, Merger Sub or their counsel may receive from the SEC or its staff with respect to the Offer Documents promptly after the receipt of such comments. Prior to the filing of the Offer Documents (including any amendment or supplement thereto) with the SEC or the dissemination thereof to the holders of Company Common Stock, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall (x) provide the Company and its counsel a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with or response (including the SEC after the date hereof proposed final version thereof), and (By) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and or its counsel. . (c) Parent and Merger Subsidiary shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to purchase any shares of Company Common Stock that Merger Sub becomes obligated to purchase pursuant to the Offer. (d) Parent, the Company and its counsel with any written or oral comments Merger Sub shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to the Offer, such amounts as Parent, the Company or Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC Sub is required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986, as amended (the “Code”), or any provision of state, local or foreign Tax Law. Amounts so withheld and paid over to the appropriate taxing authority shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such deduction or withholding was made. (e) The Offer Documents promptlyPrice shall be adjusted appropriately to reflect the effect of any stock split, but in no event later than twenty-four hoursreverse stock split, stock dividend (including any dividend or distribution of securities convertible into Company Common Stock), reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to Company Common Stock occurring or having a record date on or after the receipt date of such comments, and, subject this Agreement and prior to the provisions hereofOffer Closing Date, promptly respond in each case, effected in compliance with Section 5.01, and the Offer Price as so adjusted shall provide to the holders of Company Common Stock the same economic effect as contemplated by this Agreement prior to such commentsaction.

Appears in 2 contracts

Sources: Merger Agreement (Jazz Pharmaceuticals PLC), Merger Agreement (Celator Pharmaceuticals Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise been terminated in accordance with Section 8.1, subject to a right to terminate the terms and conditions of this Agreement, as promptly as practicable (and in any event within 10 Business Days) after the date hereof, Purchaser shall (and Parent shall cause Purchaser to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer to purchase for cash all Shares (other than Restricted Stock) at the Offer Price, subject to: (i) there being validly tendered in the Offer and not withdrawn prior to any then scheduled Expiration Date (as defined below) that number of Shares which, together with the Shares then beneficially owned by Parent or Purchaser (if any), represents in the aggregate a majority of such Shares outstanding on a fully diluted basis on the date of purchase (where “on a fully diluted basis” means the number of Shares outstanding, together with the Restricted Stock and the shares of Common Stock which the Company may be required to issue pursuant to the exercise, conversion or exchange of any Company Options, RSUs, Equity Interests or other rights to acquire Shares then outstanding, whether or not vested or then exercisable) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Purchaser, of the other conditions and requirements set forth in Annex I. (b) The obligation of Purchaser to accept for payment and pay for any Shares validly tendered and not withdrawn pursuant to the Offer shall be subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Purchaser, of the other conditions and requirements set forth in Annex I. Subject to the prior satisfaction of the Minimum Condition and the satisfaction or waiver by Parent or Purchaser of the other conditions and requirements set forth in Annex I, Purchaser shall (and Parent shall cause Purchaser to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not withdrawn pursuant to the Offer as promptly as practicable after the date hereof, but Purchaser is legally permitted to do so under applicable Law. The Offer Price payable in no event later than three Business Days following the public announcement respect of the execution of this Agreement, Merger Subsidiary shall amend each Share validly tendered and not withdrawn pursuant to the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), shall be paid net to the seller in cash, and without interest, subject to withholding as provided in Section 2.2(e). (iic) provide that the conditions to the The Offer shall be as made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms set forth in this Agreement, the Minimum Condition and the other conditions and requirements set forth in Annex I I. Parent and Purchaser expressly reserve the right to increase the Offer Price or to make any other changes in the terms and conditions of the Offer; provided, however, that no other conditions unless otherwise provided by this Agreement or as previously approved by the Company in writing, Purchaser shall apply, not (i) decrease the Offer Price; (ii) change the form of consideration payable in the Offer; (iii) provide reduce the number of Shares to be purchased in the Offer; (iv) impose conditions or requirements to the Offer that are different than or in addition to the expiration date conditions and requirements set forth in Annex I; (v) amend or waive the Minimum Condition; (vi) amend any other terms of the Offer set forth in this Agreement in any manner materially adverse to the holders of Shares, or (vii) extend the expiration of the Offer in a manner other than set forth at Section 1.1(e) hereof. (d) Unless extended pursuant to and in accordance with the terms of this Agreement, the Offer shall be expire at midnight (New York City time) on the date that is ten 20 Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing commencement (within the meaning of such amendmentRule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Date”) or, in the event the Initial Expiration Date has been extended pursuant to and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of date to which the conditions set forth in Annex I Offer has been so extended (the “Offer Conditions”)Initial Expiration Date, promptly after or such later date to which the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered Initial Expiration Date has been extended pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant this Agreement, is referred to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Expiration Date”). (ce) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “The Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity extended from time to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.as follows:

Appears in 2 contracts

Sources: Merger Agreement (Teradyne, Inc), Merger Agreement (Nextest Systems Corp)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”)as promptly as reasonably practicable, promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfiedSub shall, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary Sub to, commence within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (such Act and the rules and regulations promulgated thereunder being referred to herein as the "Exchange Act") consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation obligations of Merger Subsidiary (Sub to, and of Parent to cause Merger Subsidiary) to Sub to, commence the Offer and accept for payment, and pay the Offer Price (without interest) for, each Share validly any shares of Company Common Stock tendered and not properly withdrawn pursuant to the Offer shall be are subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary conditions set forth in Exhibit A attached hereto. Sub expressly reserves the right to waive any of condition to the Offer Conditions and to make any other changes in or amend or modify the terms of or conditions the Offer, except that, without the written consent of the Company, Sub shall not (i) reduce the number of shares of Company Common Stock subject to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (Bii) no change may be made that changes reduce the form Merger Consideration per share of consideration Company Common Stock to be paid, decreases the price per Share or the number of Shares sought in paid pursuant to the Offer, amends or adds (iii) waive the Minimum Tender Condition, add to the Offer Conditions conditions set forth in Exhibit A or amends modify any other term of the Offer condition set forth in Exhibit A in any manner adverse to the stockholders holders of Company Common Stock, or (iv) change the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except form of consideration payable in the event Offer. Parent and Sub agree that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any all of the conditions to the Offer are not satisfied on any scheduled expiration date of the Offer then, provided that all such conditions are reasonably capable of being satisfied, Sub shall not be satisfied or waived, extend the Offer from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event Sub shall Merger Subsidiary not be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)February 10, in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date2002. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the OfferOffer and this Agreement, Merger Subsidiary Sub shall, and Parent shall cause it Sub to, accept pay for payment and pay for, as promptly as practicable after the expiration all shares of the Offer, all Shares (1) Company Common Stock validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in that Sub becomes obligated to purchase pursuant to the Subsequent Offering Period (Offer promptly after the date on which Shares are first accepted for payment, expiration of the “Acceptance Date”)Offer. (cb) As promptly as practicable after On the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Merger Subsidiary shall, Parent and Sub shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include a revised contain an offer to purchase and form of a related letter of transmittal reflecting (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any supplements or amendments or supplements thereto, the "Offer Documents"), . Parent and (ii) to the extent required by applicable U.S. federal securities laws, cause Sub agree that the Offer Documents shall comply as to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply form in all material respects with the 1934 Act Exchange Act, and the rules and regulations promulgated thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company's shareholders, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (misleading, except that no representation or warranty is made by Parent and Merger subsidiary shall have no obligation or Sub with respect to any information in the Offer Documents supplied by the Company or any of its Representatives shareholders specifically for inclusion or incorporation by reference in writing)the Offer Documents. Each of Parent, Merger Subsidiary Sub and the Company agrees shall promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and each of Parent and Sub shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to amend or supplement the Offer Documents and to cause the Schedule TO Offer Documents as so corrected amended or supplemented to be filed with the SEC and the Offer Documents as so corrected amended or supplemented to be disseminated to holders of Sharesthe Company's shareholders, in each case as and to the extent required by applicable U.S. federal Federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and upon the Offer Documents each time before any such document is filed prior to their filing with the SEC after or dissemination to the date hereof and (B) on any correspondence with shareholders of the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselCompany. Parent and Merger Subsidiary Sub shall provide the Company and its counsel in writing with any written or oral comments Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments. (c) Parent shall provide or cause to be provided to Sub on a timely basis the funds necessary to accept for payment, and purchase any shares of Company Common Stock that Sub becomes obligated to accept for payment, and purchase pursuant to the Offer. (d) The Company hereby approves of and consents to the Offer, the Merger and the other transactions contemplated by this Agreement. The Company hereby represents that the Company's Board of Directors (the "Board of Directors"), at a meeting duly called and held, has (i) determined that this Agreement and the transactions contemplated hereby, including the Offer and the Merger, are fair to and in the best interest of the Company and its shareholders, (ii) approved this Agreement and the transactions contemplated hereby, including the Offer, the Merger and the Stock Option Agreement dated the date hereof by and between the Company and Sub (the "Option Agreement"), and (iii) resolved to recommend that the Company's shareholders accept the Offer and tender their Shares pursuant to the Offer, and approve and adopt this Agreement and the Merger. The Company further represents that ▇.▇. ▇▇▇▇▇▇▇▇ & Co. has rendered to the Board of Directors its written opinion (a copy of which has been furnished to Parent prior to the execution and delivery of this Agreement by the Company) to be included in the Schedule 14D-9 (as defined below), to the effect that the consideration to be received by the holders of the shares of Company Common Stock pursuant to each of the Offer and the Merger is fair to the holders of such shares from a financial point of view. The Company has been advised that all of its directors and executive officers intend to tender their shares of Company Common Stock pursuant to the Offer. (e) On the date the Offer Documents are filed with the SEC, the Company shall file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer (such Schedule 14D-9, as amended or supplemented from time to time, the "Schedule 14D-9") describing the recommendation of the Board of Directors of the Company to the Company's shareholders that they accept the Offer, tender their shares pursuant to the Offer and approve this Agreement and shall mail the Schedule 14D-9 to the holders of Company Common Stock. The Schedule 14D-9 shall comply as to form in all material respects with the requirements of the Exchange Act and the rules and regulations promulgated thereunder and, subject on the date filed with the SEC and on the date first published, sent or given to the provisions hereofCompany's shareholders, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, except that no representation or warranty is made by the Company with respect to information supplied by Parent or Sub specifically for inclusion in the Schedule 14D-9. Each of the Company, Parent and Sub shall promptly respond correct any information provided by it for use in the Schedule 14D-9 if and to the extent that such information shall have become false or misleading in any material respect, and the Company shall take all steps necessary to amend or supplement the Schedule 14D-9 and to cause the Schedule 14D-9 as so amended or supplemented to be filed with the SEC and disseminated to the Company's shareholders, in each case as and to the extent required by applicable federal securities laws. Parent and its counsel shall be given reasonable opportunity to review and comment upon the Schedule 14D-9 prior to its filing with the SEC or dissemination to shareholders of the Company. The Company shall provide Parent and its counsel in writing with any comments the Company or its counsel may receive from the SEC or its staff with respect to the Schedule 14D-9 promptly after the receipt of such comments. (f) In connection with the Offer and the Merger, the Company shall cause its transfer agents to furnish Sub promptly with mailing labels containing the names and addresses of the record holders, the consenting beneficial owners and the names and addresses of the brokers representing the non-consenting beneficial holders of Company Common Stock as of a recent date and of those persons becoming record holders subsequent to such date, together with copies of all lists of shareholders, security position listings and computer files and all other information in the Company's possession or control regarding the beneficial owners of Company Common Stock, and shall furnish to Sub such information and assistance (including updated lists of shareholders, security position listings and computer files) as Parent may reasonably request in communicating the Offer to the Company's shareholders Subject to the requirements of applicable law, and except for such steps as are necessary to disseminate the Offer Documents and any other documents necessary to consummate the Offer, the Merger and the other transactions contemplated by this Agreement, Parent and Sub shall hold in confidence the information contained in any such labels, listings and files, shall use such information only in connection with the Offer and the Merger and, if this Agreement shall be terminated, shall, upon request, deliver to the Company all copies of such information then in their possession.

Appears in 2 contracts

Sources: Merger Agreement (Alpnet Inc), Merger Agreement (Alpnet Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Article VIII and none of the events or conditions set forth in Annex IA (other than clauses (b), (f), (h) and (i)) shall have occurred and be existing, Cardinal Health shall cause Subcorp to commence, and Subcorp shall commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (together with the rules and regulations thereunder, the “Exchange Act”)), as promptly as reasonably practicable after the date hereof, but of this Agreement and in no any event later than three Business Days following within 10 business days after the public announcement of the execution date of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to Cardinal Health shall cause Merger Subsidiary) Subcorp to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer Subcorp shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offerpayment, all Shares (1) shares of ALARIS Common Stock that have been validly tendered and not withdrawn pursuant to the Offer at the earliest time following the initial Expiration Date (as defined in Section 1.1(c)) at which time all conditions of the Offer shall have been satisfied or waived by Subcorp, and, thereafter, Subcorp shall accept for payment all additional shares of ALARIS Common Stock validly tendered during any subsequent offering period to the extent Cardinal Health and Subcorp determine to provide a subsequent offering period in connection with the Offer, provided Cardinal Health and Subcorp are permitted to do so pursuant to Section 1.1(c). Subcorp shall not accept for payment any shares of ALARIS Common Stock tendered pursuant to the Offer unless there shall have been validly tendered and not withdrawn prior to the Expiration Date such number of shares of ALARIS Common Stock that satisfy the Minimum Condition (2) validly as defined in Annex A). Subcorp expressly reserves the right to increase the Per Share Amount and to waive any condition of the Offer, except the Minimum Condition. Without the prior written consent of ALARIS, Subcorp shall not decrease the Per Share Amount or change the form of consideration payable in the Offer, decrease the number of shares of ALARIS Common Stock sought to be purchased in the Offer, impose conditions to the Offer in addition to those set forth in Annex A, change or waive the Minimum Condition or, except as provided in Section 1.1(c), extend the expiration of the Offer beyond the initial Expiration Date, or amend any other term of the Offer in a manner materially adverse to the ALARIS Stockholders. The Per Share Amount shall be paid less any required withholding of Taxes (as defined in Section 5.12(h)), upon the terms and subject to satisfaction or waiver of the conditions of the Offer set forth in Annex A. ALARIS agrees that no shares of ALARIS Common Stock held by ALARIS or any of its subsidiaries will be tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (cb) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and Subcorp shall cause its Affiliates to, (i) file with the SEC an amendment Securities and Exchange Commission (the “Commission”) a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer on the date the Offer is commenced, which shall include a revised an offer to purchase purchase, form of transmittal letter and form of letter notice of transmittal reflecting the terms and conditions set forth in this Agreement guaranteed delivery (collectively, together with any supplements or amendments or supplements thereto, collectively, the “Offer Documents”), ) and (ii) use its reasonable best efforts to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them ALARIS Stockholders in accordance in all material respects with the SEC applicable requirements of the United States federal securities laws. Cardinal Health and Subcorp will use their respective reasonable best efforts to comply in all material respects with the 1934 Act applicable requirements of the United States federal securities laws. The information provided and the rules to be provided by ALARIS, Cardinal Health and regulations thereunder and other applicable Law and that Subcorp for use in the Offer DocumentsDocuments shall not, when on the date filed with the SEC Commission and on the date first published, published or sent or given to holders of shares of ALARIS Common Stock (the stockholders of “ALARIS Stockholders”), as the Companycase may be, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation representation is made by Cardinal Health with respect to any the information supplied by ALARIS for inclusion in the Offer Documents supplied by the Company or its Representatives in writing)Documents. Each of ParentALARIS, Merger Subsidiary Cardinal Health and the Company agrees Subcorp each agree promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Cardinal Health further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC Commission and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and the ALARIS Stockholders to the extent required by applicable U.S. United States federal securities laws. The Company ALARIS shall promptly furnish to Cardinal Health or Subcorp all information concerning ALARIS that is required or reasonably requested by Cardinal Health or Subcorp in connection with the obligations relating to the Offer Documents contained in this Section 1.1(b). ALARIS and its counsel shall be given a reasonable the opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed sufficiently in advance of filing with the SEC Commission or dissemination to the ALARIS Stockholders. (c) Subject to the terms and conditions thereof, the Offer shall remain open until midnight, New York City time, on the date that is 20 business days after the date hereof the Offer is commenced (the initial “Expiration Date,” and any expiration time and date established pursuant to an authorized extension of the Offer as so extended, also an “Expiration Date”); provided, however, that, without the consent of ALARIS, Subcorp may (Bi) on extend the Offer for one or more periods of not more than five business days not to exceed an aggregate of 15 business days if, at the scheduled Expiration Date, any correspondence of the conditions of the Offer shall not have been satisfied or waived until such time as such conditions are satisfied or waived to the extent permitted by this Agreement; (ii) extend the Offer for any period required by any rule, regulation, interpretation or position of the Commission or the staff of the Commission (the “SEC Staff”) thereof applicable to the Offer; or (iii) extend the Offer for one subsequent offering period (as provided in Rule 14d-11 under the Exchange Act) for three to 20 business days in order to acquire at least 90% of the outstanding shares of ALARIS Common Stock or otherwise. Upon the written request of ALARIS, Cardinal Health agrees to cause Subcorp to extend the Offer for one or more periods not to exceed an aggregate of 15 business days, if, as of any Expiration Date, all of the conditions of the Offer are not satisfied, but such conditions are reasonably capable of being satisfied in such period. Cardinal Health and Subcorp shall comply with the SEC (including comment response letters) concerning obligations respecting prompt payment and announcement under the Offer or Exchange Act, and, without limiting the Offer Documentsgenerality of the foregoing, Subcorp shall, and Merger Subsidiary Cardinal Health shall give reasonable cause Subcorp to, accept for payment, and good faith consideration to any comments made by the Company pay for, all shares of ALARIS Common Stock validly tendered and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect not withdrawn pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after promptly following the receipt acceptance of such comments, and, subject the shares of ALARIS Common Stock for payment pursuant to the provisions hereof, promptly respond to such commentsOffer and this Agreement.

Appears in 2 contracts

Sources: Merger Agreement (Alaris Medical Systems Inc), Merger Agreement (Cardinal Health Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred been terminated in accordance with Article VI, Merger Sub shall, and Parent shall cause Merger Sub to, as promptly as reasonably practicable but in no event later than the date that would give rise is ten (10) days after the date of the initial public announcement of this Agreement, commence (within the meaning of Rule 14d-2 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”)) the Offer. (b) The obligations of Merger Sub to, and of Parent to a right cause Merger Sub to, accept for payment and pay for any Shares pursuant to terminate the Offer pursuant is subject only to any the satisfaction or waiver (as provided in Section 1.1(c)) of the conditions set forth in Annex IA (the “Offer Conditions”) (without limiting the right of Merger Sub to terminate, extend or modify the Offer in accordance with the terms of this Agreement) and not to any other conditions. On the terms and subject to the Offer Conditions and this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer (the “Tendered Shares”) as promptly soon as practicable after the date hereofExpiration Date (provided that if the Expiration Date is the Outside Date, but such acceptance shall occur on the Outside Date) and in no event later than three Business Days following compliance with applicable Law. The acceptance for payment of Shares pursuant to and subject to the public announcement conditions of the execution Offer is referred to in this Agreement as the “Offer Closing,” and the date and time at which the Offer Closing occurs is referred to in this Agreement as the “Acceptance Time.” Parent shall provide, or cause to be provided, to Merger Sub on the date of the Offer Closing funds necessary to purchase and pay for any and all Shares that Merger Sub becomes obligated to accept for payment and purchase pursuant to the Offer and this Agreement. (c) The Offer Conditions are for the sole benefit of Parent and Merger Sub, and Parent and Merger Subsidiary shall amend Sub may waive, in whole or in part, any Offer Condition at any time and from time to time, in their sole and absolute discretion, other than the Minimum Condition, which may be waived by Parent and Merger Sub only with the prior written consent of the Company. Parent and Merger Sub expressly reserve the right to waive any of the Offer Conditions, to increase the Offer Price or to make any other changes in the terms and conditions of the Offer; provided that, unless otherwise provided in this Agreement or previously approved by the Company in writing, Parent and Merger Sub shall not: (i) increase decrease the purchase price to $6.50 per Share (Offer Price or change the “Offer Price”), net to form of consideration payable in the seller in cashOffer, (ii) provide that decrease the conditions number of Shares sought to be purchased in the Offer shall be as set forth in Annex I and that no other conditions shall applyOffer, (iii) provide that impose conditions on the expiration date Offer in addition to the Offer Conditions or amend any Offer Condition, (iv) waive or amend the Minimum Condition, (v) amend any other term of the Offer in a manner that is adverse to the holders of Shares, or (vi) extend (or make any other amendment that would have the effect of extending) the Expiration Date (as defined below) except as required or permitted by Section 1.1(e). (d) On the date the Offer is commenced, Merger Sub shall, and Parent shall cause Merger Sub to, file with the U.S. Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO with respect to the Offer, which Tender Offer Statement shall include an offer to purchase, letter of transmittal, summary advertisement and other required ancillary offer documents (such Schedule TO and the documents included therein pursuant to which the Offer will be midnight made, together with any supplements or amendments thereto, the “Offer Documents”) and cause the Offer Documents to be disseminated to the holders of Shares as, and to the extent, required by applicable Law. The Company hereby consents to the inclusion of the recommendation of the Company Board that the Company’s stockholders accept the Offer and tender their Shares pursuant to the Offer (the “Company Recommendation”) in the Offer Documents provided that there has not been a Company Adverse Recommendation Change or an Intervening Event Recommendation Change. Merger Sub shall, and Parent shall cause Merger Sub to, cause the Offer Documents to comply as to form in all material respects with the requirements of applicable Law. The Company shall promptly furnish to Parent and Merger Sub all information concerning the Company and the holders of Shares that may be required to be set forth in the Offer Documents or reasonably requested in connection with any action contemplated by this Section 1.1(d), including communication of the Offer to the record and beneficial holders of Shares. Each of the parties agrees to promptly correct any information provided by it for use in the Offer Documents if and to the extent that it shall have become false or misleading in any material respect, and Parent and Merger Sub further agree to take all steps necessary to cause the Offer Documents as so corrected to be filed with the SEC and disseminated to the holders of Shares, in each case as and to the extent required by applicable Law. Parent and Merger Sub shall provide the Company and its counsel in writing with any written comments (and shall orally describe any oral comments) that Parent, Merger Sub or their counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly after receipt of such comments. Prior to the filing of the Offer Documents (including any amendment or supplement thereto) with the SEC or dissemination thereof to the holders of Shares, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company with a reasonable opportunity to review and comment on such Offer Documents or response, and Parent and Merger Sub shall give reasonable consideration to any comments provided by the Company. Parent and Merger Sub shall use reasonable best efforts to respond promptly to any such SEC comments. (e) Subject to the terms and conditions set forth in the Offer Documents, the Offer shall remain open until 12:01 a.m., New York City time) , on the date that is ten Business Days twenty-first (21st) business day (for purposes of this purpose Section 1.1(e) calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following after the filing date that the Offer is commenced (the “Initial Expiration Date”) or, if the period of such amendmenttime for which the Offer is open shall have been extended pursuant to, and in accordance with, this Section 1.1(e) or as may be required by applicable Law, the time and date to which the Offer has been so extended (iv) make the Initial Expiration Date or such other amendments as are necessary or appropriate later time and date to conform to which the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered has been extended in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawnthis Section 1.1(e), a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer ConditionsExpiration Date”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (xi) Merger Subsidiary shall (or at if, on the request then-effective Expiration Date, any of the CompanyOffer Conditions have not been satisfied or waived, Merger Sub shall, and Parent shall cause Merger Subsidiary Sub to) , extend the Offer if at for successive periods of not more than five (5) business days (the scheduled length of such period to be determined by Parent or extended expiration date Merger Sub in their sole discretion), or for such longer period as the parties may agree, in order to permit the satisfaction of the Offer any of the conditions to the Offer shall not be satisfied or waivedConditions, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (yii) Merger Subsidiary Sub shall, and Parent shall cause Merger Sub to, extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market its staff applicable to the OfferOffer or necessary to resolve any comments of the SEC or its staff applicable to the Offer or the Offer Documents; provided that that, in no the case of clauses (i) and (ii), Merger Sub shall not in any event shall Merger Subsidiary be required to to, and without the Company’s prior written consent shall not, extend the Offer beyond the End Date unless Outside Date. Except as provided in the immediately preceding sentence, Parent and Merger Sub shall not extend the Offer. Nothing in this Section 1.1(e) shall be deemed to impair, limit or otherwise restrict in any manner the right of the Company, Parent or Merger Subsidiary is not then permitted Sub to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required Article VI. In the event that this Agreement is terminated pursuant to extend the Offer beyond the End Date. Following expiration of the Offerterms hereof, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, accept promptly (and in any event within one (1) business day of such termination) terminate the Offer. If the Offer is terminated or withdrawn by Merger Sub, or this Agreement is terminated in accordance with Article VI, prior to the acceptance for payment and pay for, as promptly as practicable after the expiration of Shares tendered in the Offer, all Shares (1) validly tendered Merger Sub shall, and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentParent shall cause Merger Sub to, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shallreturn, and shall cause its Affiliates toany depository acting on behalf of Merger Sub to return, (i) file with the SEC an amendment all tendered Shares to the Schedule TO, which registered holders thereof. Merger Sub shall include a revised offer to purchase and form of letter of transmittal reflecting not withdraw the terms and conditions set forth in Offer unless this Agreement (collectively, together has been terminated in accordance with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsArticle VI.

Appears in 2 contracts

Sources: Merger Agreement (XPO Logistics, Inc.), Merger Agreement (Con-Way Inc.)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Section 7.1 and none of the conditions events set forth in Annex II hereto shall have occurred and be continuing (and shall not have been waived by the Acquisition Sub), as promptly as practicable after the date hereofthen, but in no event later than three within five (5) Business Days following after the public announcement of the execution of this Agreement, Merger Subsidiary Acquisition Sub shall amend commence (within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following the filing of such amendmentOffer to purchase for cash all Shares at the Offer Price, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that (A) there shall be being validly tendered in accordance with the terms of the Offer and not withdrawn prior to the expiration date of the Offer and not withdrawn, a that number of Shares thatwhich, together with the Shares purchasable under the Stock Purchase Agreement and the Shares then owned by Parent and its Affiliatesor Acquisition Sub on the date of this Agreement, represents a majority at least seventy-five percent (75%) of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any assuming the exercise of all options, warrants and rights with exercise prices of less than $1.60 per share and convertible or exchangeable securities are then vested and exercisable outstanding on the Expiration Date (the "Minimum Condition"), and (B) and to the satisfaction or waiver of the other conditions set forth in Annex I and to no other conditions. Subject to hereto (the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of together with the conditions set forth in Annex I (I, collectively, the "Offer Conditions"); provided, promptly after however, that in the later event that the failure of (x) any Offer Condition to be satisfied was caused solely by any material breach by Parent or Acquisition Sub of this Agreement and such failure has been waived by the earliest date as of which Merger Subsidiary is permitted under applicable Law Company, Acquisition Sub shall be obligated to accept for payment and pay for Shares tendered pursuant to the Offer and Offer. (yb) Subject to the earliest date as of which each prior satisfaction or waiver by Parent or Acquisition Sub of the Offer Conditions has been satisfiedConditions, or waived by Parent or Merger Subsidiary, Merger Subsidiary Acquisition Sub shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and to accept for payment each Share validly and pay for all Shares tendered and not properly withdrawn pursuant to the Offer as soon as reasonably practicable after Acquisition Sub is legally permitted to do so under applicable law. The obligations of Acquisition Sub to commence the Offer and promptly following the acceptance of Shares accept for payment pursuant and pay for any Shares validly tendered on or prior to the expiration of the Offer and not withdrawn shall be subject to the Offer pay Conditions. The Offer shall be made by means of an offer to purchase (the "Offer to Purchase") that is subject to the terms set forth in this Agreement, including the Offer Price Conditions and shall reflect, as appropriate, the other terms set forth in this Agreement. If, on the initial scheduled expiration date of the Offer, which shall be no earlier than twenty (without interest20) for each Share validly tendered and Business Days after the date the Offer is commenced, all conditions to the Offer will not properly withdrawn pursuant have been satisfied or waived, Acquisition Sub may, from time to time, extend the expiration date or terminate the Offer. The obligation of Merger Subsidiary (Parent and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary Acquisition Sub expressly reserves reserve the right to waive any of Offer Condition, to increase the Offer Conditions Price and to make any other changes in the terms and conditions of the Offer; provided, that, unless one or more of the conditions to the Offer; provided that Offer and the Merger shall not have been met, then, without the prior written consent of the Company (which consent may be granted or withheld by Company, Acquisition Sub shall not decrease the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (B) no change may be made that changes the form of consideration to be paidpayable in the Offer (other than by adding consideration), decreases the price per Share or decrease the number of Shares sought in the Offer, amends amend or adds waive the Minimum Condition to less than a majority of the Shares outstanding on Expiration Date, impose additional conditions to the Offer, extend the Offer Conditions (except as set forth below) beyond the date that is twenty (20) Business Days after commencement of the Offer or amends the last day of the last extension (in accordance with this Section 1.1), if any, of the Offer, whichever is later (the "Expiration Date"), or amend any other term condition of the Offer in any manner materially adverse to the stockholders holders of the CompanyShares; provided, (C) the expiration date shall not be extended except as otherwise provided hereinhowever, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Companyif on any then scheduled Expiration Date, Parent shall cause Merger Subsidiary to) extend the all Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer Conditions shall not be have been satisfied or waived, Acquisition Sub may, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) time, in its sole discretion, extend or waived; and (y) Merger Subsidiary shall further extend the Offer for any one or more periods as Acquisition Sub may determine until the earlier of (1) the date on which all Offer Conditions shall have been satisfied or waived or (2) the Termination Date, and if on the then scheduled Expiration Date, there have not been tendered (along with Shares then owned by Parent or Acquisition Sub or purchasable under the Stock Purchase Agreement) at least 90% of the outstanding Shares on a fully diluted basis, assuming the exercise of all options, warrants and rights with exercise prices of less than $1.60 per share and convertible securities outstanding on the Expiration Date, Acquisition Sub may, in its sole discretion and notwithstanding the prior satisfaction of the Offer Conditions, extend the Offer on one or more occasions for an aggregate period of not more than 10 Business Days, provided that during such extension or extensions Acquisition Sub shall waive the Offer Conditions other than the Minimum Condition. In addition, Acquisition Sub may, in its sole discretion, provide a "subsequent offering period" in accordance with Rule 14d-11 under the Exchange Act. In addition, Acquisition Sub may increase the Offer Price and extend the Offer to the extent required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff thereof or any period required by applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)law, in which each case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of discretion and without the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Company's consent. (c) As promptly soon as practicable after on the date hereofthe Offer is commenced, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, Parent and Acquisition Sub shall cause its Affiliates to, (i) file with the SEC an amendment SEC, pursuant to Regulation M-A under the Exchange Act ("Regulation M-A"), a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the "Schedule TO, which "). The Schedule TO shall include the summary term sheet required under Regulation M-A and, as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or and supplements thereto, the "Offer Documents"). Parent and Acquisition Sub agree to take all steps reasonably necessary to cause the Offer Documents to be filed with the SEC and disseminated to holders of Shares, in each case as and (ii) to the extent required by applicable U.S. federal securities laws. Parent and Acquisition Sub, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by law. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Acquisition Sub further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document it is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC. In addition, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall Acquisition Sub agree to provide the Company and its counsel with any comments, whether written or oral comments oral, that Parent, Merger Subsidiary Acquisition Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such commentscomments by Parent or Acquisition Sub, andas the case may be, and any written or oral responses thereto. (d) On the terms and subject to the provisions hereofprior satisfaction or waiver of the Offer Conditions, promptly respond Parent shall provide or cause to such commentsbe provided to Acquisition Sub, and deposited with the Paying Agent referred to in Section 2.2 on a timely basis, funds necessary to accept for payment, and to pay for, any Shares that Parent becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 2 contracts

Sources: Merger Agreement (Scientific Games Corp), Merger Agreement (Mdi Entertainment Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate Within ten business days (as such term is defined in Rule 14d-1(g)(3) promulgated under the Offer pursuant to any of the conditions set forth in Annex IExchange Act, as promptly as practicable “Business Days”) after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this AgreementMerger Sub shall, and Parent shall cause Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cashSub to, (iiand the Company shall cooperate with Merger Sub to) provide that commence (within the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 promulgated under the Exchange Act) following an offer to purchase all outstanding shares of Common Stock of the filing Company at the purchase price of $16.00 per share of Common Stock (such amendmentprice, and (iv) make such other amendments as are necessary or appropriate any higher price per share of Common Stock paid by Merger Sub pursuant to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to Offer, the expiration “Per Share Amount”) and shall, on the date of commencement of the Offer but after affording the Company and not withdrawnits counsel reasonable opportunity to review and comment thereon and giving reasonable and good faith consideration to any comments made thereby, file a number of Shares that, Tender Offer Statement on Schedule TO (together with all amendments and supplements thereto, including the Shares then owned by Parent exhibits thereto, the “Schedule TO”) and its Affiliates, represents a majority of all other necessary documents with the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested Securities and exercisable Exchange Commission (the “Minimum ConditionSEC”) and cause such documents to be disseminated to holders of shares of Common Stock, as required by Rule 14d-4 promulgated under the Exchange Act, in each case in connection with the Offer (the “Offer Documents”), and shall consummate the Offer, subject to the other terms and conditions set forth hereof and thereof. The Offer Documents will comply in Annex I and to no other conditionsall material respects with the provisions of all applicable Federal securities Laws. Subject to the terms and conditions of this Agreement, including Agreement and to the prior satisfaction or waiver of the conditions set forth in Annex I B hereto (the “Tender Offer Conditions”), promptly after Parent shall cause Merger Sub to, and Merger Sub shall, upon the later expiration of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to Offer, accept for payment Shares payment, and pay for (after giving effect to any required withholding or stock transfer Tax), all shares of Common Stock validly tendered pursuant to the Offer and (y) not validly withdrawn on the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the OfferAcceptance Date. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) Sub to accept for paymentpayment and to pay for any shares of Common Stock validly tendered shall be subject solely to the satisfaction or waiver by Merger Sub of the Tender Offer Conditions. The Per Share Amount shall be net to the seller in cash, and pay the Offer Price (without interest) for, each Share validly subject to reduction for any applicable withholding or stock transfer Taxes payable by such seller. No shares of Common Stock held by the Company or its Subsidiaries shall be tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer ConditionsOffer. (b) Parent on behalf of Merger Subsidiary Sub expressly reserves the right from time to time, subject to Section 1.1(c) and Section 1.1(d), in its sole discretion, to waive any of Tender Offer Condition, to increase the Offer Conditions and Per Share Amount or to make any other changes in the terms and conditions of or conditions to the Offer; provided provided, that without the prior written consent of the Company Company, Merger Sub shall not (which consent may be granted i) decrease the Per Share Amount or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paidpayable in the Offer (other than by adding consideration), decreases the price per Share or (ii) decrease the number of Shares sought shares of Common Stock to be purchased in the Offer, amends (iii) amend or adds waive satisfaction of the Minimum Condition (as defined in Annex B), (iv) impose additional conditions to the Offer or modify any conditions to the Offer in a manner adverse to the holders of shares of Common Stock, (v) make any change in the Offer that would require an extension or delay of the then current Expiration Date; provided, however, that this clause (v) shall not limit the right of Parent and Merger Sub to extend the Expiration Date as required or permitted by Section 1.1(d), (vi) modify or amend the Tender Offer Conditions (other than to waive such Tender Offer Conditions, except for the Minimum Condition) or amends (vii) modify or amend any other term of the Offer Offer, in the case of clauses (vi) and (vii), in any manner adverse to the stockholders holders of the Company, (C) the expiration date shall not be extended except shares of Common Stock in their capacities as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request holders of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date shares of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Common Stock. (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, No agreement or representation hereby is made or shall be made by Parent or Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation Sub with respect to any information in the Offer Documents supplied by the Company expressly for inclusion in, or its Representatives in writing)with respect to Company information derived from the Company SEC Filings that is included or incorporated by reference in, the Offer Documents. Each of Parent, Merger Subsidiary Sub and the Company each agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. Parent and Merger Subsidiary shall, and Sub shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO TO, as so corrected or supplemented, to be filed with the SEC and the Offer Documents Documents, as so corrected or supplemented, to be promptly disseminated to holders of Sharesthe Company’s stockholders, in each case as and to the extent required by applicable U.S. federal Federal securities lawsLaws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the any Offer Documents (including each time amendment or supplement thereto) before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, SEC. Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments or other additions, deletions or changes made by the Company and its counselcounsel with respect to any Offer Documents. Parent and Merger Subsidiary Sub shall provide the Company with (in writing, if written), and its counsel shall consult with the Company regarding, any comments (written or oral comments oral) that may be received by Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptlypromptly after receipt thereof. The Company and its counsel shall be given a reasonable opportunity to review and comment upon any proposed responses before they are filed with the SEC. (d) The initial expiration date of the Offer shall be at midnight, but New York City time, on the 20th Business Day following the commencement of the Offer (determined using Rules 14d-1(g)(3) and 14d-2 promulgated under the Exchange Act) (such date, or such subsequent date to which the expiration of the Offer is extended pursuant to and in accordance with the terms of this Agreement, the “Expiration Date”). Merger Sub shall not terminate or withdraw the Offer other than in connection with the effective termination of this Agreement in accordance with Section 7.1 hereof. Notwithstanding the foregoing, unless this Agreement is terminated in accordance with ARTICLE SEVEN, Merger Sub, without Parent or Merger Sub obtaining the consent of the Company, (i) shall extend the Expiration Date for any period required by the rules and regulations of the SEC or the NYSE AMEX (“NYSE AMEX”) applicable to the Offer, including in connection with an increase in the Per Share Amount, (ii) shall extend the Expiration Date if, on any then scheduled Expiration Date, any of the Tender Offer Conditions is not satisfied or waived by Parent, for such periods of up to ten Business Days at a time (or such other period as shall be approved by the Company) which such period of time as Merger Sub may deem reasonably necessary, but, except as provided in Section 1.1(d)(iii) or as required by the rules and regulations of the SEC or NYSE AMEX applicable to the Offer (including in connection with an increase in the Per Share Amount), in no event may the Expiration Date be extended pursuant to this clause (ii) to a date later than twenty-four hoursthe Outside Date, and (iii) may extend the Expiration Date beyond the Outside Date for up to a period not to exceed the 13th Business Day after the last to occur of any date on which (w) the Company shall have publicly announced the receipt of an Acquisition Proposal in the event such comments, and, subject announcement is made less than ten Business Days prior to the provisions Outside Date, (x) the Company publicly announces its reaffirmation of its approval or recommendation of the Offer following the public announcement of the receipt of any Acquisition Proposal in the event that such reaffirmation or announcement is made less than ten Business Days prior to the Outside Date, (y) an Adverse Recommendation Change has occurred less than ten Business Days prior to the Outside Date or (z) the Company advises Parent of an Acquisition Proposal in accordance with Section 5.3(d) if such advisement is received by Parent less than ten Business Days prior to the Outside Date. Except as expressly provided in this Section 1.1(d), Parent shall not extend the Offer if all of the Tender Offer Conditions are satisfied or waived and it is permitted under applicable Law to accept for payment and pay for validly tendered shares of Common Stock that are not validly withdrawn. Nothing in this Section 1.1(d) shall affect any termination rights in ARTICLE SEVEN. (e) In the event the Acceptance Date occurs but Merger Sub does not acquire a sufficient number of shares of Common Stock to enable a Short-Form Merger to occur pursuant to Section 2.7 hereof, promptly respond Merger Sub may (in its sole discretion), until the Outside Date, provide a “subsequent offering period” for a number of days to be determined by Parent but not less than three nor more than 20 Business Days in accordance with Rule 14d-11 promulgated under the Exchange Act. (f) Promptly upon the satisfaction or waiver by Merger Sub of the Tender Offer Conditions in accordance with Section 1.1(b), Parent shall cause Merger Sub to, and Merger Sub shall, (i) as soon as practicable after the Expiration Date, accept for payment and pay for all shares of Common Stock validly tendered and not properly withdrawn pursuant to the Offer (the date of acceptance for payment, the “Acceptance Date”), which acceptance may be by oral notice to the Paying Agent, (ii) on the Acceptance Date, deposit or cause to be deposited with the Paying Agent, cash in U.S. dollars sufficient to pay the aggregate Per Share Amount for all such commentsaccepted shares of Common Stock and (iii) as soon as practicable following such deposit, cause the Paying Agent to pay for all shares of Common Stock so accepted for payment. Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to purchase any shares of Common Stock that Merger Sub becomes obligated to purchase pursuant to the Offer. (g) Promptly after the Acceptance Date, the Company shall take all action requested by Parent necessary to elect to be treated as a “controlled company” as defined by Section 801(a) of the NYSE AMEX Company Guide and make any necessary filings and disclosures associated with such status.

Appears in 2 contracts

Sources: Merger Agreement (Crane Co /De/), Merger Agreement (Merrimac Industries Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise result in a failure to a right to terminate the Offer pursuant to satisfy any of the conditions set forth in Annex II hereto, as promptly as practicable after the date hereof, but in no event later than three Business Days five business days following the public announcement of the execution terms of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share commence an offer (the “Offer Price”)"Offer") to purchase all of the outstanding Shares at a price of $21.00 per Share, net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer Offer, immediately prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its AffiliatesSubsidiaries, represents at least a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable basis (the "Minimum Condition") and to the other conditions set forth in Annex I and to no other conditionshereto. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive the Minimum Condition or any of the other conditions to the Offer Conditions and to make any other changes change in the terms of or conditions to of the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends Offer or adds imposes conditions to the Offer Conditions which are broader than or amends any other term in addition to those set forth in Annex I. The initial scheduled expiration date of the Offer in any manner adverse to the stockholders of the Companyis January 6, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.012000. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at without the request consent of the Company, Parent shall cause Merger Subsidiary to) shall have the right to extend the Offer if (i) from time to time if, at the scheduled or extended expiration date of the Offer Offer, any of the conditions to the Offer shall not be have been satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) provided that if any of the conditions to the Offer is not satisfied or waived on any scheduled expiration date of the Offer, Merger Subsidiary shall extend the Offer Offer, if such condition or conditions could reasonably be expected to be satisfied, for one additional period of 20 business days, (ii) for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff thereof applicable to the Offer; provided that in no event shall Merger Subsidiary be Offer or any period required to extend the Offer by applicable law and (iii) on one or more occasions (all such occasions aggregating not more than 10 business days) beyond the End Date unless Parent latest expiration date that would otherwise be permitted under clause (i) or Merger Subsidiary is (ii) of this sentence, if, on such expiration date, the number of Shares tendered (and not then permitted to terminate this Agreement withdrawn) pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shalltogether with the Shares then owned by Parent, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 represents less than 90% of the 1934 Actoutstanding Shares on a fully-diluted basis. Subject to the foregoing, including the requirements of Rule 14d-11, foregoing and upon to the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly properly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (cb) As promptly soon as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Parent and Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule 14D-1 (the "Schedule 14D-1") with respect to the Schedule TOOffer, which shall include a revised will contain the offer to purchase and form of the related letter of transmittal reflecting and summary advertisement (such Schedule 14D-1 and such documents included therein pursuant to which the terms and conditions set forth in this Agreement (collectivelyOffer will be made, together with any supplements or amendments or supplements thereto, the "Offer Documents"), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company each agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts agree to take all steps necessary to cause the Schedule TO 14D-1 as so corrected to be filed with the SEC and the other Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable an opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before (and any such document is amendments thereto) prior to their being filed with the SEC after or disseminated to the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselholders of Shares. Parent and Merger Subsidiary shall provide the Company and its counsel with any written comments or oral comments other communications that Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentscomments or other communications.

Appears in 2 contracts

Sources: Merger Agreement (Charming Shoppes Inc), Merger Agreement (Catherines Stores Corp)

The Offer. (a) Provided The Merger Agreement provides that nothing shall have occurred that would give rise to a right to terminate the Purchaser will commence the Offer pursuant to as promptly as practicable (and in any event within 10 business days) after the execution of the Merger Agreement, and that, subject to the satisfaction of the Minimum Condition and the other conditions set forth that are described in Annex I, Section 14—“Conditions of the Offer,” the Purchaser will accept for payment and pay for all Shares validly tendered and not withdrawn in the Offer as promptly as practicable after the date hereof, but in no event later than three Business Days following Purchaser is legally entitled to do so. Cytyc and the public announcement of Purchaser expressly reserved the execution of this Agreement, Merger Subsidiary shall amend the Offer right to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms and conditions of or conditions to the Offer; provided , except that without Adeza’s prior written approval the prior consent of Purchaser is not permitted to (i) decrease the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (iii) reduce the maximum number of Shares to be purchased in the Offer, (iv) impose conditions or adds requirements to the Offer Conditions that are different than or amends in addition to the conditions and requirements described in Section 14—“Conditions of the Offer,” (v) amend or waive the Minimum Condition, (vi) amend any other term of the conditions or requirements to the Offer described in Section 14—“Conditions of the Offer,” or (vii) extend the expiration of the Offer in a manner other than as required by the Merger Agreement. The Merger Agreement provides that the Offer Price will be adjusted appropriately to reflect the effect of any manner adverse stock split, reverse stock split, stock dividend (including any dividend or distribution of securities convertible into Shares), cash dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the stockholders Shares occurring prior to the Expiration Date. The Merger Agreement provides that the Purchaser will extend the Offer: • to the extent required by applicable laws, rules or regulations of the CompanySEC or the NASDAQ Global Select Market; • for one or more periods of 10 business days each, (C) the expiration date shall not be extended except as otherwise provided hereinor any lesser period ending on May 16, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing2007, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer Expiration Date any of the conditions to the Offer shall have not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waivedbeen satisfied; and (y) Merger Subsidiary shall extend • for one or more periods of 10 business days each, or any lesser period ending on June 15, 2007, if at the Offer Expiration Date the HSR Condition and/or the Governmental Approval Condition have not been satisfied. After acceptance for any period required by any rule, regulation, interpretation or position payment of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that Shares in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shallif Cytyc, the Purchaser and their subsidiaries and affiliates do not hold, in the aggregate, at least 90% of the issued and outstanding Shares so as to permit the Purchaser to complete the Short-Form Merger, then the Purchaser may provide a Subsequent Offering Period and, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 more than 80% of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, issued and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all outstanding Shares (1) have been validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.the

Appears in 1 contract

Sources: Offer to Purchase (Cytyc Corp)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, but of this Agreement (and in no any event later than three within fifteen (15) Business Days following the public announcement of the execution date of this Agreement), Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer. (b) The obligation of Merger Sub to accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer shall be subject only to: (i) there being validly tendered in the Offer and not validly withdrawn prior to any then-scheduled Expiration Time that number of Shares which, together with the Shares beneficially owned by Parent or Merger Sub (if any), represents at least 66⅔% of the total number of Shares then outstanding determined on a fully diluted basis (which assumes conversion or exercise of all derivative securities regardless of the conversion or exercise price, the vesting schedule or other terms and conditions thereof, and excluding shares tendered by guaranteed delivery for which the underlying shares have not been received) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex A (together with the Minimum Condition, the “Offer Conditions”) (and shall not be subject to any other conditions). Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time. The Offer Price payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be paid in cash, without interest, on the terms and subject only to the satisfaction, or waiver conditions set forth in this Agreement. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. Parent and Merger Sub expressly reserve the right (in their sole discretion) to waive, in whole or in part, any Offer Condition or to increase the Offer Price; provided, however, that unless otherwise provided by this Agreement or as previously approved in writing by the Company, Merger Sub shall not (i) reduce the number of Shares subject to the Offer, (ii) reduce the Offer Price, (iii) change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Annex A or otherwise impose any other condition to the Offer, (v) except as otherwise provided in this Section 1.1, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer or (vii) otherwise amend, modify or supplement any of the terms of the Offer. (bd) The Offer shall expire at midnight (New York City time) on a date that is at least twenty (20) Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”); provided, that the Expiration Time shall not be prior to June 15, 2017. (e) Notwithstanding anything in this Agreement to the contrary, but subject to the parties’ respective rights to terminate this Agreement under Article VIII, if applicable, Merger Subsidiary expressly reserves Sub (i) may, in its sole discretion, without consent of the right Company, extend the Offer on one or more occasions for periods of up to waive ten (10) Business Days per extension, if on any then-scheduled Expiration Time any of the Offer Conditions and to make any other changes shall not be satisfied or, in the terms of Merger Sub’s sole discretion, waived, until such time as such condition or conditions are satisfied or waived, (ii) shall extend the Offer for any period required by applicable Law, any interpretation or position of the SEC, the staff thereof or the NASDAQ Stock Market (“NASDAQ”) applicable to the Offer; provided that without Offer and (iii) to the prior consent of the Company (which consent may be granted or withheld extent requested by the Company on one or more occasions for periods of up to ten (10) Business Days per extension, shall extend (and re-extend) the Offer if on any then-scheduled Expiration Time any of the Offer Conditions shall not be satisfied or, in Merger Sub’s sole discretion, waived, until such time as such condition or conditions are satisfied or waived; provided, however, that in no event shall Merger Sub extend the Offer beyond September 1, 2017 (the “End Date”). (f) On the terms and subject to the conditions of this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (subject to any withholding of an amount pursuant to Section 3.2(b)(iii)) all Shares validly tendered and not validly withdrawn pursuant to the Offer as soon as practicable after (and in any event no later than three (3) Business Days after) the Expiration Time (as it may be extended and re-extended in accordance with this Section 1.1). Acceptance for payment of Shares pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing”, and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date”. Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof), in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents may, in Merger Sub’s sole discretion, provide for such a reservation of right; provided, however, that the maximum aggregate subsequent offering period with extensions shall not exceed ten (10) (Business Days. Nothing contained in this Section 1.1 shall affect any termination rights in Article VIII, as to the Agreement, or in Annex A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration as to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, . (C) the expiration date shall not be extended except as otherwise provided herein, and (Dg) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding Article VIII. (h) As soon as practicable on the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly (and in any event no later than five (ii5) Business Days following the date of this Agreement) furnish to Parent and Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedand, sent or given immediately following such filing, disseminated to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit together with, to state any material fact required to be stated therein or necessary in order to make the statements thereinextent requested by the Company, the Schedule 14D-9, in light of each case as and to the circumstances under which they were made, not misleading (except that extent required by the Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be and, immediately following such filing, disseminated to holders the stockholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand and shall give the Company and its counsel a reasonable opportunity to participate in the response of Parent and Merger Sub to those comments and to provide comments on any response and Parent and Merger Sub shall be given give reasonable consideration to any such comments. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the stockholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 1 contract

Sources: Merger Agreement (Span America Medical Systems Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise Subject to a right to terminate the Offer pursuant to any of the conditions set forth in Annex Iof this Agreement, as promptly as practicable after the date hereof, but in no event later than three Business Days following five business days after the date of the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”)Sub shall, net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary Sub to) consummate , commence the Offer in accordance with its terms within the meaning of the applicable rules and accept for payment each Share validly tendered regulations of the Securities and not properly withdrawn pursuant to Exchange Commission (the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer"SEC"). The obligation obligations of Merger Subsidiary (Sub to, and of Parent to cause Merger Subsidiary) to Sub to, commence the Offer and accept for payment, and pay the Offer Price (without interest) for, each Share validly any shares of Target Common Stock tendered and not properly withdrawn pursuant to the Offer shall be are subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary conditions set forth in Exhibit A. Sub expressly reserves the right to waive any of condition to the Offer Conditions and to make any other changes in or amend or modify the terms of or conditions the Offer, except that, without the consent of Target, Sub shall not (i) reduce the number of shares of Target Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent price per share of Target Common Stock to be paid pursuant to the Company Offer, (which consent may be granted or withheld by the Company in its sole discretioniii) (A) waive the Minimum Condition may not be waivedTender Condition, add to the conditions set forth in Exhibit A or modify any condition set forth in Exhibit A in any manner adverse to the holders of Target Common Stock, (Biv) no except as provided in the next sentence, extend the Offer, (v) change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends Offer or adds to the Offer Conditions or amends any other term of (vi) otherwise amend the Offer in any manner adverse to the stockholders holders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01Target Common Stock. Notwithstanding the foregoing, Sub may, without the consent of Target, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary toA) extend the Offer Offer, if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall Sub's obligation to purchase shares of Target Common Stock are not be satisfied, until such time as such conditions are satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance DateB) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff thereof applicable to the Offer; Offer and (C) extend the Offer for any reason on one or more occasions for a period of not more than five business days beyond the latest expiration date that would otherwise be permitted under clause (A) or (B) of this sentence. Parent and Sub agree that if all of the conditions to the Offer are not satisfied on any scheduled expiration date of the Offer then, provided that in no event all such conditions are reasonably capable of being satisfied, Sub shall Merger Subsidiary extend the Offer from time to time until such conditions are satisfied or waived, provided that Sub shall not be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Outside Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the OfferOffer and this Agreement, Merger Subsidiary Sub shall, and Parent shall cause it Sub to, accept pay for payment and pay for, as promptly as practicable after the expiration all shares of the Offer, all Shares (1) Target Common Stock validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in that Sub becomes obligated to purchase pursuant to the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly Offer as soon as practicable after the date hereof, but in no event later than three Business Days following the public announcement expiration of the execution Offer. (b) On the date of this Agreementcommencement of the Offer, Merger Subsidiary shall, Parent and Sub shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include a revised contain an offer to purchase and form of a related letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any supplements or amendments or supplements thereto, the "Offer Documents"), . Parent and (ii) to the extent required by applicable U.S. federal securities laws, cause Sub agree that the Offer Documents shall comply as to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply form in all material respects with the Securities Exchange Act of 1934 Act (the "Exchange Act"), and the rules and regulations promulgated thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the CompanyTarget's stockholders, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (misleading, except that no representation or warranty is made by Parent and Merger subsidiary shall have no obligation or Sub with respect to information supplied by Target or any information of its stockholders specifically for inclusion or incorporation by reference in the Offer Documents supplied by the Company or its Representatives in writing)Documents. Each of Parent, Merger Subsidiary Sub and the Company agrees Target shall promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and each of Parent and Sub shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to amend or supplement the Offer Documents and to cause the Schedule TO Offer Documents as so corrected amended or supplemented to be filed with the SEC and the Offer Documents as so corrected amended or supplemented to be disseminated to holders of SharesTarget's stockholders, in each case as and to the extent required by applicable U.S. federal Federal securities laws. The Company Target and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and upon the Offer Documents each time before any such document is filed prior to their filing with the SEC after or dissemination to the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselstockholders of Target. Parent and Merger Subsidiary Sub shall provide the Company Target and its counsel in writing with any written or oral comments Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject . (c) Parent shall provide or cause to be provided to Sub on a timely basis the funds necessary to purchase any shares of Target Common Stock that Sub becomes obligated to purchase pursuant to the provisions hereof, promptly respond to such commentsOffer.

Appears in 1 contract

Sources: Merger Agreement (Houghton Mifflin Co)

The Offer. (a) Provided that nothing shall have occurred that would give rise The obligations of Sub to a right accept for payment and to terminate the Offer pursuant to pay for any shares of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net Common Stock validly tendered and not withdrawn prior to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform subject only to the requirements Tender Offer Conditions, any of this Agreementwhich may be waived by Parent or Sub; provided, however, that neither Parent or Sub shall waive the Minimum Condition (as defined in Annex A) without the prior written consent of the Company. The Tender Offer shall Conditions are for the sole benefit of Parent and Sub and may be asserted by Parent and Sub regardless of the circumstances giving rise to any such Tender Offer Conditions and, subject to the condition that there shall immediately preceding sentence, may be validly tendered waived by Parent and Sub in accordance with whole or in part. Parent and Sub expressly reserve the right to modify the terms of the Offer, including without limitation to extend the Offer prior beyond any scheduled expiration date; provided, however, without the consent of the Company, Sub shall not (i) reduce the number of shares of Common Stock to be purchased in the Offer, (ii) reduce the Offer Price, (iii) add to the expiration date Tender Offer Conditions or otherwise modify the Tender Offer Conditions in a manner that is adverse to the holders of Common Stock or (iv) change the Offer form of consideration payable in the Offer. Parent and not withdrawn, a number of Shares Sub covenant and agree that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject subject to the terms and conditions of this Agreement, including including, but not limited to, the Tender Offer Conditions, unless the Company otherwise consents in writing, Sub will accept for payment and pay for the Common Stock in accordance with Rule 14e-1(c) of the Exchange Act; provided, however, that unless (i) any Person has made an Acquisition Proposal (as hereinafter defined), or (ii) any of the conditions of the Offer set forth in Annex A hereto shall not have been satisfied, the expiration date may not be extended beyond the 10th business day after the initial expiration date of the Offer without the Company's prior satisfaction or waiver written consent, such consent not to be unreasonably withheld (it being expressly understood and agreed that, if all of the conditions set forth in Annex I (A hereto shall have been satisfied and no Person has made an Acquisition Proposal, Sub shall have the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or mayright, in its sole discretion, provide a subsequent offering period to extend the expiration date (“Subsequent Offering Period”through one or more extensions) in accordance with Rule 14d-11 of through the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable 10th business day after the initial expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”date). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 1 contract

Sources: Merger Agreement (Carlton Communications PLC)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been validly terminated in Annex Iaccordance with Section 11.01, as promptly as practicable (and in any event within 10 days) after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend commence (within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x1▇▇▇ ▇▇▇) the earliest date as of which Offer. Merger Subsidiary is permitted under applicable Law Subsidiary’s obligation to accept for payment and pay for Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant prior to the Offer pay expiration date thereof (as it may be extended from time to time in accordance with the Offer Price (without interestterms of this Agreement) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only solely to the satisfaction, satisfaction or waiver by Parent or Merger Subsidiary, of each (if permitted hereunder) of the conditions set forth in Annex I hereto (the “Offer Conditions”) and shall not be subject to the satisfaction of any other conditions. The date on which Merger Subsidiary commences the Offer is referred to as the “Offer Commencement Date”. Merger Subsidiary shall not (and Parent shall not permit Merger Subsidiary to) terminate or otherwise withdraw the Offer unless and until this Agreement has been validly terminated pursuant to and in accordance with Section 11.01. In the event that this Agreement is validly terminated pursuant to and in accordance with Section 11.01, Merger Subsidiary shall promptly (and in any event within one Business Day after the date of such termination) terminate and withdraw the Offer and, notwithstanding the satisfaction or waiver of any Offer Conditions, shall not accept for payment or pay for any Shares theretofore tendered in the Offer. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and and, prior to the expiration of the Offer, to make any other changes change in the terms of or conditions to the Offer; provided that notwithstanding the foregoing, without the prior written consent of the Company Company, Merger Subsidiary shall not: (which consent may be granted i) impose conditions on Merger Subsidiary’s obligation to accept for payment and pay for Shares validly tendered and not properly withdrawn pursuant to the Offer prior to the expiration of the Offer, other than the Offer Conditions; (ii) waive or withheld by the Company in its sole discretion) (A) change the Minimum Condition may not be waived, (Bas defined in Annex I); (iii) no decrease the Offer Price; (iv) change may be made that changes the form of consideration to be paid, decreases paid in the price per Share or Offer; (v) decrease the number of Shares sought in the Offer, amends ; (vi) extend or adds to otherwise change the Offer Conditions or amends any other term expiration date of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein; or (vii) amend or modify any of the Offer Conditions or amend or modify any of the terms of the Offer, and (D) in either case in a manner that broadens any of the Offer Conditions, would require Merger Subsidiary shall not terminate to extend the Offer prior or is otherwise materially adverse to any scheduled expiration the holders of the Shares (in their capacity as such). (c) Unless extended as provided in this Agreement, the Offer shall expire on the date except that is twenty business days (calculated as set forth in Rule 14d-1(g)(3) under the event that this Agreement is terminated pursuant to Section 11.011▇▇▇ ▇▇▇) after the Offer Commencement Date. Notwithstanding the foregoing, (x) unless this Agreement shall have been validly terminated pursuant to and in accordance with Section 11.01, Merger Subsidiary shall (or at the request of the Company, and Parent shall cause Merger Subsidiary to) extend the Offer if (i) for successive extension periods of reasonable duration if, at the scheduled or extended expiration date of the Offer (as it may be extended from time to time in accordance with this Agreement), any of the conditions to the Offer Conditions shall not be have been satisfied or waived, from time to time until such conditions Offer Conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; , and (yii) Merger Subsidiary shall extend the Offer for any period required by any applicable rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market applicable to the Offerstaff thereof or NASDAQ or any period otherwise required by Applicable Law; provided that in no event shall Merger Subsidiary shall not be required to extend the Offer beyond (x) the End Date unless Parent or (y) the date that is 60 days after the date that all of the Offer Conditions (other than the Minimum Condition and those that by their nature are to be satisfied at the expiration of the Offer) have been satisfied or, to the extent permissible, have been waived by Merger Subsidiary. If all of the Offer Conditions have been satisfied or waived prior to the expiration of the Offer, and Merger Subsidiary is permitted by Applicable Law to accept for payment and pay for all Shares that have been validly tendered and not then permitted to terminate this Agreement properly withdrawn pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond prior to the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by shall not (and Parent shall not permit Merger Subsidiary to) extend the Offer for any reason without the prior written consent of the Company. In the event that, or following the expiration of the Offer and Merger Subsidiary’s acceptance for payment of all Shares validly tendered and not properly withdrawn pursuant to the Offer, Parent and Merger Subsidiary are unable to effect the Merger pursuant to the short form merger procedures set forth in Section 253 of the Delaware Law, Merger Subsidiary may, in its sole discretion, provide for a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. . (d) Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject conditions set forth in this Agreement and to the conditions satisfaction or waiver of the OfferOffer Conditions, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable (i) after the expiration of the Offer, all Shares (1) validly tendered and not properly withdrawn pursuant to the Offer (the date on which and time at which Shares are first accepted for payment under the Offer, the “Acceptance Date”) and (2ii) all Shares validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentPeriod, the “Acceptance Date”)if any. (ce) As promptly soon as practicable after on the date hereofOffer Commencement Date, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Parent and Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO, which ”) that shall include the summary term sheet required thereby and, as exhibits, the Offer to Purchase, a revised offer to purchase and form of letter of transmittal reflecting the terms transmittal, summary advertisement and conditions set forth in this Agreement other customary documents, letters and other instruments (collectively, together with any amendments or supplements thereto, the “Offer Documents”), ) and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of SharesShares to the extent required by applicable federal securities laws, applicable rules or regulations of NASDAQ or any other Applicable Laws. Each of Parent and Merger Subsidiary shall cause the Schedule TO and the Offer Documents to comply in all material respects with the requirements of the 1934 Act and all other Applicable Laws. The Company shall furnish Parent and Merger Subsidiary all information concerning the Company required by the 1934 Act to be set forth in the Schedule TO and the Offer Documents. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause promptly to correct any information provided by it for use in the Schedule TO and the other Offer Documents filed by if and to the extent that such information shall have become (or shall have become known to be) false or misleading in any material respect. In addition, if at any time prior to the expiration of the Offer, any information relating to the Offer, the Merger, Parent, Merger Subsidiary, the Company or any of them with their respective Affiliates is discovered by Parent, Merger Subsidiary or the SEC Company which should be set forth in an amendment or supplement to comply in all material respects with the 1934 Act Schedule TO or the Offer Documents so that the Schedule TO and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, Documents shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were are made, not misleading (except misleading, the party that discovers such information shall promptly notify the other parties, and an appropriate amendment or supplement describing such information shall be filed with the SEC. Parent and Merger subsidiary Subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO TO, as so corrected corrected, amended or supplemented, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws, applicable rules or regulations of any stock exchange or any other Applicable Laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof SEC, and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, Parent and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with (i) any comments or other communications, whether written or oral comments oral, that Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such commentsthose comments or other communications and prior to responding to them, andand (ii) a reasonable opportunity to participate in the response of Parent and Merger Subsidiary to those comments and to provide comments on that response (to which reasonable and good faith consideration shall be given), subject to including by participating with Parent and Merger Subsidiary or their counsel in any discussions or meetings with the provisions hereof, promptly respond to such commentsSEC.

Appears in 1 contract

Sources: Merger Agreement (Emerson Electric Co)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII, as promptly as reasonably practicable after the date hereof, of this Agreement but in no event later than three Business Days following ten business days after the public announcement of the execution date of this Agreement, Merger Subsidiary Sub shall, and Parent shall amend the Offer cause Merger Sub to (iand the Company shall cooperate with Parent and Merger Sub to) increase commence (within the purchase price to $6.50 per Share meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer PriceExchange Act”), net to ) the seller in cash, Offer. (iib) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer (the time and date of acceptance for payment, the “Acceptance Time”) and promptly following the acceptance of Shares the shares of Company Common Stock for payment pursuant to the Offer Offer, pay (subject to any withholding of Tax pursuant to Section 1.01(i) or Section 2.02(g)) the Offer Price (net to the seller in cash, without interest) , for each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary Sub to (and of Parent to cause Merger SubsidiarySub to) to accept for payment, and pay the Offer Price (net to the seller in cash, without interest) , for, each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger SubsidiarySub if permitted hereunder, of each of the Offer Conditions. (bc) Merger Subsidiary expressly reserves The Offer shall be made by means of an offer to purchase (the right “Offer to waive any Purchase”) that contains the terms and conditions of the Offer Conditions as set forth in this Agreement, including the Minimum Tender Condition (as defined in Annex I) and the other conditions set forth in Annex I. Parent and Merger Sub expressly reserve the right (in their sole discretion) to (i) increase the Offer Price, (ii) waive, in whole or in part, any Offer Condition and (iii) make any other changes in the terms and conditions of or conditions to the Offer; provided that that, unless otherwise provided by Section 1.01(k), without the prior written consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent and Merger Sub shall cause Merger Subsidiary tonot (A) extend decrease the Offer if at Price, (B) change the scheduled form of consideration payable in the Offer, (C) decrease the number of shares of Company Common Stock sought to be purchased in the Offer, (D) impose additional conditions on the consummation of the Offer, (E) amend or extended expiration date modify any of the Offer Conditions in a manner that adversely affects any holder of shares of Company Common Stock, (F) change or waive the conditions Minimum Tender Condition, (G) extend or otherwise change the Expiration Date in a manner other than as required or permitted by Section 1.01(e) of this Agreement or (H) otherwise amend or modify the Offer in a manner that adversely affects any holder of shares of Company Common Stock. (d) Unless extended pursuant to and in accordance with the terms of this Agreement, the Offer shall not expire at midnight, New York time, on the date that is 20 business days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the commencement of the Offer (the “Initial Expiration Date”) or, in the event the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, the “Expiration Date”). (e) The Offer shall be satisfied or waived, extended from time to time until such conditions are as follows: (i) If on or prior to any then scheduled Expiration Date, any of the Offer Conditions shall not have been satisfied (other than conditions which by their nature are to be satisfied on at the Acceptance Time), or waived by Parent or Merger Sub if permitted hereunder, then Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for one or more successive periods of up to 10 business days each in order to permit the satisfaction of such conditions (subject to the right of Parent and Merger Sub to waive any condition (other than the Minimum Tender Condition) in accordance with this Agreement); provided that, such extension of the Offer does not extend past the earlier of (A) the termination of this Agreement pursuant to Article VIII and (B) December 31, 2012 (the “Outside Date”); (ii) If, within five business days prior to any then scheduled Expiration Date, the Company receives a Company Competing Proposal (or waived; a revision to a previously received Company Competing Proposal), then Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer so that the Expiration Date does not occur until the later of (x) the date that is 5 business days following the date of the Company’s initial receipt of such Acquisition Proposal (or such revision to a previously received Acquisition Proposal) and (y) the first business day following the expiration of the applicable Notice Period related to such Acquisition Proposal (or such revision to a previously received Acquisition Proposal); provided, that such extension of the Offer shall not extend past the termination of this Agreement pursuant to Article VIII; provided, further, that Merger Subsidiary Sub shall only be required to provide for one such extension of the Offer pursuant to this Section 1.01(e)(ii); and (iii) Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for any period or periods required by any ruleapplicable Law, regulation, by interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or its staff or by the Nasdaq Global Market New York Stock Exchange (“NYSE”) applicable to the Offer; provided that in no event . Merger Sub shall Merger Subsidiary be required to extend not terminate the Offer beyond prior to any scheduled Expiration Date (including any rescheduled Expiration Date) without the End Date unless Parent or Merger Subsidiary is not then permitted to terminate prior written consent of the Company except in the event that this Agreement is terminated pursuant to Article VIII. Nothing in this Section 11.01(b)(i), 1.01 shall affect any of the termination rights set forth in which case Merger Subsidiary shall be required Article VIII. (f) If fewer than 90% of the number of outstanding shares of Company Common Stock are accepted for payment pursuant to extend the Offer beyond the End Date. Following expiration of the Offer, Parent and Merger Subsidiary Sub may, and at the request of the Company shall, if requested and upon any such request by the Company, or may, in its sole discretionCompany Parent shall cause the Merger Sub to, provide a for one “subsequent offering period period” (“Subsequent Offering Period”and one or more extensions thereof) in accordance with Rule 14d-11 of under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of this Agreement and the Offer, Merger Subsidiary shall, Sub shall (and Parent shall cause it Merger Sub to, ) promptly after any Company Common Stock is validly tendered during a “subsequent offering period” (or any extension thereof) accept for payment payment, and pay (subject to any withholding of Tax pursuant to Section 1.01(i) or Section 2.02(g)) the Offer Price net to the seller in cash, without interest, for, as each share of Company Common Stock that is validly tendered during such “subsequent offering period” or any extension thereof promptly as practicable after any such share of Company Common Stock is tendered during any such period. The Offer Documents will provide for the expiration possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 1.01(f). (g) In the event that this Agreement is terminated pursuant to Article VIII, Merger Sub shall (and Parent shall cause Merger Sub to) (i) within one business day of such termination, terminate the Offer, all Shares (1ii) validly tendered and not withdrawn acquire any shares of Company Common Stock pursuant to the Offer and (2iii) validly cause any depository acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered in shares of Company Common Stock to the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)registered holders thereof. (ch) As promptly as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of the execution commencement of this Agreementthe Offer, Parent and Merger Subsidiary shall, Sub shall prepare and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO”) that will contain or incorporate by reference the Offer to Purchase, which shall include a revised offer to purchase the summary advertisement and form of the related letter of transmittal reflecting (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto and including exhibits thereto, the “Offer Documents”), . Parent and (ii) to the extent required by applicable U.S. federal securities laws, Merger Sub shall as promptly as practicable cause the Offer Documents to be disseminated to holders of Sharesthe shares of Company Common Stock in accordance with and to the extent required by Rule 14d-4 under the Exchange Act. Each of Parent, Parent and Merger Subsidiary and the Company agrees Sub agree that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC by either Parent or Merger Sub to comply in all material respects with the 1934 Exchange Act and the rules and regulations thereunder and other applicable Law Laws. The Company shall promptly furnish or otherwise make available to Parent, Merger Sub and Parent’s counsel all information concerning the Company, the Company’s Subsidiaries and the Company’s stockholders that may be required in connection with any action contemplated by this Section 1.01(h), including such information required by applicable Laws to be set forth in the Offer Documents. No filing of, when filed with or amendment or supplement to, the SEC Offer Documents will be made by Parent or Merger Sub, without providing the Company and on the date first published, sent or given its counsel a reasonable opportunity to review and comment thereon and giving due consideration to such comments. If at any time prior to the stockholders of Acceptance Time or during any “subsequent offering period” (or extension thereof) any information relating to the Company, shall Parent, Merger Sub, or any of their respective Affiliates, directors or officers should be discovered by any of the parties hereto, which should be set forth in an amendment or a supplement to the Offer Documents so that such documents would not contain include any untrue statement misstatement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except misleading, the party that discovers such information shall promptly notify the other parties hereto, and Parent and Merger subsidiary Sub shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed file with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesan appropriate amendment or supplement describing such information and, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel Law, shall be given a reasonable opportunity disseminate such amendment or supplement to review and comment (A) on the Schedule TO and stockholders of the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselCompany. Parent and Merger Subsidiary Sub shall provide notify the Company and its counsel with promptly of the receipt of any comments, whether written or oral, from the SEC or the staff of the SEC and of any request by the SEC or the staff of the SEC for amendments or supplements to the Offer Documents or for additional information, and shall promptly supply the Company with copies of all correspondence (including a written summary of any oral comments communications) between Parent, Merger Subsidiary Sub or any of their respective Affiliates or counsel may receive from Representatives, on the one hand, and the SEC or the staff of the SEC, on the other hand, with respect to the Offer Documents promptlyDocuments. Each of Parent and Merger Sub shall respond promptly to any comments of the SEC or its staff with respect to the Offer Documents. (i) If any portion of the Offer Price is to be paid to a person other than the person in whose name the tendered shares of Company Common Stock are registered, but in no event later than twenty-four hoursthe amount of any stock transfer or other similar Taxes (whether imposed on the registered holder(s), after the receipt or such other person, or otherwise) payable on account of such commentsissuance or transfer to such other person shall be deducted from the Offer Price for the exchange of such shares of Company Common Stock in the Offer, andunless evidence satisfactory to Merger Sub of the payment of such Taxes, subject or exemption therefrom, is submitted. For the avoidance of doubt, Section 2.02(g) applies to payments made pursuant to this Section 1.01. (j) Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the provisions hereofOffer. (k) If, promptly respond between the date of this Agreement and the Acceptance Time, the outstanding shares of Company Common Stock shall have been increased, decreased, changed into or exchanged for a different number or kind of shares or securities as a result of a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in capitalization (but excluding any change that results from (i) the exercise of stock options or the conversion into Company Common Stock of other equity awards relating to the Company Common Stock or (ii) the grant of stock-based compensation (other than any such commentsgrants not made in accordance with the terms of this Agreement) to directors or employees of the Company or its Subsidiaries under the Company’s stock option or compensation plans or arrangements), the Offer Price shall be appropriately and proportionately adjusted to reflect such reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in capitalization.

Appears in 1 contract

Sources: Merger Agreement (Dollar Thrifty Automotive Group Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as 1.1.1 As promptly as practicable after the date hereof, (but in no event later than three Business Days following five business days after the public announcement of the execution date of this Agreement), GPU shall cause Merger Subsidiary shall amend to commence (within the Offer to (i) increase meaning of Rule 14d-2 under the purchase price to $6.50 per Share Securities Exchange Act of 1934, as amended (the “Offer Price”"Exchange Act")) an offer (the "Offer") to purchase all the outstanding shares of common stock, par value $.01 per share (the "MYR Common Stock"), of MYR at a price of $30.10 per share, net to the seller in cashcash (the "Offer Price"), (ii) provide that and, subject to the conditions of the Offer, shall use all reasonable efforts to consummate the Offer as promptly as permitted by law. The obligation of GPU and Merger Subsidiary to consummate the Offer and to accept for payment and to pay for any shares of MYR Common Stock tendered pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iiii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there such number of shares of MYR Common Stock shall be have been validly tendered in accordance with the terms of the Offer and not withdrawn prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then shares of MYR Common Stock beneficially owned by Parent GPU and its Affiliatesany affiliate of GPU on that date, represents a majority constitute more than 50.1% of the total number MYR Common Stock, assuming exercise and conversion of Shares all outstanding on a fully-diluted basis, without regard to whether any options and convertible or exchangeable securities are then vested and exercisable of MYR (the "Minimum Condition") and (ii) shall be subject to the other conditions set forth in Annex I and A to no other conditionsthis Agreement. Subject The Offer shall be further subject to all of the applicable terms and conditions of this AgreementRule 51 under the Public Utility Holding Company Act of 1935, including as amended ("PUHCA"). 1.1.2 Neither GPU nor Merger Subsidiary shall, without the prior satisfaction consent of MYR, waive the Minimum Condition. Otherwise, the conditions of the Offer are for the sole benefit of Merger Subsidiary and GPU regardless of the circumstances giving rise to the non-fulfillment of any such conditions and may be waived by Merger Subsidiary and GPU in whole or waiver in part. MYR agrees that no shares of the MYR Common Stock held by MYR shall be tendered pursuant to the Offer. GPU and Merger Subsidiary may modify the terms of the Offer, except that, without the consent of MYR, they shall not (i) reduce the number of shares of MYR Common Stock to be purchased in the Offer, (ii) reduce the Offer Price, (iii) modify or add to the conditions set forth in Annex I A, (iv) except as provided in the “Offer Conditions”)next sentence, promptly after extend the later Offer, (v) change the form of consideration payable in the Offer, or (xvi) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each amend any other term of the Offer Conditions has been satisfiedin a manner adverse to the holders of MYR Common Stock. Notwithstanding the foregoing, or waived by Parent or GPU and Merger Subsidiary may, without the consent of MYR, (i) extend the Offer, from time to time, beyond any scheduled expiration date (the initial scheduled expiration date being February 29, 2000) for a period not to exceed 20 business days, if at any scheduled expiration date of the Offer, any of the conditions to Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The 's obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, shares of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer MYR Common Stock shall not be satisfied or waived, from until such time to time until within such 20 business day period as Merger Subsidiary shall reasonably conclude is necessary after all such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and , (yii) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the "SEC") or the Nasdaq Global Market staff thereof applicable to the Offer; provided that in no event shall Merger Subsidiary be required to , and (iii) extend the Offer for an aggregate period of not more than 15 business days beyond the End Date unless Parent latest expiration date that would otherwise be permitted under clause (i) or (ii) of this sentence if there shall not have been tendered sufficient shares of MYR Common Stock so that the Merger Subsidiary is not then permitted could be effected as provided in Section 6.1.2(b). In addition to terminate this Agreement the foregoing, GPU may provide for a "subsequent offering period," to the extent provided in Rule 14d-11 under the Exchange Act, as in effect as of January 24, 2000, after the purchase of shares of MYR Common Stock pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the OfferOffer and this Agreement, Merger Subsidiary shall, and Parent GPU shall cause it to, Merger Subsidiary to accept for payment payment, and pay for, as promptly as practicable after the expiration all shares of the Offer, all Shares (1) MYR Common Stock validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted that Merger Subsidiary becomes obligated to accept for payment, and pay for, pursuant to the “Acceptance Date”)Offer as required by Regulation 14D under the Exchange Act. (c) 1.1.3 As promptly soon as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule 14D-1 with respect to the Schedule TOOffer, which shall include a revised will contain the offer to purchase and form of the related letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectivelywhich, together with any supplements or amendments or supplements theretoto those documents, are collectively referred to as the "Offer Documents"), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, The Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.GPU

Appears in 1 contract

Sources: Merger Agreement (Gpu Inc /Pa/)

The Offer. In furtherance of those objectives, the Company is offering to “Eligible Employees” (aas defined below) Provided an opportunity to tender (that nothing shall have occurred that would give rise is, surrender) for cancellation “Eligible Restricted Shares” (as defined below) granted to a right to terminate employees of First Albany by rescinding the Offer Restricted Stock Award Agreements pursuant to any of which they were granted under the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share First Albany Companies Inc. Restricted Stock Inducement Plan (the “Offer PriceDescap Plan”), net to the seller in cashFirst Albany Companies Inc. 1999 Long-Term Incentive Plan, (ii) provide that the conditions to the Offer shall be as set forth in Annex I amended and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, restated from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC1999 Plan”) or and the Nasdaq Global Market applicable First Albany Companies Inc. 2001 Long-Term Incentive Plan, as amended and restated from time to time (the Offer; provided that in no event shall Merger Subsidiary be required to extend “2001 Plan”) (the Offer beyond Descap Plan, the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary 1999 Plan and the 2001 Plan shall be required referred to extend collectively herein as the Offer beyond the End Date“Plans”). Following expiration of the OfferWe are offering to exchange, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of set forth herein (the “Offer”), Eligible Restricted Shares that are properly tendered for cancellation in this Offer by an Eligible Employee for Stock Appreciation Rights (the “Stock Appreciation Rights” as defined in the 1999 Plan or the 2001 Plan, respectively). In order to participate in the Offer, Merger Subsidiary shallan Eligible Employee must tender all, but not less than all, of his or her Eligible Restricted Shares. We will not accept partial tenders. If an Eligible Employee attempts to tender some but not all of his or her Eligible Restricted Shares, the tender will be rejected and such Eligible Employee’s Restricted Shares will remain outstanding in accordance with, and Parent shall cause it subject to, accept for payment and pay fortheir current terms. To validly tender Eligible Restricted Shares pursuant to this Offer, as promptly as practicable after the expiration of an Eligible Employee must, prior to 11:59 p.m., Eastern Daylight Time, on May 9, 2007 (or such later date to which we may extend the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements theretoeither case, the “Offer DocumentsExpiration Date”), and in accordance with the terms of the acceptance letter attached as Exhibit (iia)(3) hereto, properly complete, duly execute and deliver to P▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇-▇▇▇▇▇ the extent required acceptance letter by applicable U.S. federal securities lawsinternal mail, cause regular external mail, or a facsimile thereof; provided that, if internal mail is used, you must receive a confirmation of receipt from the Company. Delivery by e-mail will not be accepted. P▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇-▇▇▇▇▇ must receive the acceptance letter at 6▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇▇▇ (facsimile: (▇▇▇) ▇▇▇-▇▇▇▇) before the Offer Documents to be disseminated to holders of Expiration Date. We currently expect that we will accept all Eligible Restricted Shares tendered (“Tendered Restricted Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information ”) in the Offer Documents supplied by and grant the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and Stock Appreciation Rights on the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and first business day immediately following the Offer Documents if and to Expiration Date (such date, the extent “Grant Date”), provided that such information shall have become false all the conditions described herein are satisfied. Restricted Shares which are forfeited or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect cancelled prior to the Offer Documents promptly, but Expiration Date (including Restricted Shares that are forfeited as a result of an employee’s termination of employment in no event later than twenty-four hours, after accordance with the receipt terms of such comments, and, subject to the provisions hereof, promptly respond to such commentsapplicable Plan) will not be deemed outstanding and will not be Eligible Restricted Shares for purposes of this Offer.

Appears in 1 contract

Sources: Offer With Respect to Eligible Restricted Shares (First Albany Companies Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant Subject only to any Laws or Orders preventing commencement of the conditions Offer, provided that this Agreement shall not have been terminated in accordance with ARTICLE 8 hereof and that the Company complies with its covenants set forth in Annex Ithis Agreement, then Acquisition Corp. shall, as promptly as practicable practicable, but not later than the tenth (10th) Business Day after the date hereofhereof (unless due to a Force Majeure Event), but in no event later than three Business Days following commence (within the public announcement meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) an offer (the "OFFER") to purchase all of the execution Common Shares at a price of this Agreement$8.85 per share in cash (such price, Merger Subsidiary shall amend or such higher price per Common Share as may be paid in the Offer to (i) increase Offer, the purchase price to $6.50 per Share (the “Offer "OFFER Price"), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be the holders of Common Shares have validly tendered in accordance with the terms of the Offer and not withdrawn prior to the expiration date of the Offer and not withdrawn, a number of Common Shares thatwhich, together with the Common Shares then beneficially owned by Parent and its Affiliatesor Acquisition Corp., represents a majority at least 51% of the total number of Common Shares outstanding determined on a fullyFully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable Diluted Basis (the “Minimum Condition”"MINIMUM CONDITION") and subject to the other conditions set forth in Annex I and to no other conditionsA hereto. Subject to the terms prior satisfaction of the Minimum Condition and conditions of this Agreement, including the prior satisfaction (or waiver in writing by Acquisition Corp.) of the other conditions of the Offer set forth in Annex I (the “Offer Conditions”)A, promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law Acquisition Corp. shall use reasonable best efforts to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and to accept for payment each Share and pay for all of the Common Shares that are tendered pursuant to the Offer as soon as it is legally permitted to do so under applicable Law. The date on which all of the Common Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares not withdrawn have been accepted for payment pursuant and paid for is referred to herein as the "OFFER PAYMENT DATE" The obligations of Acquisition Corp. to commence the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, payment and pay for the Common Shares validly tendered on or prior to the expiration of the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfactionMinimum Condition and the other conditions set forth in Annex A hereto. The Offer shall be made by means of an offer to purchase (the "OFFER TO PURCHASE") containing the terms set forth in this Agreement, or waiver by Parent or Merger Subsidiarythe Minimum Condition and the other conditions set forth in Annex A hereto. The Offer shall remain open until 5:00 p.m., of each New York City time, on the day immediately following the twentieth Business Day of the Offer Conditions. (bas such term is defined in Rule 14d-1(g)(3) Merger Subsidiary under the Exchange Act), unless Acquisition Corp. shall have extended the time for which the Offer is open pursuant to this SECTION 1.01 or as may be required by Law. Parent and Acquisition Corp. expressly reserves reserve the right to waive any of the Offer Conditions and to make any other changes in modify the terms of or conditions to the Offer; provided that , except that, without the prior written consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date neither Parent nor Acquisition Corp. shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate decrease the Offer prior to any scheduled expiration date except Price, decrease the number of Common Shares sought, increase or decrease the required percentage of, or waive, the Minimum Condition, change the form of or reduce the consideration in the event that this Agreement is terminated pursuant Offer or add to Section 11.01. Notwithstanding or amend any of the foregoingconditions of the Offer set forth in Annex A hereto in any manner which would be adverse to the holders of the Common Shares (other than with respect to insignificant changes or amendments); PROVIDED, HOWEVER, (xi) Merger Subsidiary shall (or at if on the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the initially scheduled or extended expiration date of the Offer (as it may be extended) any of the conditions to the Offer shall have not be been satisfied or waived, Acquisition Corp. may, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall time, in its sole discretion, extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event such extension pursuant to this sentence shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate date of the termination of this Agreement pursuant to Section 11.01(b)(i)ARTICLE 8), in which case Merger Subsidiary (ii) if on or before the initially scheduled expiration date of the Offer (as it may be extended) any of the conditions to the Offer have not been satisfied or waived, the Company shall be required have the option to require Acquisition Corp. to extend the Offer beyond for a period of up to the End Date. Following number of Business Days equal to (X) ten minus (Y) the number of Business Days of any Force Majeure Period and MINUS (Z) the number of Business Days of any Commencement Delay Election, if the Company is not in material breach of its covenants under this Agreement, the Company provides notice to Parent and Acquisition Corp. of its election to extend the expiration date of the Offer, Merger Subsidiary shall, if requested by Offer pursuant to clause (ii) of this SECTION 1.01 and the Company, or Company pays certain Expenses of Parent and Acquisition Corp. pursuant to SECTION 9.01 (the "COMPANY EXTENSION ELECTION") and (iii) Acquisition Corp. may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 under the Exchange Act. In addition, the Offer Price may be increased, and, in connection therewith, the Offer may be extended, to the extent required by applicable federal securities laws, in each case without the consent of the 1934 ActCompany. Subject to Notwithstanding the foregoing, including the requirements if, as of Rule 14d-11, and upon the terms and subject immediately prior to the conditions expiration date of the OfferOffer (as it may be extended), Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Common Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered constitute less than 90% of the Common Shares determined on a Fully-Diluted Basis, Acquisition Corp. may, from time to time in its sole discretion, extend the Offer for a period not to exceed twenty Business Days in the Subsequent Offering Period (the date on which Shares are first accepted for paymentaggregate, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and notwithstanding that all conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt are satisfied as of such comments, and, subject to expiration date of the provisions hereof, promptly respond to such commentsOffer.

Appears in 1 contract

Sources: Acquisition Agreement (Prentice Capital Management, LP)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, of this Agreement (but in no event later more than three ten (10) Business Days following thereafter (subject to the public announcement of the execution of Company having timely complied with its obligations pursuant to this AgreementArticle I)), Merger Subsidiary Sub shall amend (and Parent shall cause Merger Sub to) commence (within the Offer to (i) increase meaning of Rule 14d-2 under the purchase price to $6.50 per Share Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer PriceExchange Act”), net ) the Offer. (b) The obligation of Merger Sub to the seller in cash, (iiand of Parent to cause Merger Sub to) provide that the conditions accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer and not validly withdrawn immediately prior to any then scheduled Expiration Time that number of shares of Company Common Stock which, together with the shares beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the Company Common Stock then outstanding (determined on a fully diluted basis (which assumes conversion or exercise of all options and other convertible or derivative securities regardless of the conversion or exercise price, the vesting schedule or other terms and conditions thereof), and excluding shares of Company Common Stock tendered pursuant to guaranteed delivery procedures that have not yet been “received,” as such term is defined in Section 251(h) of the DGCL, by the depositary for the Offer pursuant to such procedures) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Exhibit A (together with the Minimum Condition, the “Offer Conditions”). (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in Annex I this Agreement, including the Offer Conditions. The Offer Conditions are for the sole benefit of Parent and Merger Sub, and Parent and Merger Sub expressly reserve the right to waive, in whole or in part, any Offer Condition in their sole and absolute discretion at any time and from time to time, including to increase the Offer Price and to make any other changes in the terms and conditions of the Offer; provided, however, that no other conditions unless otherwise provided by this Agreement or as previously approved in writing by the Company, Merger Sub shall applynot (i) reduce the number of shares of Company Common Stock subject to the Offer, (ii) reduce the Offer Price, (iii) provide that change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Exhibit A or modify or change any Offer Condition in a manner adverse in any material respect to any stockholders of the Company, (v) except as otherwise provided in this Section 1.1, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse in any material respect to any stockholders of the Company. (d) The Offer shall be expire at midnight (New York City time) on at the end of the date that is ten twenty (20) Business Days (for this purpose calculated determined in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Merger Sub (i) shall extend the Offer for any period required by applicable Law, any interpretation or position of the Securities and Exchange Commission (the “SEC”), the staff thereof or the NASDAQ Stock Market (“NASDAQ”) applicable to the Offer and (ii) shall (subject to Parent’s right to terminate this Agreement pursuant to Article VIII), in the event that the Offer Conditions are not satisfied or waived (if permitted hereunder) as of any Expiration Time, extend the Offer for successive extension periods of at least two (2) but not more than ten (10) Business Days per extension (or any longer period as may be approved in advance by the Company, but otherwise with the length of any such extension to be determined by Parent in its sole and absolute discretion) in order to allow additional time for the Offer Conditions to be satisfied; provided, however, that in no event shall Merger Sub be required to extend the Offer (A) beyond the first Business Day immediately prior to the January 2, 2018 (the “End Date”), (B) at any time that Parent or Merger Sub is permitted to terminate this Agreement pursuant to Article VIII, (C) following the valid termination of this Agreement pursuant to Article VIII or (D) beyond the fortieth (40th) Business Day following the Initial Expiration Time if, as of such amendmenttime, each of the Offer Conditions set forth on Exhibit A is satisfied or has been waived but the Minimum Condition is not satisfied at such time. (f) On the terms and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including and subject to the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer Minimum Condition and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger SubsidiarySub, of each the other Offer Conditions, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (subject to any withholding of tax pursuant to Section 3.6) all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer Conditions. as soon as practicable after the Expiration Time (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions as it may be extended and to make any other changes re-extended in the terms of or conditions to the Offer; provided accordance with this Section 1.1), provided, however, that without the prior written consent of the Company, Merger Sub shall not accept for payment or pay for any shares of Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waivedCommon Stock if, (B) no change may be made that changes the form of consideration to be paidas a result, decreases the price per Share or Merger Sub would acquire less than the number of Shares sought in shares of Company Common Stock necessary to satisfy the Offer, amends or adds Minimum Condition. Closing of the Offer and acceptance for payment of shares of Company Common Stock pursuant to and subject to the Offer Conditions or amends any other term of upon the Expiration Time is referred to in this Agreement as the “Offer Closing”, and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date”. Nothing contained in this Section 1.1 shall affect any manner adverse to the stockholders of the Company, termination rights in Article VIII. (C) the expiration date shall not be extended except as otherwise provided herein, and (Dg) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company, except in the event that this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Subsidiary toSub to return, all tendered Company Common Stock to the registered holders thereof. (h) extend On the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by the Exchange Act or other applicable U.S. federal securities laws, Law to be set forth in the Offer Documents or as may be reasonably requested by Parent or Merger Sub for inclusion in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the stockholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the stockholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 1 contract

Sources: Merger Agreement (MRV Communications Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII, as promptly as practicable practicable, and in any event within 10 Business Days, after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer in accordance with its terms to purchase for cash all issued outstanding shares of Company Common Stock at the Offer Price. The consummation of the Offer, and the obligation of Merger Sub to accept for payment each Share and pay for shares of Company Common Stock tendered pursuant to the Offer shall be subject solely to: (i) there being validly tendered in the Offer (in the aggregate) and not properly withdrawn prior to the Expiration Date that number of shares of Company Common Stock which, together with the number of shares of Company Common Stock (if any) then owned of record by Parent or any of its wholly-owned direct or indirect Subsidiaries, including Merger Sub, or with respect to which Parent or any of its wholly-owned direct or indirect Subsidiaries, including Merger Sub, otherwise has, directly or indirectly, voting power, represents at least a majority of the shares of Company Common Stock then outstanding (determined on a Fully Diluted Basis) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex A (such conditions and requirements, together with the Minimum Condition, the “Offer Conditions”). The Offer Conditions are for the sole benefit of Merger Sub and may be asserted by Merger Sub regardless of the circumstances giving rise to such condition or may be waived by Merger Sub, in its sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.1. For purposes of clarity, Merger Sub may not waive the Minimum Condition. (b) Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Merger Sub, of the other Offer Conditions as of the Expiration Date, Merger Sub shall, and Parent shall cause Merger Sub to, accept for payment and pay for all shares of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer promptly after the Expiration Date. Parent shall provide or cause to be provided to Merger Sub on a timely basis funds sufficient to purchase and promptly following the acceptance pay for any and all shares of Shares Company Common Stock that Merger Sub becomes obligated to accept for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn purchase pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, payable in respect of each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiaryapplicable Law, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with this Agreement, including the Minimum Condition and the other Offer Conditions. (b) . To the extent permitted by applicable Law, Merger Subsidiary Sub expressly reserves the right (in its sole discretion) to waive any of increase the Offer Conditions and Price or to make any other changes in the terms and conditions of or conditions to the Offer; provided provided, however, that without except with the prior consent written approval of the Company Company, Merger Sub shall not (which consent may be granted or withheld by i) decrease the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (iii) reduce the maximum number of shares of Company Common Stock sought to be purchased in the Offer, (iv) amend, modify or adds waive the Minimum Condition, (v) amend any of the other Offer Conditions in a manner adverse to the holders of shares of Company Common Stock, (vi) impose conditions to the Offer Conditions that are in addition to the Offer Conditions, (vii) except as provided in Section 1.1(e), terminate, accelerate, extend or amends otherwise modify or amend the Expiration Date, or (viii) otherwise modify or amend any of the other term terms of the Offer in a manner adverse in any manner material respect to the holders of shares of Company Common Stock. For the avoidance of doubt, in no event shall any waiver by Parent or Merger Sub of any condition to the Offer (other than the Minimum Condition) in accordance with the terms of this Agreement be deemed to be a modification or amendment of the Offer that is adverse to the stockholders holders of shares of Company Common Stock. (d) Unless extended in accordance with Section 1.1(e), the Offer shall expire at 12:00 midnight (New York City time) at the end of the Company, (C) day that is 20 Business Days following the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate commencement of the Offer prior (determined using Rule 14d-1(g)(3) under the Exchange Act) (such date and time, the “Initial Expiration Date”) or, if the Initial Expiration Date has been extended in accordance with Section 1.1(e), the date and time to which the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended in accordance with this Agreement, the “Expiration Date”). (e) If at any then scheduled expiration date except in Expiration Date, any of the event that Offer Conditions (including the Minimum Condition) have not been satisfied, or waived (to the extent permitted by the terms of this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoingand applicable Law) by Merger Sub, (x) Merger Subsidiary Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Sub to) extend the Offer if at for successive periods of up to 20 Business Days each, the scheduled or extended expiration date length of each such period to be determined by Merger Sub in its sole discretion, in order to permit the satisfaction of such conditions; provided, however, that Merger Sub shall not be required to extend, and shall not extend without the consent of the Company, the Offer beyond the End Date if any of the conditions condition to the Offer shall has not be been satisfied at or waivedprior to the End Date. In addition, from time notwithstanding anything to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) contrary in the prior sentence, Merger Subsidiary Sub shall extend the Offer for any period or periods required by any ruleapplicable Law or applicable rules, regulationregulations, interpretation interpretations or position positions of the U.S. Securities and Exchange Commission (the “SEC”) or its staff. (f) If necessary to obtain sufficient shares of Company Common Stock to reach the Nasdaq Global Market applicable to Short Form Threshold (assuming full exercise of the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(iTop-Up Option), in which case Merger Subsidiary Sub shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide for a subsequent offering period period” (“Subsequent Offering Period”and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act of not less than three or more than 20 Business Days each (for this purpose calculated in accordance with Rule 14d-1(g)(3) promulgated under the 1934 Exchange Act). Subject to the terms and conditions of this Agreement and the Offer, Merger Sub shall (and Parent shall cause Merger Sub to) immediately accept for payment, and pay for, all shares of Company Common Stock that are validly tendered pursuant to the Offer during each such “subsequent offering period.” Without limiting the generality of the foregoing, Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to purchase during such “subsequent offering period.” The Offer Documents will provide for a “subsequent offering period” in a manner consistent with the terms of this Section 1.1(f) and Rule 14d-11 under the Exchange Act. (g) Subject to Section 1.1(i), Merger Sub shall not terminate the Offer prior to any scheduled Expiration Date without the prior written consent of the Company, except if this Agreement has been terminated in accordance with Article VIII. If this Agreement is terminated in accordance with Article VIII, Merger Sub shall (and Parent shall cause Merger Sub to) promptly (and in any event within one Business Day of such termination), irrevocably and unconditionally terminate the Offer. If the Offer is terminated or withdrawn by Merger Sub, or this Agreement is terminated prior to the purchase of shares of Company Common Stock in the Offer, including the requirements of Rule 14d-11pursuant to Section 1.1(i), Merger Sub shall (and Parent shall cause Merger Sub to) promptly return, and upon the terms and subject shall cause any depositary acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered shares of Company Common Stock to the conditions registered holders thereof and Merger Sub shall not (and Parent shall cause Merger Sub not to) accept any shares of Company Common Stock pursuant to the Offer. (h) As soon as practicable on the date of the commencement of the Offer, Parent and Merger Subsidiary shallSub shall file with the SEC, and Parent shall cause it toin accordance with Rule 14d-3 under the Exchange Act, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO shall include, as practicable after exhibits, the date hereofOffer to Purchase, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement a form of summary advertisement (collectively, together with any amendments or amendments, supplements and exhibits thereto, the “Offer Documents”). Merger Sub may, but shall not be required to, provide guaranteed delivery procedures for the tender of shares of Company Common Stock in the Offer; provided, however, if Merger Sub provides guaranteed delivery procedures, for purposes of determining whether the Minimum Condition has been satisfied, Parent and (ii) Merger Sub shall include for purposes of its determination thereof shares of Company Common Stock tendered in the Offer pursuant to guaranteed delivery procedures if and only if shares of Company Common Stock have been delivered pursuant to such guarantees as of the extent required by applicable U.S. federal securities laws, Expiration Date. Parent and Merger Sub agree to cause the Offer Documents to be disseminated to holders of Sharesshares of Company Common Stock, as and to the extent required by Law, including the Exchange Act. Each of Parent, Parent and Merger Subsidiary and the Company agrees that they Sub shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply as to form in all material respects with the 1934 Act requirements of applicable Law. Parent and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsMerger Sub, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make promptly notify the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent other Party and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Merger Sub agrees to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Company Common Stock, in each case case, as and to the extent required by applicable U.S. federal securities lawsLaw, including the Exchange Act. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Parent and Merger Subsidiary Sub shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. In addition, Parent and Merger Subsidiary Sub shall provide the Company and its counsel with copies of any written comments, and shall inform them of any oral comments, that Parent and Merger Sub or oral comments Parent, Merger Subsidiary or their respective Affiliates or its counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review any such responses and Parent and Merger Sub shall give due consideration to the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. (i) If at any then-scheduled Expiration Date that is subsequent to the Initial Expiration Date and not more than 10 Business Days prior to the then scheduled date of the Company Stockholders Meeting, (i) any Offer Condition shall not have been satisfied or, to the extent waivable by Parent or Merger Sub, waived and (ii) three Business Days have elapsed since the Proxy Statement Clearance Date, then Merger Sub may irrevocably and unconditionally terminate the Offer. If the Offer is terminated pursuant to this Section 1.1(i), the Company shall proceed with and take all actions necessary to hold the Company Stockholders Meeting in accordance with the terms of this Agreement. The termination of the Offer pursuant to this Section 1.1(i) is referred to in this Agreement as the “Offer Termination”. Notwithstanding anything to the contrary in this Section 1.1(i), if this Agreement is terminated pursuant to Article VIII, then Merger Sub shall promptly (and, subject in any event, within two Business Days of such termination), irrevocably and unconditionally terminate the Offer and shall not acquire any shares of Company Common Stock pursuant to the provisions hereofOffer. If the Offer is terminated or withdrawn by Merger Sub in accordance with the terms of this Agreement, including this Section 1.1(i), or this Agreement is terminated in accordance with Article VIII, Merger Sub shall promptly respond return, and shall cause any depository acting on behalf of Merger Sub to return, all tendered shares of Company Common Stock to the registered holders thereof to the extent required by the terms of the Offer. The Parties hereto acknowledge and agree that the Offer Termination shall not give rise to a right of termination of this Agreement unless to the extent expressly provided for in Article VIII and that, absent such commentstermination of this Agreement, the obligations of the Parties other than those related to the Offer shall continue to remain in effect, including those obligations with respect to the Merger.

Appears in 1 contract

Sources: Merger Agreement (Insite Vision Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise result in a failure to a right to terminate the Offer pursuant to satisfy any of the conditions set forth in Annex II hereto, as ------- promptly as practicable after the date hereof, but in no event later than three Business Days following Merger Subsidiary shall, and Parent shall cause Merger Subsidiary to, amend the public announcement Initial Offer to offer to purchase any and all of the execution outstanding Shares at a price of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 8.50 per Share (the “Offer Price”)Share, net to the seller in cash, cash (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement"Offer"). The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer Offer, prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then beneficially owned by Parent Parent, Merger Subsidiary and its AffiliatesSaint-Gobain, represents at least a majority of the total number of outstanding Shares outstanding on a fully-fully diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable basis (including the exercise of all outstanding options) (the "Minimum Condition") and to the other conditions set forth in Annex I and to no other conditionshereto. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to ------- waive any of the conditions to the Offer Conditions and to make any other changes change in the terms of or conditions to of the Offer; , provided that that, no change or waiver may be made that, without the prior written consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) Company, waives the Minimum Condition may not be waivedCondition, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends Offer or adds imposes conditions to the Offer Conditions or amends any other term of in addition to those set forth in Annex I. Notwithstanding the Offer in any manner adverse to foregoing, without the stockholders consent of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) ------- Merger Subsidiary shall not terminate have the Offer prior right to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if from time to time if, at the scheduled or extended expiration date of the Offer Offer, any of the conditions to the Offer shall not be have been satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) provided that Merger Subsidiary shall may extend the Offer under this clause for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market staff thereof applicable to the Offer; provided that in no event shall Merger Subsidiary be Offer or any period required by applicable law. If all of the conditions to extend the Offer beyond the End Date unless Parent are not satisfied or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following waived on any scheduled expiration date of the Offer, Merger Subsidiary shallshall extend the Offer from time to time until such conditions are satisfied or waived (but not beyond July 31, if requested by 2000); provided that (w) such conditions are reasonably capable of being satisfied, (x) the CompanyCompany exercises its reasonable best efforts to cause such conditions to be satisfied, or may, (y) an Acquisition Proposal shall not have been publicly announced and not withdrawn as of such scheduled expiration date and (z) the Company is in compliance with all of its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) covenants in accordance with Rule 14d-11 of the 1934 Actthis Agreement. Subject to the foregoing, including the requirements of Rule 14d-11, foregoing and upon to the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly properly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in that Merger Subsidiary is obligated to purchase. Parent shall provide or cause to be provided to Merger Subsidiary on a timely basis the Subsequent Offering Period (the date on which funds necessary to pay for any Shares are first accepted that Merger Subsidiary becomes obligated to accept for payment, and pay for, pursuant to the “Acceptance Date”)Offer. (cb) As promptly soon as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Parent and Merger Subsidiary shall, and shall cause its Affiliates to, amend their Tender Offer Statement on Schedule TO (ithe "Schedule TO") file with the SEC an amendment respect to the Schedule TOOffer, which shall include will contain a revised supplement to the offer to purchase and form of a revised letter of transmittal reflecting (the terms Schedule TO and conditions set forth in this Agreement (collectivelyall documents included therein pursuant to which the Offer will be made, together with any supplements or amendments or supplements thereto, the "Offer Documents"), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary Parent and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company each agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts agree to take all steps necessary to cause the Schedule TO as so corrected to be filed with the SEC and the other Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable an opportunity to review and comment (A) on the amended Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration prior to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsbeing filed.

Appears in 1 contract

Sources: Merger Agreement (Compagnie De Saint Gobain)

The Offer. (a) Not later than the first business day after the date of this Agreement, ACQUIROR, Acquisition Subsidiary and EKCO will make a public announcement of the Offer. (b) Provided that nothing this Agreement shall not have been terminated in accordance with Section 7.1 and none of the events set forth in ANNEX A hereto shall have occurred that would give rise to a right to terminate or be existing, Acquisition Subsidiary shall commence, in accordance with the terms hereof, the Offer pursuant and ACQUIROR shall cause Acquisition Subsidiary to any commence, within the meaning of Rule 14d-2 under the conditions set forth in Annex IExchange Act, as amended, including the rules and regulations promulgated thereunder (the "Exchange Act"), the Offer as promptly as reasonably practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to five (i5) increase the purchase price to $6.50 per Share business days (the “Offer Price”), net to the seller as such term is defined in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-1 under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later initial public announcement of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law Acquisition Subsidiary's intention to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to commence the Offer. The obligation of Merger Acquisition Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, payment and pay the Offer Price (without interest) for, each Share validly for EKCO Shares tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, satisfaction or waiver (other than a waiver of the Minimum Condition requirement) of the conditions set forth in ANNEX A hereto (unless the failure of any such condition was caused by Parent any material breach by ACQUIROR or Merger SubsidiaryAcquisition Subsidiary of this Agreement in which case Acquisition Subsidiary shall be obligated to accept for payment and pay for EKCO Shares tendered pursuant to the Offer provided that such failure has been waived by EKCO), including the condition that a number of EKCO Shares representing that number of EKCO Shares which would equal more than fifty percent (50%) of the voting power (determined on a fully-diluted basis), of each all the securities of EKCO entitled to voted generally in a merger shall have been validly tendered and not withdrawn prior to the expiration date of the Offer Conditions. (b) Merger the "Minimum Condition"). Acquisition Subsidiary expressly reserves the right to waive any of such condition, to increase the Offer Conditions Per Share Amount and to make any other changes in the terms and conditions of or conditions to the Offer; provided that PROVIDED, HOWEVER, that, without the prior written consent of EKCO, Acquisition Subsidiary will not (i) decrease the Company Per Share Amount below $7.00 (which consent may be granted or withheld by ii) reduce the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form minimum number of consideration EKCO Shares to be paid, decreases the price per Share or the number of Shares sought purchased in the Offer, amends (iii) change the form of the consideration payable in the Offer (other than by adding consideration), (iv) add to, modify or adds supplement the conditions to the Offer Conditions or amends any other term of the Offer set forth in any manner adverse to the stockholders of the CompanyANNEX A hereto, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary tov) extend the Offer if at the scheduled or extended expiration date of the Offer beyond the twenty (20) business days following the commencement thereof, except as expressly provided herein or (vi) make any other change in the terms or conditions of the conditions Offer which is materially adverse to the Offer shall not be satisfied holders of EKCO Shares, it being agreed that a waiver by Acquisition Subsidiary of any condition in whole or waived, in part (other than the Minimum Condition) at any time and from time to time until such conditions are satisfied (other than conditions which by their nature are in its discretion shall not be deemed to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for materially adverse to any period required by any rule, regulation, interpretation or position holder of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End DateEKCO Shares. Following expiration of the Offer, Merger Subsidiary The Per Share Amount shall, if requested by the Companysubject to any applicable withholding of taxes, or maybe net to each seller in cash, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer. Subject to the terms and conditions of the Offer, Merger Acquisition Subsidiary shall, and Parent ACQUIROR shall cause it Acquisition Subsidiary to, accept for payment and pay forpay, as promptly as practicable after the expiration of the Offer, for all EKCO Shares (1) validly tendered and not withdrawn withdrawn; provided, that Acquisition Subsidiary shall have the right, in its sole discretion, to extend the Offer from time to time for up to a maximum of 15 business days, notwithstanding the prior satisfaction of the conditions contained in ANNEX A if on such expiration date there shall not have been tendered that number of EKCO Shares which would equal more than 90% of the issued and outstanding EKCO Shares (the "15 Day Right") and provided further, that if Acquisition Subsidiary shall extend the Offer pursuant to the Offer 15 Day Right, Acquisition Subsidiary shall waive during such 15 business days all conditions set forth in ANNEX A other than the Minimum Condition and the conditions set forth in paragraphs (a), (b) and (2d) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”).ANNEX A. (c) As promptly as practicable after On the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Merger ACQUIROR and Acquisition Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to Securities and Exchange Commission (the "SEC") a Tender Offer Statement on Schedule TO14D-1, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement including all exhibits thereto (collectively, together with any all amendments or and supplements thereto, the "Schedule 14D-1"), with respect to the Offer. The Schedule 14D-1 shall contain or shall incorporate by reference an offer to purchase (the "Offer to Purchase") and the forms of related Letters of Transmittal as well as all other information and exhibits required by law (the Schedule 14D-1, the Offer to Purchase and such other documents, together with all supplements and amendments thereto, being referred to herein collectively as the "Offer Documents"), and (ii) to the extent required by applicable U.S. federal securities laws, cause the . The Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to will comply in all material respects with the 1934 Act and provisions of applicable federal securities laws and, on the rules and regulations thereunder and other applicable Law and that the Offer Documents, when date filed with the SEC and on the date first published, sent or given to the stockholders of the CompanyEKCO's stockholders, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent no representation is made by ACQUIROR and Merger subsidiary shall have no obligation Acquisition Subsidiary with respect to information supplied by EKCO for inclusion in the Offer Documents. ACQUIROR, Acquisition Subsidiary and EKCO shall correct promptly any information provided by any of them for use in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information which shall have become false or misleading in any material respect. Merger Subsidiary shallmisleading, and ACQUIROR and Acquisition Subsidiary shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to cause the Schedule TO 14D-1, as so corrected corrected, to be filed with the SEC and the other Offer Documents Documents, as so corrected corrected, to be disseminated to holders of EKCO Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company EKCO and its counsel shall be given a the reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed prior to the filing thereof with the SEC after the date hereof SEC. ACQUIROR and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Acquisition Subsidiary shall provide the Company EKCO and its counsel with a copy of any written comments or telephonic notification of any oral comments Parent, Merger ACQUIROR or Acquisition Subsidiary or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject thereof. In the event that ACQUIROR or Acquisition Subsidiary receives any comments from the SEC or its staff with respect to the provisions Offer Documents, each shall use its reasonable best efforts to respond promptly to such comments and take all other actions necessary to resolve the issues raised therein. (i) Subject to the terms and conditions hereof, promptly respond the Offer shall initially remain open until midnight, New York City time, on the date that is twenty (20) business days after the Offer is commenced (within the meaning of Rule 14d-2 under the Exchange Act) (the "Initial Expiration Date"). (ii) If Acquisition Subsidiary does not consummate the Offer on the Initial Expiration Date due to the failure of one or more conditions in ANNEX A to be satisfied, Acquisition Subsidiary shall extend the Offer one or more times until the earlier of (x) 11:59 p.m. New York time on the 60th calendar day after the date of this Agreement or (y) two business days after such commentstime as such condition or conditions are satisfied or waived; PROVIDED that Acquisition Subsidiary shall not be obligated to extend the Offer pursuant to this sentence if the condition that has not been satisfied is not reasonably capable of being satisfied at or prior to the time referred to in clause (x) above; provided, further, that nothing herein shall prohibit Acquisition Subsidiary from exercising its 15 Day Right. (iii) If Acquisition Subsidiary does not consummate the Offer on or prior to the 60th calendar day after the date of this Agreement due to the failure of one or more conditions in ANNEX A to be satisfied, and if such unsatisfied condition or conditions are reasonably capable of being satisfied, Acquisition Subsidiary shall, at the request of EKCO, extend the Offer one or more times until the earlier of (x) 11:59 p.m. New York time on the 120th calendar day after the date of this Agreement or (y) two business days after such time as such condition or conditions are satisfied or waived; provided, further, that nothing herein shall prohibit Acquisition Subsidiary from exercising its 15 Day Right. (iv) If Acquisition Subsidiary does not consummate the Offer on or prior to the 60th calendar day after the date of this Agreement due to the failure of one or more conditions in ANNEX A to be satisfied, and if such unsatisfied condition or conditions are reasonably capable of being satisfied, Acquisition Subsidiary may extend the Offer one or more times until (a) the 120th calendar day after the date of this Agreement or (b) until the 180th calendar day after the date of this Agreement if the Offer shall not have been consummated solely due to the waiting period (or any extension thereof) or approvals under the HSR Act or any applicable foreign competition laws not having expired or been terminated or received. (v) Acquisition Subsidiary may at any time transfer or assign to ACQUIROR or to one or more corporations, 80% or more of the outstanding capital stock of which is directly or indirectly owned by ACQUIROR, the right to purchase all of the EKCO Shares tendered pursuant to the Offer, but any such transfer or assignment shall not relieve ACQUIROR or Acquisition Subsidiary of its obligations hereunder or prejudice the rights of stockholders or holders of EKCO Options or EKCO Warrants to receive payment for EKCO Shares validly tendered and accepted for payment in the Offer or in the Merger or otherwise in accordance with the terms hereof. Any such assignee or transferee of Acquisition Subsidiary shall assume all of the obligations of Acquisition Subsidiary hereunder, and ACQUIROR and Acquisition Subsidiary shall amend this Agreement, at the request of EKCO, to substitute any such assignee or transferee for Acquisition Subsidiary in this Agreement. (vi) Acquisition Subsidiary shall be obligated to consummate the Offer on the date (or no later than one business day after the date) that all of the conditions set forth in ANNEX A shall have been satisfied; provided, however, that nothing herein shall prohibit Acquisition Subsidiary from exercising its 15 Day Right.

Appears in 1 contract

Sources: Merger Agreement (Ekco Group Inc /De/)

The Offer. (a) Provided that nothing Unless this Agreement shall have occurred that would give rise been terminated in accordance with Article IX, and subject to a right to terminate the Offer pursuant to any of the conditions Company having complied with its obligations set forth in Annex ISection 2.2(b) and Section 2.2(c), as promptly as reasonably practicable after the date of this Agreement, Merger Sub shall (and Parent shall cause Merger Sub to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer at the Offer Price. The date of the commencement of the Offer shall be referred to as the “Offer Commencement Date.” (b) The obligation of Merger Sub to, and of Parent to cause Merger Sub to, accept for payment, and pay for, any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer and not validly withdrawn prior to any then scheduled Expiration Time (but excluding shares tendered pursuant to guaranteed delivery procedures that have not yet been “received,” as defined by Section 251(h)(6)(f) of the DGCL) that number of shares of Company Common Stock which, together with the shares of Company Common Stock (if any) beneficially owned by Parent and Merger Sub, represents at least a majority of the Company Common Stock then outstanding (determined on a fully diluted basis assuming the conversion or exercise of all derivative securities that are or will be vested as of the Effective Time) (the “Minimum Condition”), and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Exhibit A (such conditions, together with the Minimum Condition, the “Offer Conditions”). Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the date hereof, but Expiration Time. The Offer Price payable in no event later than three Business Days following the public announcement respect of the execution each share of this Agreement, Merger Subsidiary shall amend Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), shall be paid net to the seller in cash, (ii) provide that without interest, on the terms and subject to the conditions to the set forth in this Agreement. (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in Annex I this Agreement, including the Offer Conditions. Parent and Merger Sub expressly reserve the right (in their sole discretion) to waive, in whole or in part, any Offer Condition, to increase the Offer Price, or to make any other changes in the terms and conditions of the Offer; provided, however, that no other conditions unless otherwise provided by this Agreement or as previously approved in writing by the Company, Merger Sub shall applynot (i) reduce the number of shares of Company Common Stock subject to the Offer, (ii) reduce the Offer Price, (iii) provide that waive or change the Minimum Condition, (iv) add to or amend or modify any Offer Condition in a manner adverse in any material respect to the holders of shares of Company Common Stock, (v) except as otherwise provided in this Section 2.1, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer in any material respect, (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to the holders of shares of Company Common Stock, (viii) provide any “subsequent offering period” (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act, or (ix) take any action (or fail to take any action) that breaches this Agreement with the result that the Merger is not permitted to be effected pursuant to Section 251(h) of the DGCL. (d) The Offer shall be expire at midnight (New York City eastern time) on the date that is ten twenty (20) Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing Offer Commencement Date (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to and in accordance with this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to and in accordance with this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement to the contrary, but subject to the Parties’ respective termination rights under Article IX, Merger Sub (i) may, in its sole discretion, without consent of the Company, extend the Offer on one or more occasions, for an additional period of up to ten (10) Business Days per extension, if on any then-scheduled Expiration Time any of the Offer Conditions shall not be satisfied or, to the extent waivable by Merger Sub, waived in Merger Sub’s sole discretion, until such amendmenttime as such condition or conditions are satisfied or waived, (ii) shall extend the Offer for any period required by applicable Law, any interpretation or position of the SEC, the staff thereof, NASDAQ or the staff thereof applicable to the Offer, and until any waiting period (and any extension thereof) applicable to the consummation of the Offer under the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Antitrust Improvements Act of 1976 (the “HSR Act”), and any other applicable Antitrust Law shall have expired or been terminated, and (iviii) make if, as of the then-scheduled Expiration Time, any Offer Condition is not satisfied and has not been waived, at the written request of the Company, Merger Sub shall, and Parent shall cause Merger Sub to, extend the Offer on one or more occasions (not to exceed two in total) for an additional period of up to ten (10) Business Days per extension, to permit such other amendments as are necessary Offer Condition to be satisfied; provided, however, that in no event shall (A) Merger Sub be required or appropriate permitted (without the prior written consent of the Company) to conform extend the Offer beyond the Outside Date, or (B) the Company be permitted (without the prior written consent of Parent) to request that the requirements of this Agreement. The Offer shall be extended beyond the Outside Date. (f) On the terms and subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”)Merger Sub shall, promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary Sub to, accept and pay for (subject to any withholding of Tax pursuant to Section 4.5) consummate the Offer in accordance with its terms and accept for payment each Share all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer as soon as practicable after the Expiration Time (as it may be extended and promptly following the acceptance of Shares re-extended in accordance with this Section 2.1). Acceptance for payment of shares of Company Common Stock pursuant to and subject to the Offer pay Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant Closing occurs is referred to in this Agreement as the Offer. The obligation of “Offer Closing Date.” Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary Sub expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company to, in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to following the Offer Conditions or amends any other term of Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof) in any manner adverse to accordance with Rule 14d-11 under the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided hereinExchange Act, and the Offer Documents may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 2.1 shall affect any termination rights in Article IX. (Dg) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01Article IX. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article IX, prior to the request acceptance for payment of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that Company Common Stock tendered in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, Sub shall promptly (and in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares any event within one (1) validly tendered and not withdrawn pursuant to the Offer and (2Business Day after such termination) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shallreturn, and shall cause its Affiliates toany depository acting on behalf of Merger Sub to return, all tendered Company Common Stock to the registered holders thereof. (ih) As soon as practicable on the Offer Commencement Date, Parent and Merger Sub shall file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include a revised offer as exhibits, the Offer to purchase Purchase and the form of letter Letter of transmittal reflecting Transmittal (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments attached as exhibits thereto, together with any amendments or and supplements thereto, the “Offer Documents”). Promptly following execution of this Agreement, the Company shall furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders of the Company, shall not contain any untrue statement in each case as and to the extent required by the Exchange Act or the rules and regulations of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that NASDAQ. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the stockholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their Representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the stockholders of the Company, or responding to any material comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before or response to any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsmaterial comments, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 1 contract

Sources: Merger Agreement (Inventure Foods, Inc.)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII, as promptly as practicable and in any event on or before the date that is ten Business Days after the date hereof, but in no event later than three Business Days following Acquisition Sub shall (and Parent shall cause Acquisition Sub to) commence, within the public announcement meaning of Rule 14d-2 under the execution of this AgreementExchange Act, Merger Subsidiary shall amend the Offer to purchase all the outstanding Common Stock (other than shares cancelled or converted pursuant to Section 3.1(a)) at a price per share equal to the Offer Price. The consummation of the Offer, and the obligation of Acquisition Sub to accept for payment and pay for any shares of Common Stock tendered pursuant to the Offer, shall be subject only to: (i) increase there being validly tendered in the purchase price Offer and not properly withdrawn prior to $6.50 per Share the Expiration Date that number of shares of Common Stock (excluding shares of Common Stock tendered pursuant to guaranteed delivery procedures but not yet delivered) which, together with the number of shares of Common Stock (if any) then owned by Parent or its subsidiaries, represents a majority of the shares of Common Stock then outstanding (collectively, the “Minimum Condition”); (ii) this Agreement not having been terminated in accordance with its terms (the “Offer PriceTermination Condition”); and (iii) the satisfaction, or waiver by Parent or Acquisition Sub, of the other conditions and requirements set forth in Annex I (together with the Minimum Condition and the Termination Condition, the “Offer Conditions”). (b) Subject to the satisfaction of the Minimum Condition and the Termination Condition and the satisfaction, or waiver by Parent or Acquisition Sub, of the other Offer Conditions, Acquisition Sub shall (and Parent shall cause Acquisition Sub to) accept for payment and pay for all shares of Common Stock validly tendered and not properly withdrawn pursuant to the Offer on or promptly after the applicable Expiration Date. Subject to Section 3.7, the Offer Price payable in respect of each share of Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be paid net to the seller in cash, without interest. (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with this Agreement, including the Offer Conditions. Unless previously approved by the Company in writing, Parent and Acquisition Sub shall not: (i) decrease the Offer Price, (ii) provide that change the conditions to form of consideration payable in the Offer shall be as set forth in Annex I and that no other conditions shall applyOffer, (iii) provide change the number of shares of Common Stock to be purchased in the Offer, (iv) amend or waive the Minimum Condition, the Termination Condition or the conditions set forth in clauses (b) or (c)(i) of Annex I, (v) add any condition to the Offer or any term that is adverse to the holders of Common Stock, (vi) extend the expiration date of the Offer except as required or permitted by this Section 2.1, (vii) provide for a “subsequent offering period” (or any extension thereof) in accordance with Rule 14d-11 under the Exchange Act or (viii) modify, supplement or amend any other term or condition of the Offer in a manner adverse to the holders of Common Stock. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall be expire at midnight (New York City time) on the date that is ten twenty (20) Business Days (for this purpose following the commencement of the Offer, as calculated in accordance with Rule 14d-1(g)(3) under of the Exchange ActAct (such time and date, the “Initial Expiration Date”) following or if the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered Initial Expiration Date has been extended in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including on the prior satisfaction or waiver of date to which the conditions set forth in Annex I Offer has been so extended (the Initial Expiration Date, or such later time and date to which the Initial Expiration Date has been extended in accordance with this Agreement, the Offer ConditionsExpiration Date”), promptly after the later of . (xe) the earliest date If as of which Merger Subsidiary is permitted under applicable Law any then scheduled Expiration Date, any Offer Condition has not been satisfied or, to accept for payment Shares tendered the extent waivable by Parent or Acquisition Sub pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfiedthis Agreement, or waived by Parent or Merger SubsidiaryAcquisition Sub, Merger Subsidiary Acquisition Sub shall (and Parent shall cause Merger Subsidiary Acquisition Sub to) consummate extend the Offer for successive periods of up to five (5) Business Days each (or such longer period of up to twenty (20) Business Days if Parent so desires and the Company consents in accordance with its terms and accept for payment writing prior to such extension), the length of each Share validly tendered and not properly withdrawn pursuant such period to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver determined by Parent or Merger Subsidiary, of each in its sole discretion in order to permit the satisfaction of the Offer Conditions; provided, however, that Acquisition Sub shall not be required to extend the Offer beyond the Outside Date, unless at such time Parent would be prohibited from terminating this Agreement pursuant to Section 8.1(b), and shall not extend the Offer beyond the Outside Date without the Company’s prior written consent. In addition, Acquisition Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the SEC or its staff or the NASDAQ; provided, however, that Acquisition Sub shall not be required to extend the Offer beyond the Outside Date, unless at such time Parent would be prohibited from terminating this Agreement pursuant to Section 8.1(b), and shall not extend the Offer beyond the Outside Date without the Company’s consent. (bf) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary Acquisition Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date without the prior written consent of the Company, except in the event that if this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding the foregoingIf this Agreement is terminated pursuant to Article VIII, (x) Merger Subsidiary Acquisition Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Acquisition Sub to) extend promptly terminate the Offer if at and shall not acquire the scheduled shares of Common Stock pursuant thereto. If the Offer is terminated by Acquisition Sub, or extended expiration this Agreement is terminated prior to the Acceptance Time, Acquisition Sub shall promptly return, and shall cause any depositary acting on behalf of Acquisition Sub to return, in accordance with applicable Law, all tendered shares of Common Stock that have not then been purchased in the Offer to the registered holders thereof. (g) As soon as practicable on the date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Merger Subsidiary Parent and Acquisition Sub shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”).: (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment SEC, in accordance with Rule 14d-3 under the Exchange Act, a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”); (ii) deliver a copy of the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements including all exhibits thereto, to the “Offer Documents”)Company at its principal executive offices in accordance with Rule 14d-3(a) promulgated under the Exchange Act; (iii) give telephonic notice of the information required by Rule 14d-3 promulgated under the Exchange Act, and (ii) mail by means of first class mail a copy of the Schedule TO, to the extent required by applicable U.S. federal securities laws, NASDAQ in accordance with Rule 14d-3(a) promulgated under the Exchange Act; and (iv) cause the Offer Documents to be disseminated to all holders of Shares. Each shares of ParentCommon Stock as and to the extent required by all applicable Laws, Merger Subsidiary including the Exchange Act. (h) The Schedule TO shall include as exhibits, the Offer to Purchase, a form of letter of transmittal, a form of summary advertisement, and the Company agrees that they shall cause a form of notice of guaranteed delivery (the Schedule TO and the other Offer Documents filed by any of them with the SEC documents included therein pursuant to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that which the Offer shall be made, together with any amendments and supplements thereto, being referred to herein as the “Offer Documents, when filed with the SEC and on the date first published, sent or given ”). Subject to the stockholders provisions of Section 6.4, the Company consents to the inclusion of a description of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use Recommendation in the Schedule TO and the Offer Documents Documents. Parent and Acquisition Sub, on the one hand, and the Company, on the other hand, agree to promptly correct any information provided by it for use in the Offer Documents, if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Parent and Acquisition Sub agree to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Common Stock, in each case as and to the extent required by all applicable U.S. federal securities lawsLaws, including the Exchange Act. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Merger Subsidiary Parent and Acquisition Sub shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. In addition, Parent and Merger Subsidiary Acquisition Sub shall provide the Company and its counsel promptly with copies of any written or comments, and shall inform them of any oral comments comments, that Parent, Merger Subsidiary Acquisition Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review any proposed written or oral responses to the provisions hereofSchedule TO and Offer Documents and Parent and Acquisition Sub shall give due consideration to the reasonable additions, promptly respond deletions or changes suggested thereto by the Company and its counsel and to such commentsparticipate in any substantive telephonic communications with the staff of the SEC related thereto.

Appears in 1 contract

Sources: Merger Agreement (Dealertrack Technologies, Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including FutureLink USA agrees to mail on or about August 3, 1998 or so soon as the documentation is available to the holders of Class "A" Common Voting Shares of FutureLink Alberta an offer to purchase all of the outstanding Class "A" Common Voting Shares of FutureLink Alberta, by the exchange of one (1) FutureLink USA Common Share for each issued and outstanding FutureLink Alberta Class A Common Voting Share subject to the terms and conditions set out in the Offer marked as Schedule "A" to this Agreement (as such Offer may be amended from time to time as permitted under this Agreement. FutureLink USA expressly reserves the right to modify the terms of the Offer except that, without the prior written consent of FutureLink Alberta, FutureLink USA shall not reduce the Offer price; change the form of consideration payable under the Offer; or add to, amend or change any of the Offer terms in any manner adverse to the holders of Shares. (b) The Offering shall expire approximately 21 calendar days after it is commenced (or, if such date is not a business day, on the next following business day), provided that the Offer may be extended, at the sole discretion of FutureLink USA, if the conditions thereto set forth in Schedule "A" hereto are not satisfied on the expiry day of the Offer. Subject to the satisfaction or waiver of the conditions set forth in Annex I (Schedule "A" hereto, FutureLink USA shall within the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept time periods required by law take up and pay for payment all Class "A" Common Voting Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered (and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interestwithdraw) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent FutureLink USA shall use its reasonable commercial efforts to cause Merger Subsidiary) to accept for paymentconsummate the Offer, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 1 contract

Sources: Acquisition Agreement (Futurelink Distribution Corp)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article 9, as promptly as practicable after the date hereof, hereof (but in no event later than three Business Days following the public announcement of the execution of this AgreementOctober 4, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make 2013 or such other amendments date as are necessary or appropriate may be agreed to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable Company (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”"Commencement Date")), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer. (b) The obligation and right of Merger Sub to accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer shall be solely subject to (i) there being validly tendered in the Offer (and not validly withdrawn) prior to any then scheduled Expiration Time that number of Shares which represents a majority of the Shares then outstanding (determined on a fully diluted basis (which assumes conversion or exercise of all derivative securities regardless of the conversion or exercise price, the vesting schedule or other terms and conditions thereof)) (the "Minimum Condition") and (ii) the satisfaction or waiver by Parent or Merger Sub (to the extent permitted hereby) of the other conditions and requirements set forth in Annex A (together with the Minimum Condition, the "Offer Conditions"). Subject to the prior satisfaction of the Minimum Condition and the satisfaction or waiver by Parent or Merger Sub of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time. The conditions to the Offer set forth in Annex A are for the sole benefit of Parent and Merger Sub and may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 2.1. The Offer Price payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes pursuant to Section 4.2(g). (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the "Offer to Purchase") that includes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary expressly reserves Sub reserve the right to waive waive, in whole or in part, any of Offer Condition (other than the Minimum Condition), to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not: (i) reduce the number of Shares subject to the Offer; provided that without (ii) reduce the prior consent of the Company Offer Price; (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition; (iv) add to the conditions set forth in Annex A or modify or change any Offer Condition may not be waived, in a manner adverse to any Shareholders; (Bv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer; or (vi) otherwise amend, amends modify or adds to supplement any of the Offer Conditions or amends any other term terms of the Offer in any a manner adverse to any Shareholder. (d) The Offer shall expire at midnight (New York City, New York time) on the stockholders date that is 20 Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the CompanyOffer (the "Initial Expiration Time") or, (C) in the expiration event the Initial Expiration Time has been extended as permitted or required by this Agreement, the date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate time to which the Offer has been so extended or re-extended (the Initial Expiration Time, as so extended, the "Expiration Time"). (e) Unless this Agreement has been terminated in accordance with its terms: (i) if on or prior to any then scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoingExpiration Time, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any all of the conditions to the Offer (including the Minimum Condition and the other Offer Conditions) have not been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, then Merger Sub shall not be satisfied (and in such case Parent shall cause Merger Sub to) extend the Offer for successive periods of up to ten Business Days each (or waivedsuch longer period of up to 20 Business Days if the Company consents in writing prior to such extension), from time to time until the length of each such conditions are satisfied (other than conditions which by their nature are period to be satisfied on determined by Parent in its sole discretion, in order to permit the Acceptance Date) or waivedsatisfaction of such conditions; and (yii) Merger Subsidiary Sub shall (and Parent shall cause Merger Sub to) extend the Offer for any period or periods required by any ruleapplicable Law or applicable rules, regulationregulations, interpretation interpretations or position positions of the U.S. Securities SEC or its staff; and Exchange Commission (the “SEC”iii) or the Nasdaq Global Market applicable upon notice to the OfferCompany, Merger Sub may, at its option on one occasion extend the Expiration Time for up to ten Business Days; provided that provided, however, that, in no event any case in this Section 2.1(e), Merger Sub shall Merger Subsidiary not be required to extend the Offer beyond the End Termination Date unless Parent or Merger Subsidiary is and shall not then be permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by Termination Date without the Company, or may, in its sole discretion, provide a subsequent offering period 's consent. (“Subsequent Offering Period”f) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the Offerthis Agreement, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, accept for payment and pay for, for (subject to any withholding of tax pursuant to Section 4.2(g)) all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the expiration Expiration Time (as it may be extended and re-extended in accordance with this Section 2.1). Acceptance for payment of the Offer, all Shares (1) validly tendered pursuant to and not withdrawn pursuant subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the "Offer Closing," and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted the Offer Closing occurs is referred to in this Agreement as the "Offer Closing Date." Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for paymenta "subsequent offering period" (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the “Acceptance Date”)Offer Documents (as defined below) may, in Merger Sub's sole discretion, provide for such a reservation of right. Nothing contained in this Section 2.1 shall affect any termination rights in Article 9. (cg) As promptly as practicable after Merger Sub shall not, and Parent shall not permit Merger Sub to, terminate the Offer prior to the date hereof, but on which this Agreement has been terminated in no event later than three Business Days following accordance with Article 9. If the public announcement of Offer is terminated or withdrawn by Merger Sub in accordance with the execution terms of this Agreement, or if this Agreement is terminated pursuant to Article 9, prior to the acceptance for payment of the Shares tendered in the Offer, Merger Subsidiary shallSub shall promptly return, and shall cause its Affiliates toany depository acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered Shares to the registered holders thereof. (ih) As soon as practicable on the Commencement Date, Parent and Merger Sub shall file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the "Schedule TO"). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer shall be made, together with any amendments or and supplements thereto, the "Offer Documents"), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and disseminated to the Shareholders, in each case as and to the extent required by the Exchange Act. Parent and Merger Sub, on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state promptly correct any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesthe Shareholders, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the Shareholders, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. such comments. (i) Parent and Merger Subsidiary shall provide or cause to be provided to Merger Sub, on a timely basis, the Company funds necessary to pay for any Shares that Merger Sub becomes obligated to accept for payment, and its counsel with any written or oral comments Parentpay for, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsand this Agreement.

Appears in 1 contract

Sources: Merger Agreement (Official Payments Holdings, Inc.)

The Offer. (a) Not later than the first business day after the date of this Agreement, ACQUIROR, Acquisition Subsidiary and EKCO will make a public announcement of the Offer. (b) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Section 7.1 and none of the conditions events set forth in Annex IA hereto shall have occurred or be existing, Acquisition Subsidiary shall commence, in accordance with the terms hereof, the Offer and ACQUIROR shall cause Acquisition Subsidiary to commence, within the meaning of Rule 14d-2 under the Exchange Act, as amended, including the rules and regulations promulgated thereunder (the "Exchange Act"), the Offer as promptly as reasonably practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to five (i5) increase the purchase price to $6.50 per Share business days (the “Offer Price”), net to the seller as such term is defined in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-1 under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later initial public announcement of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law Acquisition Subsidiary's intention to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to commence the Offer. The obligation of Merger Acquisition Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, payment and pay the Offer Price (without interest) for, each Share validly for EKCO Shares tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, satisfaction or waiver (other than a waiver of the Minimum Condition requirement) of the conditions set forth in Annex A hereto (unless the failure of any such condition was caused by Parent any material breach by ACQUIROR or Merger SubsidiaryAcquisition Subsidiary of this Agreement in which case Acquisition Subsidiary shall be obligated to accept for payment and pay for EKCO Shares tendered pursuant to the Offer provided that such failure has been waived by EKCO), including the condition that a number of EKCO Shares representing that number of EKCO Shares which would equal more than fifty percent (50%) of the voting power (determined on a fully-diluted basis), of each all the securities of EKCO entitled to voted generally in a merger shall have been validly tendered and not withdrawn prior to the expiration date of the Offer Conditions. (b) Merger the "Minimum Condition"). Acquisition Subsidiary expressly reserves the right to waive any of such condition, to increase the Offer Conditions Per Share Amount and to make any other changes in the terms and conditions of or conditions to the Offer; provided that provided, however, that, without the prior written consent of EKCO, Acquisition Subsidiary will not (i) decrease the Company Per Share Amount below $7.00 (which consent may be granted or withheld by ii) reduce the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form minimum number of consideration EKCO Shares to be paid, decreases the price per Share or the number of Shares sought purchased in the Offer, amends (iii) change the form of the consideration payable in the Offer (other than by adding consideration), (iv) add to, modify or adds supplement the conditions to the Offer Conditions or amends any other term of the Offer set forth in any manner adverse to the stockholders of the CompanyAnnex A hereto, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary tov) extend the Offer if at the scheduled or extended expiration date of the Offer beyond the twenty (20) business days following the commencement thereof, except as expressly provided herein or (vi) make any other change in the terms or conditions of the conditions Offer which is materially adverse to the Offer shall not be satisfied holders of EKCO Shares, it being agreed that a waiver by Acquisition Subsidiary of any condition in whole or waived, in part (other than the Minimum Condition) at any time and from time to time until such conditions are satisfied (other than conditions which by their nature are in its discretion shall not be deemed to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for materially adverse to any period required by any rule, regulation, interpretation or position holder of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End DateEKCO Shares. Following expiration of the Offer, Merger Subsidiary The Per Share Amount shall, if requested by the Companysubject to any applicable withholding of taxes, or maybe net to each seller in cash, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer. Subject to the terms and conditions of the Offer, Merger Acquisition Subsidiary shall, and Parent ACQUIROR shall cause it Acquisition Subsidiary to, accept for payment and pay forpay, as promptly as practicable after the expiration of the Offer, for all EKCO Shares (1) validly tendered and not withdrawn withdrawn; provided, that Acquisition Subsidiary shall have the right, in its sole discretion, to extend the Offer from time to time for up to a maximum of 15 business days, notwithstanding the prior satisfaction of the conditions contained in Annex A if on such expiration date there shall not have been tendered that number of EKCO Shares which would equal more than 90% of the issued and outstanding EKCO Shares (the "15 Day Right") and provided further, that if Acquisition Subsidiary shall extend the Offer pursuant to the Offer 15 Day Right, Acquisition Subsidiary shall waive during such 15 business days all conditions set Agreement and Plan of Merger 2 Execution Copy 7 forth in Annex A other than the Minimum Condition and the conditions set forth in paragraphs (a), (b) and (2d) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”).Annex A. (c) As promptly as practicable after On the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution of this AgreementOffer, Merger ACQUIROR and Acquisition Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to Securities and Exchange Commission (the "SEC") a Tender Offer Statement on Schedule TO14D-1, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement including all exhibits thereto (collectively, together with any all amendments or and supplements thereto, the "Schedule 14D-1"), with respect to the Offer. The Schedule 14D-1 shall contain or shall incorporate by reference an offer to purchase (the "Offer to Purchase") and the forms of related Letters of Transmittal as well as all other information and exhibits required by law (the Schedule 14D-1, the Offer to Purchase and such other documents, together with all supplements and amendments thereto, being referred to herein collectively as the "Offer Documents"), and (ii) to the extent required by applicable U.S. federal securities laws, cause the . The Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to will comply in all material respects with the 1934 Act and provisions of applicable federal securities laws and, on the rules and regulations thereunder and other applicable Law and that the Offer Documents, when date filed with the SEC and on the date first published, sent or given to the stockholders of the CompanyEKCO's stockholders, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent no representation is made by ACQUIROR and Merger subsidiary shall have no obligation Acquisition Subsidiary with respect to information supplied by EKCO for inclusion in the Offer Documents. ACQUIROR, Acquisition Subsidiary and EKCO shall correct promptly any information provided by any of them for use in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information which shall have become false or misleading in any material respect. Merger Subsidiary shallmisleading, and ACQUIROR and Acquisition Subsidiary shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to cause the Schedule TO 14D-1, as so corrected corrected, to be filed with the SEC and the other Offer Documents Documents, as so corrected corrected, to be disseminated to holders of EKCO Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company EKCO and its counsel shall be given a the reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed prior to the filing thereof with the SEC after the date hereof SEC. ACQUIROR and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Acquisition Subsidiary shall provide the Company EKCO and its counsel with a copy of any written comments or telephonic notification of any oral comments Parent, Merger ACQUIROR or Acquisition Subsidiary or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject thereof. In the event that ACQUIROR or Acquisition Subsidiary receives any comments from the SEC or its staff with respect to the provisions Offer Documents, each shall use its reasonable best efforts to respond promptly to such comments and take all other actions necessary to resolve the issues raised therein. (i) Subject to the terms and conditions hereof, promptly respond the Offer shall initially remain open until midnight, New York City time, on the date that is twenty (20) business days after the Offer is commenced (within the meaning of Rule 14d-2 under the Exchange Act) (the "Initial Expiration Date"). (ii) If Acquisition Subsidiary does not consummate the Offer on the Initial Expiration Date due to the failure of one or more conditions in Annex A to be satisfied, Acquisition Subsidiary shall extend the Offer one or more times until the earlier of (x) 11:59 p.m. New York time on the 60th calendar day after the date of this Agreement or (y) two business days after such commentstime as such condition or conditions are satisfied or waived; provided that Acquisition Subsidiary shall not be obligated to extend the Offer pursuant to this sentence if the condition that has not been satisfied is not reasonably capable of being satisfied at or prior to the time referred to in clause (x) above; provided, further, that nothing herein shall prohibit Acquisition Subsidiary from exercising its 15 Day Right. (iii) If Acquisition Subsidiary does not consummate the Offer on or prior to the 60th calendar day after the date of this Agreement due to the failure of one or more conditions in Annex A to be satisfied, and if such unsatisfied condition or conditions are reasonably capable of being satisfied, Acquisition Subsidiary shall, at the request of EKCO, extend the Offer one or more times until the earlier of (x) 11:59 p.m. New York time on the 120th calendar day after the date of this Agreement or (y) two Agreement and Plan of Merger 3 Execution Copy 8 business days after such time as such condition or conditions are satisfied or waived; provided, further, that nothing herein shall prohibit Acquisition Subsidiary from exercising its 15 Day Right. (iv) If Acquisition Subsidiary does not consummate the Offer on or prior to the 60th calendar day after the date of this Agreement due to the failure of one or more conditions in Annex A to be satisfied, and if such unsatisfied condition or conditions are reasonably capable of being satisfied, Acquisition Subsidiary may extend the Offer one or more times until (a) the 120th calendar day after the date of this Agreement or (b) until the 180th calendar day after the date of this Agreement if the Offer shall not have been consummated solely due to the waiting period (or any extension thereof) or approvals under the HSR Act or any applicable foreign competition laws not having expired or been terminated or received. (v) Acquisition Subsidiary may at any time transfer or assign to ACQUIROR or to one or more corporations, 80% or more of the outstanding capital stock of which is directly or indirectly owned by ACQUIROR, the right to purchase all of the EKCO Shares tendered pursuant to the Offer, but any such transfer or assignment shall not relieve ACQUIROR or Acquisition Subsidiary of its obligations hereunder or prejudice the rights of stockholders or holders of EKCO Options or EKCO Warrants to receive payment for EKCO Shares validly tendered and accepted for payment in the Offer or in the Merger or otherwise in accordance with the terms hereof. Any such assignee or transferee of Acquisition Subsidiary shall assume all of the obligations of Acquisition Subsidiary hereunder, and ACQUIROR and Acquisition Subsidiary shall amend this Agreement, at the request of EKCO, to substitute any such assignee or transferee for Acquisition Subsidiary in this Agreement. (vi) Acquisition Subsidiary shall be obligated to consummate the Offer on the date (or no later than one business day after the date) that all of the conditions set forth in Annex A shall have been satisfied; provided, however, that nothing herein shall prohibit Acquisition Subsidiary from exercising its 15 Day Right.

Appears in 1 contract

Sources: Merger Agreement (Ekco Group Inc /De/)

The Offer. (a) Provided that nothing this Agreement shall not have occurred been terminated pursuant to Article VIII, Merger Sub shall (and Parent shall cause Merger Sub to) use its reasonable best efforts to commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer within three (3) Business Days (and shall commence such Offer in any event within ten (10) Business Days) of the date of this Agreement. (b) The obligation of Merger Sub to, and of Parent to cause Merger Sub to, accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer and not validly withdrawn prior to any then scheduled Expiration Time that would give rise number of shares of Company Common Stock which, together with the shares beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the Fully Diluted Shares as of immediately prior to a right to terminate the expiration of the Offer (as it may be extended and re-extended in accordance with this Section 1.01) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Exhibit A, as such conditions may be modified in accordance with this Agreement (together with the Minimum Condition, the “Offer Conditions”). For purposes of determining whether the Minimum Condition has been satisfied, any shares tendered in the Offer pursuant to any guaranteed delivery procedures shall be included only if such shares have been delivered pursuant to such procedures. Subject to the prior satisfaction of the conditions set forth Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions as of the Expiration Time, Merger Sub shall, and Parent shall cause Merger Sub to, consummate the Offer in Annex I, accordance with its terms and accept for payment and pay for all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the date hereof, but Expiration Time. The Offer Price payable in no event later than three Business Days following the public announcement respect of the execution each share of this Agreement, Merger Subsidiary shall amend Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), shall be paid net to the seller in cash, without interest (ii) provide that subject to any withholding of tax pursuant to Section 3.05), on the terms and subject to the conditions to the set forth in this Agreement. (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in Annex I this Agreement, including the Offer Conditions. Parent and Merger Sub expressly reserve the right (in their sole discretion) to waive, in whole or in part, any Offer Condition, to increase the Offer Price or to make any other changes in the terms and conditions of the Offer; provided, however, that no other conditions unless otherwise provided by this Agreement or as previously approved in writing by the Company, Merger Sub shall applynot (i) reduce the number of shares of Company Common Stock subject to the Offer, (ii) reduce the Offer Price or change the form of consideration payable in the Offer, (iii) provide that change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Exhibit A or modify or change any Offer Condition in any manner adverse to any shareholders of the Company, (v) except as otherwise provided in this Section 1.01, extend or otherwise change the expiration date of the Offer or (vi) otherwise amend, modify or supplement any of the other terms of the Offer in any manner adverse to any shareholder of the Company. (d) Subject to the terms and conditions of this Agreement, the Offer shall be expire at midnight (New York City time) on the date that is ten twenty (20) Business Days following the commencement (for this purpose calculated in accordance with within the meaning of Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following of the filing Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement to the contrary, unless this Agreement has been terminated in accordance with its terms, Merger Sub shall, and Parent shall cause Merger Sub to, (i) extend the Offer on one or more occasions, in consecutive increments of up to five (5) Business Days (or such amendmentlonger period as the parties hereto may agree) each, if on any then-scheduled Expiration Time any of the Offer Conditions (other than the Minimum Condition) shall not be satisfied or waived, until such time as such condition or conditions are satisfied or waived; provided, however, that the maximum number of days that the Offer may be extended pursuant to this clause (i) shall be twenty (20) Business Days, (ii) extend the Offer on one or more occasions, in consecutive increments of up to five (5) Business Days each, if on any then-scheduled Expiration Time each Offer Condition (other than the Minimum Condition) shall have been satisfied or waived, and the Minimum Condition shall not have been satisfied; provided, however, that the maximum number of days that the Offer may be extended pursuant to this clause (ii) shall be twenty (20) Business Days, (iii) extend the Offer, at the request of the Company, until the expiration of a twenty (20)-day cure period after a breach of this Agreement by the Company, if on any then-scheduled Expiration Time any of the Offer Conditions (other than the Minimum Condition) shall not be satisfied due to a breach of this Agreement by the Company that is capable of being cured (it being understood that a willful failure to comply with Section 6.04 in any material respect shall be deemed incapable of being cured), and (iv) make such other amendments as are necessary extend the Offer for the minimum period required by applicable Law, any interpretation or appropriate to conform position of the Securities and Exchange Commission (the “SEC”), the staff thereof, the NASDAQ Stock Market (“NASDAQ”) or the Chicago Stock Exchange, Inc. applicable to the requirements Offer, and until any waiting period (and any extension thereof) applicable to the consummation of the Offer under the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and any other applicable foreign antitrust, competition or similar Law shall have expired or been terminated; provided, however, that in no event (A) shall Merger Sub be required to extend the Offer beyond November 1, 2012 (the “Outside Date”) or (B) shall this AgreementSection 1.01(e) be construed or deemed to impair, limit or otherwise restrict in any manner the right of the parties to terminate this Agreement pursuant to Article VIII. The Merger Sub expressly reserves the right to, in its sole discretion, following the Offer shall Closing, make available one (1) or more “subsequent offering periods” in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents may, in Merger Sub's sole discretion, provide for such a reservation of right. Except as otherwise expressly provided in this Section 1.01(e), the rights of Company to cause an extension of the Offer are cumulative so that, if at any time any of the foregoing is applicable, the Offer will be so extended further. (f) On the terms and subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which by Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each Sub of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiaryas of the Expiration Time, Merger Subsidiary shall (Sub shall, and Parent shall cause Merger Subsidiary Sub to) consummate , accept and pay the Offer in accordance with its terms and accept Price (subject to any withholding of tax pursuant to Section 3.05) pursuant to Section 1.01(b) for payment each Share all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer as soon as practicable after the Expiration Time (as it may be extended and promptly following re-extended in accordance with this Section 1.01). Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the acceptance funds necessary to pay for any shares of Shares Company Common Stock that Merger Sub becomes obligated to accept for payment pursuant to the Offer pay the Offer Price (without interest) and shall cause Merger Sub to fulfill all of Merger Sub's obligations under this Agreement. Acceptance for each Share validly tendered and not properly withdrawn payment of shares of Company Common Stock pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in any manner adverse to this Agreement as the stockholders of the Company, “Offer Closing Date.” (C) the expiration date shall not be extended except as otherwise provided herein, and (Dg) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company, except in the event that this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return (and in any event within three (3) Business Days), and shall cause any depository acting on behalf of Merger Subsidiary toSub to promptly return, all tendered Company Common Stock to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub in writing all information concerning the extent Company and its Subsidiaries that may be required by applicable U.S. federal securities laws, Laws or reasonably requested by Parent or Merger Sub for inclusion in the Offer Documents. Parent and Merger Sub shall take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, shall promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and Sub shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the shareholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their Representatives, on the one hand, and the SEC, on the other hand, relating to the Offer Documents. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the shareholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 1 contract

Sources: Merger Agreement (Charming Shoppes Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII, as promptly as practicable after the date hereof, but and in no any event later than three Business Days following the public announcement of the execution of this Agreementon or prior to September 30, 2015, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer in accordance with its terms to purchase for cash all issued outstanding shares of Company Common Stock at the Offer Price. The consummation of the Offer, and the obligation of Merger Sub to accept for payment each Share and pay for shares of Company Common Stock tendered pursuant to the Offer shall be subject solely to: (i) there being validly tendered in the Offer (in the aggregate) and not properly withdrawn prior to the Expiration Date that number of shares of Company Common Stock which, together with the number of shares of Company Common Stock (if any) then owned of record by Parent or any of its wholly-owned direct or indirect Subsidiaries, including Merger Sub, or with respect to which Parent or any of its wholly-owned direct or indirect Subsidiaries, including Merger Sub, otherwise has, directly or indirectly, voting power, represents at least a majority of the shares of Company Common Stock then outstanding (determined on a Fully Diluted Basis) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex A (such conditions and requirements, together with the Minimum Condition, the “Offer Conditions”). The Offer Conditions are for the sole benefit of Merger Sub and may be asserted by Merger Sub regardless of the circumstances giving rise to such condition or may be waived by Merger Sub, in its sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.1. For purposes of clarity, Merger Sub may not waive the Minimum Condition. (b) Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Merger Sub, of the other Offer Conditions as of the Expiration Date, Merger Sub shall, and Parent shall cause Merger Sub to, accept for payment and pay for all shares of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer promptly after the Expiration Date. Parent shall provide or cause to be provided to Merger Sub on a timely basis funds sufficient to purchase and promptly following the acceptance pay for any and all shares of Shares Company Common Stock that Merger Sub becomes obligated to accept for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn purchase pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, payable in respect of each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiaryapplicable Law, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with this Agreement, including the Minimum Condition and the other Offer Conditions. (b) . To the extent permitted by applicable Law, Merger Subsidiary Sub expressly reserves the right (in its sole discretion) to waive any of increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that except with the prior written approval of the Company, Merger Sub shall not (i) decrease the Offer Price, (ii) change the form of consideration payable in the Offer, (iii) reduce the maximum number of shares of Company Common Stock sought to be purchased in the Offer, (iv) amend, modify or waive the Minimum Condition, (v) amend any of the other Offer Conditions in a manner adverse to the holders of shares of Company Common Stock, (vi) impose conditions to the Offer; Offer that are in addition to the Offer Conditions, (vii) except as provided that without in Section 1.1(e), terminate, accelerate, extend or otherwise modify or amend the prior consent Expiration Date, or (viii) otherwise modify or amend any of the other terms of the Offer in a manner adverse in any material respect to the holders of shares of Company Common Stock. For the avoidance of doubt, in no event shall any waiver by Parent or Merger Sub of any condition to the Offer (other than the Minimum Condition) in accordance with the terms of this Agreement be deemed to be a modification or amendment of the Offer that is adverse to the holders of shares of Company Common Stock. (d) Unless extended in accordance with Section 1.1(e), the Offer shall expire at 12:00 midnight (New York City time) at the end of the day that is 20 Business Days following the commencement of the Offer (determined using Rule 14d-1(g)(3) under the Exchange Act) (such date and time, the “Initial Expiration Date”) or, if the Initial Expiration Date has been extended in accordance with Section 1.1(e), the date and time to which consent may be granted the Offer has been so extended (the Initial Expiration Date, or withheld such later date and time to which the Initial Expiration Date has been extended in accordance with this Agreement, the “Expiration Date”). (e) If at any then scheduled Expiration Date, any of the Offer Conditions (including the Minimum Condition) have not been satisfied, or waived (to the extent permitted by the Company terms of this Agreement and applicable Law) by Merger Sub, unless Merger Sub shall have terminated the Offer pursuant to Section 1.1(i), Merger Sub shall extend the Offer for successive periods of up to 20 Business Days each, the length of each such period to be determined by Merger Sub in its sole discretion) (A) , in order to permit the Minimum Condition may satisfaction of such conditions; provided, however, that Merger Sub shall not be waivedrequired to extend, (B) no change may be made that changes and shall not extend without the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders consent of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to beyond the End Date if any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions condition to the Offer shall has not be been satisfied at or waivedprior to the End Date. In addition, from time notwithstanding anything to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) contrary in the prior sentence, Merger Subsidiary Sub shall extend the Offer for any period or periods required by any ruleapplicable Law or applicable rules, regulationregulations, interpretation interpretations or position positions of the U.S. Securities and Exchange Commission (the “SEC”) or its staff. (f) If necessary to obtain sufficient shares of Company Common Stock to reach the Nasdaq Global Market applicable to Short Form Threshold after the Offer; provided that in no event shall Merger Subsidiary be required to extend Expiration Date (assuming full exercise of the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(iTop-Up Option), in which case Merger Subsidiary Sub shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a for one “subsequent offering period (“Subsequent Offering Period”) period” in accordance with Rule 14d-11 under the Exchange Act, as determined in the sole discretion of Parent and Merger Sub, of not less than three or more than 20 Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) promulgated under the 1934 Exchange Act). Subject to the terms and conditions of this Agreement and the Offer, Merger Sub shall (and Parent shall cause Merger Sub to) immediately accept for payment, and pay for, all shares of Company Common Stock that are validly tendered pursuant to the Offer during each such “subsequent offering period.” Without limiting the generality of the foregoing, Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to purchase during such “subsequent offering period.” The Offer Documents will provide for the possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 1.1(f) and Rule 14d-11 under the Exchange Act. (g) Subject to Section 1.1(i), Merger Sub shall not terminate the Offer prior to any scheduled Expiration Date without the prior written consent of the Company, except if this Agreement has been terminated in accordance with Article VIII. If this Agreement is terminated in accordance with Article VIII, Merger Sub shall (and Parent shall cause Merger Sub to) promptly (and in any event within one Business Day of such termination), irrevocably and unconditionally terminate the Offer. If the Offer is terminated or withdrawn by Merger Sub, or this Agreement is terminated prior to the purchase of shares of Company Common Stock in the Offer, including the requirements of Rule 14d-11pursuant to Section 1.1(i), Merger Sub shall (and Parent shall cause Merger Sub to) promptly return, and upon the terms and subject shall cause any depositary acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered shares of Company Common Stock to the conditions registered holders thereof and Merger Sub shall not (and Parent shall cause Merger Sub not to) accept any shares of Company Common Stock pursuant to the Offer. (h) As soon as practicable on the date of the commencement of the Offer, Parent and Merger Subsidiary shallSub shall file with the SEC, and Parent shall cause it toin accordance with Rule 14d-3 under the Exchange Act, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO shall include, as practicable after exhibits, the date hereofOffer to Purchase, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement a form of summary advertisement (collectively, together with any amendments or amendments, supplements and exhibits thereto, the “Offer Documents”). Merger Sub may, but shall not be required to, provide guaranteed delivery procedures for the tender of shares of Company Common Stock in the Offer; provided, however, if Merger Sub provides guaranteed delivery procedures, for purposes of determining whether the Minimum Condition has been satisfied, Parent and (ii) Merger Sub shall include for purposes of its determination thereof shares of Company Common Stock tendered in the Offer pursuant to guaranteed delivery procedures if and only if shares of Company Common Stock have been delivered pursuant to such guarantees as of the extent required by applicable U.S. federal securities laws, Expiration Date. Parent and Merger Sub agree to cause the Offer Documents to be disseminated to holders of Sharesshares of Company Common Stock, as and to the extent required by Law, including the Exchange Act. Each of Parent, Parent and Merger Subsidiary and the Company agrees that they Sub shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply as to form in all material respects with the 1934 Act requirements of applicable Law. Parent and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsMerger Sub, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state any material fact required to be stated therein or necessary in order to make promptly notify the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent other Party and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Merger Sub agrees to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Company Common Stock, in each case case, as and to the extent required by applicable U.S. federal securities lawsLaw, including the Exchange Act. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Parent and Merger Subsidiary Sub shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. In addition, Parent and Merger Subsidiary Sub shall provide the Company and its counsel with copies of any written comments, and shall inform them of any oral comments, that Parent and Merger Sub or oral comments Parent, Merger Subsidiary or their respective Affiliates or its counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review any such responses and Parent and Merger Sub shall give due consideration to the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. (i) If any Offer Condition shall not have been satisfied or, to the extent waivable by Parent or Merger Sub, waived prior to November 2, 2015, then Merger Sub may at any time prior to November 13, 2015, irrevocably and unconditionally terminate the Offer. If the Offer is terminated pursuant to this Section 1.1(i), the Company shall proceed with and take all actions necessary to hold the Company Stockholders Meeting in accordance with the terms of Section 6.5. The termination of the Offer pursuant to this Section 1.1(i) is referred to in this Agreement as the “Offer Termination”. Notwithstanding anything to the contrary in this Section 1.1(i), if this Agreement is terminated pursuant to Article VIII, then Merger Sub shall promptly (and, subject in any event, within two Business Days of such termination), irrevocably and unconditionally terminate the Offer and shall not acquire any shares of Company Common Stock pursuant to the provisions hereofOffer. If the Offer is terminated or withdrawn by Merger Sub in accordance with the terms of this Agreement, including this Section 1.1(i), or this Agreement is terminated in accordance with Article VIII, Merger Sub shall promptly respond return, and shall cause any depository acting on behalf of Merger Sub to return, all tendered shares of Company Common Stock to the registered holders thereof to the extent required by the terms of the Offer. The Parties hereto acknowledge and agree that the Offer Termination shall not give rise to a right of termination of this Agreement unless to the extent expressly provided for in Article VIII and that, absent such commentstermination of this Agreement, the obligations of the Parties other than those related to the Offer shall continue to remain in effect, including those obligations with respect to the Merger.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Insite Vision Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate On the Offer pursuant to any fifth (5th) Business Day after the end of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this AgreementGo-Shop Period, Merger Subsidiary shall amend Sub will (and Parent will cause Merger Sub to) “commence” (within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following the filing Offer. (b) The obligation of such amendment, Merger Sub to accept for payment and (iv) make such other amendments as are necessary or appropriate to conform pay for any shares of Target Common Stock validly tendered and not validly withdrawn pursuant to the requirements of this Agreement. The Offer shall will be subject to the condition that to: (i) there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a validly withdrawn prior to any then scheduled Expiration Time that number of Shares thatshares of Target Common Stock which, together with the Shares then shares beneficially owned by Parent and its Affiliatesor Merger Sub (if any), represents at least a majority of the total number of Shares Target Common Stock then outstanding (determined on a fully-fully diluted basisbasis (which assumes conversion or exercise of all options, without regard to whether any warrants or other securities convertible or exchangeable securities are then vested into Target Common Stock regardless of the conversion or exercise price, the vesting schedule or other terms and exercisable conditions thereof)) (the “Minimum Condition”), and (ii) and to the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to Section 8.01(together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfiedMinimum Condition and the satisfaction, or waived waiver by Parent or Merger SubsidiarySub, of the other Offer Conditions, Merger Subsidiary shall Sub will (and Parent shall will cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Target Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant to the Offer pay the Expiration Time. The Offer Price (without interest) for payable in respect of each Share share of Target Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall will be subject only paid net to the satisfactionSelling Stockholder in cash, or waiver without interest, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer will be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary Sub expressly reserves reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Target, Merger Sub will not (i) reduce the number of shares of Target Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent Offer Price, (iii) change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Section 8.01 or Section 8.03 or modify or change any Offer Condition in a manner adverse to any of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waivedTarget’s stockholders, (Bv) no except as otherwise provided in this Section 2.01, extend or otherwise change may be made that changes the expiration date of the Offer, (vi) change the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the OfferOffer or (vii) otherwise amend, amends modify or adds to supplement any of the Offer Conditions or amends any other term terms of the Offer in any a manner adverse to the stockholders any of the CompanyTarget’s stockholders. (d) The Offer will expire at midnight (Rochester, New York time) on the date that is twenty (C20) Business Days following the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate commencement of the Offer prior to any scheduled expiration date except (the “Initial Expiration Time”) or, in the event that the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement is terminated pursuant to the contrary, and without limiting Parent’s or Merger Sub’s obligations under this Section 11.01. Notwithstanding the foregoing2.01(e), (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) Sub will extend the Offer (i) on one or more occasions for additional periods of five (5) Business Days each if at the on any then-scheduled or extended expiration date Expiration Time any of the Offer any of the conditions to the Offer shall Conditions have not be been satisfied or or, in Merger Sub’s sole discretion, waived, from time to time until such time as such condition or conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; waived and (yii) Merger Subsidiary shall extend the Offer for any period required by applicable Law, any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market staff thereof, or any applicable to United States securities exchange on which the OfferTarget Common Stock is traded; provided provided, however, that in no event shall will Merger Subsidiary Sub be required to extend the Offer (y) beyond August 30, 2013 (the End Date unless “Outside Date”) or (z) if Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Article IX. Merger Subsidiary shall be required to Sub also may extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, as provided in its sole discretion, provide a subsequent offering period Section 2.01(f). (“Subsequent Offering Period”f) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the Offerthis Agreement, Merger Subsidiary shallSub will, and Parent shall will cause it Merger Sub to, accept for payment and pay for, as promptly as practicable after the expiration for (subject to any withholding of the Offer, tax pursuant to Section 4.05) all Shares (1) shares of Target Common Stock validly tendered and not validly withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as soon as practicable after the date hereofExpiration Time. Acceptance for payment of shares of Target Common Stock pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing.” Merger Sub expressly reserves the right to, but in no event later than three Business Days its sole discretion, following the public announcement Offer Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 2.01 will affect any termination rights in Article IX. Such “subsequent offering periods,” collectively, may not exceed twenty-five (25) Business Days. (g) Merger Sub will not terminate the Offer prior to any scheduled Expiration Time without the prior written consent of the execution of Target except in the event that this Agreement is terminated pursuant to Article IX. If the Offer is terminated or withdrawn by Merger Sub as permitted by this Agreement, or this Agreement is terminated pursuant to Article IX prior to the acceptance for payment of the Target Common Stock tendered in the Offer, Merger Subsidiary shallSub will promptly return, and shall will cause its Affiliates toany depository acting on behalf of Merger Sub to return, all tendered Target Common Stock to the registered holders thereof. (ih) On the date of the commencement of the Offer, Parent and Merger Sub will file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO will include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”). Within fifteen (15) days after the date of this Agreement, the Target will furnish to Parent and (ii) to Merger Sub all information concerning the extent Target required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub will cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements thereinTarget’s stockholders, in light of each case as and to the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied extent required by the Company or its Representatives in writing)Exchange Act. Each of Parent, Merger Subsidiary Sub and the Company agrees Target will promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become becomes false or misleading in any material respectrespect or as otherwise required by applicable Law. Additionally, Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to Sub will cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesthe Target’s stockholders, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Company Parent and Merger Sub will promptly notify the Target upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and will promptly provide the Target with copies of all correspondence between them and their representatives and the SEC with respect to the Offer Documents. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the Target’s stockholders, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub will provide the Target and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary shall Sub will give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent will provide or cause to be provided to Merger Sub, on a timely basis so as to satisfy Merger Sub’s obligations under this Agreement and the Offer, the funds necessary to pay for any shares of Target Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 1 contract

Sources: Merger Agreement (Veramark Technologies Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this AgreementAgreement (and in any event within ten (10) Business Days), Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer. (b) The obligation and right of Merger Sub to accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer (and not validly withdrawn) prior to any then scheduled Expiration Time that number of shares of Company Common Stock which, together with the shares beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the Company Common Stock then outstanding (determined on a partially diluted basis assuming conversion or exercise of all deferred stock units but not any other derivative securities including stock options) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Exhibit A (together with the Minimum Condition, the “Offer Conditions”). Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant Expiration Time. The conditions to the Offer pay set forth in Exhibit A are for the sole benefit of Parent and Merger Sub and may be asserted by Parent or Merger Sub regardless of the circumstances (including any action or inaction by Parent or Merger Sub, provided that nothing therein shall relieve any party hereto from any obligation or liability such party has under this Agreement) giving rise to such condition or may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.01. The Offer Price (without interest) for payable in respect of each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiary, applicable Law. (c) The Offer shall be made by means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary expressly reserves Sub reserve the right to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not (i) reduce the number of shares of Company Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent of the Company Offer Price, (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition may not be waivedCondition, (Biv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds add to the conditions set forth in Exhibit A or modify or change any Offer Conditions or amends any other term of the Offer Condition in a manner adverse in any manner adverse material respect to the stockholders any shareholders of the Company, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.01, extend or otherwise change the expiration date of the Offer, (vi) change the form of consideration payable in the Offer or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse in any material respect to any shareholders of the Company. (d) The Offer shall expire at midnight (Philadelphia, Pennsylvania time) on the date that is twenty (20) Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) If on or prior to any then scheduled Expiration Time, all of the conditions to the Offer (including the Minimum Condition and the other conditions and requirements set forth in Exhibit A) have not been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, then Merger Sub (i) may (and Parent shall cause Merger Sub to) extend the Offer for successive periods of up to ten (10) Business Days each (or such longer period of up to twenty (20) Business Days if the Company consents in writing prior to such extension), the length of each such period to be determined by Parent in its sole discretion, in order to permit the satisfaction of such conditions; and (ii) shall (and Parent shall cause Merger Sub to) extend the Offer on one occasion for a period of up to seven (7) Business Days if requested by the Company; provided, however, that, in either case, Merger Sub shall not be required to extend the Offer beyond June 23, 2011 (the “Outside Date”) and shall not extend the Offer beyond the Outside Date without the Company’s consent. In addition, Merger Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the Securities and Exchange Commission or its staff (the “SEC”). (f) On the terms and subject to the conditions of this Agreement, Merger Sub shall, and Parent shall cause Merger Sub to, accept and pay for (Dsubject to any withholding of tax pursuant to Section 3.05) all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time (as it may be extended and re-extended in accordance with this Section 1.01). Acceptance for payment of shares of Company Common Stock pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for a “subsequent offering period” not to exceed ten (10) Business Days after the Offer Closing in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents (as defined below) may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 1.01 shall affect any termination rights in Article VIII. (g) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub in accordance with the terms of this Agreement, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return, and shall cause any depository acting on behalf of Merger Subsidiary toSub to return, in accordance with applicable Law, all tendered Company Common Stock to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement, if any (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any material information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the shareholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the shareholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer.

Appears in 1 contract

Sources: Merger Agreement (Tasty Baking Co)

The Offer. (a) Provided that nothing Purchaser, Parent and ▇▇▇▇▇▇▇▇ shall have occurred that would give rise to a right to terminate commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”)) the Offer pursuant to any of the conditions set forth in Annex I, as promptly as reasonably practicable after the date hereofEffective Date, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to five (i5) increase the purchase price to $6.50 per Share business days (the “Offer Price”), net to the seller as defined in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under of the Exchange Act) following from the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements date of this Agreement. The Agreement and the Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms remain open at least twenty (20) business days from commencement of the Offer (the “Initial Expiration Date”). The obligation of Purchaser, and the obligation of Parent and ▇▇▇▇▇▇▇▇ to cause Purchaser, to accept for payment and to pay for any Shares validly tendered and not withdrawn prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, satisfaction or waiver by Parent or Merger Subsidiary, Purchaser of each the following conditions: (i) there being validly tendered and not withdrawn prior to the expiration of the Offer Conditions. that number of shares of Common Stock which, together with any shares of Common Stock then owned by Holdco, Purchaser, and/or Parent and ▇▇▇▇▇▇▇▇ and their respective affiliates, represents at least a majority of the aggregate voting power of the Shares and the shares of Class B Common Stock, par value $1.00 per share, of the Company (b“Class B Shares”), voting together as a single class, outstanding on the date such Shares are purchased (the “Minimum Condition”); and (ii) Merger Subsidiary the other conditions set forth in Annex A hereto. Purchaser shall, on the terms and subject to the prior satisfaction or waiver by Parent or Purchaser of the Minimum Condition and the other conditions of the Offer set forth in Annex A hereto, accept for payment and pay for all Shares tendered and not withdrawn as soon as it is legally permitted to do so under applicable Law. The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms set forth in this Agreement, the Minimum Condition and the other conditions set forth in Annex A hereto. Purchaser expressly reserves the right to waive any of such conditions, to increase the Offer Conditions Price and to make any other changes in the terms of or conditions to the Offer; provided provided, however, that without Purchaser shall not, and Parent and ▇▇▇▇▇▇▇▇ shall cause Purchaser not to, decrease the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (B) no change may be made that changes the form of consideration to be paidpayable in the Offer, decreases the price per Share or decrease the number of Shares sought in the offer, impose additional conditions to the Offer, amends or adds to extend the Offer Conditions beyond the Initial Expiration Date, waive the Minimum Condition or amends amend any other term or condition of the Offer in any manner adverse to the stockholders holders of the CompanyShares, in each case without the prior written consent of the Company (C) such consent to be authorized by the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01Board or a duly authorized committee thereof). Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at Purchaser may, without the request consent of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions prior to the Offer shall not be satisfied or waivedtermination of this Agreement, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, regulation or interpretation or position of the U.S. United States Securities and Exchange Commission (the “SEC”) ), or the Nasdaq Global Market staff thereof, applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i). If, in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following at any scheduled expiration of the Offer, Merger Subsidiary shallany condition to the Offer is not satisfied, if requested by including, without limitation, the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 satisfaction of the 1934 Act. Subject to the foregoingMinimum Condition, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary Holdco shall, and Parent shall cause it Holdco to, accept extend the Offer for payment and pay forone or more periods of not more than five (5) business days each. Purchaser may also, as promptly as practicable after without the expiration consent of the OfferCompany, all or if requested by the Company shall, extend the Offer in accordance with Rule 14d-11 under the Exchange Act; provided, however, Parent shall not extend the Offer in accordance with Rule 14d-11 if the Shares (1) validly tendered and not withdrawn prior to the scheduled expiration of the Offer (taken together with Shares and Class B Shares then owned by Parent, ▇▇▇▇▇▇▇▇, Holdco, Purchaser and any of their subsidiaries and affiliates) constitute in the aggregate 90% or greater of the aggregate voting power of the Shares and the Class B Shares. Parent and ▇▇▇▇▇▇▇▇ shall provide or cause to be provided to the Purchaser on a timely basis the funds necessary to purchase any shares of Common Stock that the Purchaser becomes obligated to purchase pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (cb) As promptly as practicable after the date hereof, (but in no event later than three Business Days following five (5) business days after the public announcement of the execution of this Agreementdate hereof), Merger Subsidiary shallParent, ▇▇▇▇▇▇▇▇ and Purchaser shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO (together with all amendments and supplements thereto, the “Schedule TO”) with respect to the Offer. The Schedule TO, which TO shall include a revised contain or incorporate by reference an offer to purchase and form forms of the related letter of transmittal reflecting the terms and conditions set forth in this Agreement all other ancillary Offer documents (collectively, together with any all amendments or and supplements thereto, the “Offer Documents”). The Schedule TO shall reflect the existence of this Agreement. Parent, ▇▇▇▇▇▇▇▇ and (ii) Purchaser shall take all steps necessary to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to the holders of Sharesthe Shares as and to the extent required by applicable federal securities laws. Each of Parent, Merger Subsidiary ▇▇▇▇▇▇▇▇ and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsPurchaser, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make on the statements thereinother hand, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees will promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates toeach of Parent, use their respective reasonable best efforts ▇▇▇▇▇▇▇▇ and Purchaser will take all necessary steps to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of the Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document it is filed with the SEC after the date hereof SEC. In addition, Parent, ▇▇▇▇▇▇▇▇ and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration Purchaser agree to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with in writing any comments or other communications, whether written or oral comments oral, that Parent, Merger Subsidiary ▇▇▇▇▇▇▇▇ or Purchaser or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject comments or other communications and to notify the provisions hereof, promptly respond Company and its counsel a reasonable time prior to responding to any such comments.

Appears in 1 contract

Sources: Merger Agreement (Whitehall Jewellers Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article 7, as promptly as practicable after the date hereof, hereof (but in no event later than three Business Days following the public announcement of the execution of this AgreementJanuary 13, 2020), Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer to purchase for cash any and all (i) Shares (other than Shares to be cancelled in accordance with its terms Section 2.1(b)) at the Share Offer Price and (ii) Preferred Shares at the Preferred Share Offer Price. Merger Sub shall, and Parent shall cause Merger Sub to, accept for payment, purchase and pay for all Shares and Preferred Shares, as applicable, validly tendered and not properly withdrawn pursuant to the Offer, subject only to: (a) there being validly tendered in the Offer (in the aggregate) and not properly withdrawn prior to the Expiration Date that number of Shares and Preferred Shares that, together with the number of Shares and Preferred Shares (if any) then owned by the Parent, equals at least a majority of the voting power represented by the Shares and Preferred Shares (voting on an as-converted basis in accordance with the Certificate of Designations) that are then issued and outstanding (the "Minimum Condition"); and (b) the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex I. (b) On or prior to the date that Merger Sub becomes obligated to pay for Shares and Preferred Shares pursuant to the Offer, Parent shall provide or cause to be provided to Merger Sub on a timely basis funds sufficient to purchase and pay for any and all Shares and Preferred Shares, as applicable, that Merger Sub shall become obligated to accept for payment each Share and purchase pursuant to the Offer. Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex I, Merger Sub shall accept for payment (the time of such acceptance, the "Acceptance Time") and pay for all Shares and Preferred Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly as soon as practicable following the acceptance of Shares for payment pursuant to Expiration Date, and, in any event, no more than two (2) Business Days after the Offer pay the Expiration Date. The Offer Price (without interest) for payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for paymentPreferred Share, and pay the Offer Price (without interest) foras applicable, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiaryapplicable Law, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by means of each an offer to purchase (the "Offer to Purchase") that describes the terms and conditions of the Offer Conditions. (b) in accordance with applicable Law and this Agreement, including the conditions and requirements set forth in Annex I. To the extent permitted by applicable Law, Parent and Merger Subsidiary Sub expressly reserves reserve the right to waive any of increase the Offer Conditions and Price or to make any other changes in the terms and conditions of or conditions to the Offer; provided provided, however, that without except with the prior consent written approval of the Company Company, Merger Sub shall not (which consent may be granted or withheld by i) decrease the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (iii) reduce the maximum number of Shares or adds Preferred Shares sought to be purchased in the Offer, (iv) amend, modify or waive the Minimum Condition, (v) amend any of the other conditions to the Offer Conditions set forth in Annex I in a manner adverse to the holders of Shares or amends Preferred Shares, (vi) impose conditions to the Offer that are in addition to the conditions to the Offer set forth in Annex I hereto, (vii) except as provided in Sections 1.1(e) and 1.1(f), terminate, accelerate or otherwise modify or amend the Offer to accelerate the Expiration Date, or (viii) otherwise modify or amend any of the other term terms of the Offer in any a manner adverse in any material respect to the stockholders holders of Shares or Preferred Shares. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall expire at one minute after 11:59 p.m. (New York City time) on the date that is twenty (20) Business Days following the commencement of the Offer (determined using Rule 14d-1(g)(3) promulgated under the Exchange Act) (such date and time, the "Initial Expiration Date") or, if the Initial Expiration Date has been extended in accordance with this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended in accordance with this Agreement, the "Expiration Date"). (e) If on any then scheduled Expiration Date, any of the conditions to the Offer (including the Minimum Condition and the other conditions and requirements set forth in Annex I) have not been satisfied or waived by Merger Sub, Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for successive periods of up to ten (10) Business Days each, or such longer period as may be agreed between Merger Sub and the Company, (C) in order to permit the expiration date satisfaction of such conditions; provided, however, that Merger Sub shall not be extended except as otherwise provided hereinrequired to extend the Offer beyond the Outside Date. The "Outside Date" shall be June 20, and 2020. In addition, Merger Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the SEC or its staff. (Df) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date without the prior written consent of the Company, except if this Agreement has been terminated in the event that accordance with Article 7. If this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoingin accordance with Article 7, (x) Merger Subsidiary Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Sub to) extend promptly (and in any event within 24 hours following such termination), irrevocably and unconditionally terminate the Offer if at and shall not acquire any Shares or Preferred Shares pursuant thereto. If the scheduled Offer is terminated or extended expiration withdrawn by Merger Sub, or this Agreement is terminated prior to the Acceptance Time, Merger Sub shall (and the Parent shall cause Merger Sub to) promptly return, and shall cause any depositary acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered Shares and Preferred Shares to the registered holders thereof and Merger Sub shall not (and Parent shall cause Merger Sub not to) accept any Shares or Preferred Shares pursuant to the Offer. (g) As soon as practicable on the date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shallSub shall file with the SEC, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of 14d-3 under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the a Tender Offer and (2) validly tendered in the Subsequent Offering Period (the date Statement on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly(together with all amendments, but in no event later than twenty-four hourssupplements and exhibits thereto, after the receipt of such comments"Schedule TO"). The Schedule TO shall include, and, subject to the provisions hereof, promptly respond to such comments.as exhibits,

Appears in 1 contract

Sources: Merger Agreement (Iac/Interactivecorp)

The Offer. (a) Provided The Merger Agreement provides that nothing shall have occurred that would give rise to a right to terminate Merger Subsidiary will commence the Offer pursuant to any of and that, upon the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I terms and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger SubsidiaryOffer, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share will purchase all Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, payment and pay the Offer Price (without interest) for, each Share for any Shares validly tendered and not properly withdrawn pursuant prior to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each expiration of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any is conditioned upon satisfaction of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition and the satisfaction or waiver of the conditions described in Annex A to the Merger Agreement. The Merger Agreement provides that Merger Subsidiary may not be waivedamend or waive the Minimum Condition, (B) no or decrease the Offer Price, change may be made that changes the form of consideration to be paidpayable in the Offer, decreases the price per Share or decrease the number of Shares sought in the Offer, amends add to or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the change conditions to the Offer shall or make any other change in the terms or conditions of the Offer without the prior written consent of the Company. Notwithstanding the foregoing provisions, if on the scheduled expiration of the Offer (as it may be extended), all conditions to the Offer have not be been satisfied or waived, the Offer may be extended from time to time, unless any applicable waiting period under the HSR Act has not expired or been terminated, in which case the Offer will be extended from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend earlier of the consummation of the Offer for any period required by any ruleor August 28, regulation, interpretation or position 2000. If an insufficient number of Shares are tendered pursuant to this Offer prior to the Expiration Date and the Merger Agreement is terminated as a consequence of the U.S. Securities and Exchange Commission (failure to satisfy the “SEC”) or Minimum Condition, the Nasdaq Global Market applicable Company has agreed to the Offer; provided that in no event shall pay Parent a termination fee of $1,000,000. STOCK OPTION AGREEMENT. The Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)provides that, in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offerif following a Subsequent Offering Period, if any, Merger Subsidiary shall, if requested by the Company, or may, has acquired Shares purchased in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which such Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later represent less than three Business Days following the public announcement 90% of the execution of this AgreementShares outstanding on a fully diluted basis, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees will enter into a stock option agreement, on customary terms, pursuant to which the Company will grant to Merger Subsidiary an option to purchase that they shall cause number of Shares equal to the Schedule TO and the other Offer Documents filed by any number of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsShares that, when filed with the SEC and on the date first published, sent or given added to the stockholders number of Shares owned by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ and its affiliates immediately following expiration of the CompanySubsequent Offering Period, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary results in order to make the statements therein, in light Merger Subsidiary's beneficially owning 90% of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given Shares then outstanding on a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsfully diluted basis.

Appears in 1 contract

Sources: Merger Agreement (Kenny Industrial Services LLC)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article 9, as promptly as practicable after the date hereof, hereof (but in no event later than three Business Days following October 4, 2013 or such other date as may be agreed to by Parent and the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share Company (the “Offer PriceCommencement Date”)), net Merger Sub shall (and Parent shall cause Merger Sub to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer. (b) The obligation and right of Merger Sub to the seller in cash, (ii) provide that the conditions accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be solely subject to the condition that (i) there shall be being validly tendered in accordance with the terms of the Offer (and not validly withdrawn) prior to the expiration date of the Offer and not withdrawn, a any then scheduled Expiration Time that number of Shares that, together with the Shares then owned by Parent and its Affiliates, which represents a majority of the total number of Shares then outstanding (determined on a fully-fully diluted basisbasis (which assumes conversion or exercise of all derivative securities regardless of the conversion or exercise price, without regard to whether any convertible the vesting schedule or exchangeable securities are then vested other terms and exercisable conditions thereof)) (the “Minimum Condition”) and (ii) the satisfaction or waiver by Parent or Merger Sub (to the extent permitted hereby) of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to A (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfied, Minimum Condition and the satisfaction or waived waiver by Parent or Merger SubsidiarySub of the other Offer Conditions, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time. The conditions to the Offer set forth in Annex A are for the sole benefit of Parent and Merger Sub and may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 2.1. The Offer Price payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes pursuant to Section 4.2(g). (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that includes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary expressly reserves Sub reserve the right to waive waive, in whole or in part, any of Offer Condition (other than the Minimum Condition), to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not: (i) reduce the number of Shares subject to the Offer; provided that without (ii) reduce the prior consent of the Company Offer Price; (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition; (iv) add to the conditions set forth in Annex A or modify or change any Offer Condition may not be waived, in a manner adverse to any Shareholders; (Bv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer; or (vi) otherwise amend, amends modify or adds to supplement any of the Offer Conditions or amends any other term terms of the Offer in any a manner adverse to any Shareholder. (d) The Offer shall expire at midnight (New York City, New York time) on the stockholders date that is 20 Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the CompanyOffer (the “Initial Expiration Time”) or, (C) in the expiration event the Initial Expiration Time has been extended as permitted or required by this Agreement, the date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate time to which the Offer has been so extended or re-extended (the Initial Expiration Time, as so extended, the “Expiration Time”). (e) Unless this Agreement has been terminated in accordance with its terms: (i) if on or prior to any then scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoingExpiration Time, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any all of the conditions to the Offer (including the Minimum Condition and the other Offer Conditions) have not been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, then Merger Sub shall not be satisfied (and in such case Parent shall cause Merger Sub to) extend the Offer for successive periods of up to ten Business Days each (or waivedsuch longer period of up to 20 Business Days if the Company consents in writing prior to such extension), from time to time until the length of each such conditions are satisfied (other than conditions which by their nature are period to be satisfied on determined by Parent in its sole discretion, in order to permit the Acceptance Date) or waivedsatisfaction of such conditions; and (yii) Merger Subsidiary Sub shall (and Parent shall cause Merger Sub to) extend the Offer for any period or periods required by any ruleapplicable Law or applicable rules, regulationregulations, interpretation interpretations or position positions of the U.S. Securities SEC or its staff; and Exchange Commission (the “SEC”iii) or the Nasdaq Global Market applicable upon notice to the OfferCompany, Merger Sub may, at its option on one occasion extend the Expiration Time for up to ten Business Days; provided that provided, however, that, in no event any case in this Section 2.1(e), Merger Sub shall Merger Subsidiary not be required to extend the Offer beyond the End Termination Date unless Parent or Merger Subsidiary is and shall not then be permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by Termination Date without the Company, or may, in its sole discretion, provide a subsequent offering period ’s consent. (“Subsequent Offering Period”f) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the Offerthis Agreement, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, accept for payment and pay for, for (subject to any withholding of tax pursuant to Section 4.2(g)) all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the expiration Expiration Time (as it may be extended and re-extended in accordance with this Section 2.1). Acceptance for payment of the Offer, all Shares (1) validly tendered pursuant to and not withdrawn pursuant subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the Offer Closing occurs is referred to in this Agreement as the “Acceptance Offer Closing Date”).” Merger Sub expressly reserves the right to, in its sole discretion, following the Offer Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents (as defined below) may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 2.1 shall affect any termination rights in Article 9. (cg) As promptly as practicable after Merger Sub shall not, and Parent shall not permit Merger Sub to, terminate the Offer prior to the date hereof, but on which this Agreement has been terminated in no event later than three Business Days following accordance with Article 9. If the public announcement of Offer is terminated or withdrawn by Merger Sub in accordance with the execution terms of this Agreement, or if this Agreement is terminated pursuant to Article 9, prior to the acceptance for payment of the Shares tendered in the Offer, Merger Subsidiary shallSub shall promptly return, and shall cause its Affiliates toany depository acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered Shares to the registered holders thereof. (ih) As soon as practicable on the Commencement Date, Parent and Merger Sub shall file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer shall be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and disseminated to the Shareholders, in each case as and to the extent required by the Exchange Act. Parent and Merger Sub, on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit on the other hand, agree to state promptly correct any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesthe Shareholders, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the Shareholders, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. such comments. (i) Parent and Merger Subsidiary shall provide or cause to be provided to Merger Sub, on a timely basis, the Company funds necessary to pay for any Shares that Merger Sub becomes obligated to accept for payment, and its counsel with any written or oral comments Parentpay for, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsand this Agreement.

Appears in 1 contract

Sources: Merger Agreement (Aci Worldwide, Inc.)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate The Merger Agreement provides for the Offer pursuant to any making of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this AgreementOffer. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms obligation of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law Purchaser to accept for payment and pay for Shares tendered pursuant to the Offer is subject to the satisfaction or waiver of the Minimum Condition and certain other conditions that are described in Section 15--"Certain Conditions of the Offer." Pursuant to the Merger Agreement, without the consent of the Company, Purchaser may not extend the Offer beyond April 24, 2000, except in the following circumstances: (i) if necessary to satisfy any condition of the HSR Act, for a period not to exceed forty (40) business days, (ii) if any of the Offer Conditions (other than the Minimum Condition) shall not have been satisfied or waived for a period not to exceed twenty (20) business days, (iii) if all the Offer Conditions are satisfied or waived, but the number of Shares validly tendered and not withdrawn is less than 90% of the number of then-outstanding Shares on a fully diluted basis (excluding shares held by the Company or any of its subsidiaries), for four successive five (5) business day periods for an aggregate period not to exceed twenty (20) business days, or (iv) if any of the Offer Conditions (other than the Minimum Condition) shall not have been satisfied or waived and a Takeover Proposal has been made or publicly disclosed by a person other than Parent or Purchaser (including the Company and any of its subsidiaries and affiliates), or if Parent or Purchaser otherwise learn that a Takeover Proposal has been made or publicly proposed, for a period of up to ten (10) days after the withdrawal or termination of such Takeover Proposal, such date in no event to exceed the earlier of (x) June 30, 2000, and (y) the earliest date as of minimum time period necessary to satisfy all such outstanding Offer Conditions. Subject to the foregoing restrictions, Purchaser has the right (but is not obligated), in its sole discretion, to extend the period during which each of the Offer Conditions has been satisfied, is open by giving oral or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant written notices of extension to the Offer Depositary in such offer and promptly following the acceptance by making a public announcement of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offersuch extension. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for paymentPurchaser will not, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by Company, decrease the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share Offer Price or the number of Shares sought in pursuant to the Offer, amends or adds change the form of consideration in the offer, or otherwise amend or add any term or condition of or to the Offer, except as otherwise expressly permitted in or contemplated by the Merger Agreement. The Purchaser can waive any other condition to the Offer Conditions or amends any other term in its discretion. For information concerning directors of the Offer in any manner adverse Company prior to the stockholders consummation of the CompanyMerger, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to see Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request 12--"Purpose of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by Plans for the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments."

Appears in 1 contract

Sources: Merger Agreement (Autoliv Inc)

The Offer. (a) Provided The Merger Agreement provides that nothing shall have occurred that would give rise to a right to terminate Purchaser will commence the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendmentpracticable, and (iv) make such other amendments as are necessary in any event on or appropriate to conform to the requirements of this Agreementbefore June 26, 2015. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law Purchaser’s obligation to accept for payment and pay for Shares validly tendered pursuant in the Offer is subject to the Offer and (y) the earliest date as of which each satisfaction of the Offer Minimum Condition and the other conditions that are described in Section 15 — “Conditions has been satisfiedto the Offer.” Subject to the satisfaction of the Minimum Condition and the other conditions that are described in Section 15 — “Conditions to the Offer,” the Merger Agreement provides that Purchaser will, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall will cause Merger Subsidiary Purchaser to) consummate the Offer in accordance with its terms and , accept for payment each Share and pay for all Shares validly tendered and not properly withdrawn in the Offer on or promptly after the Expiration Date, as may be extended pursuant to the Offer and promptly following terms of the acceptance Merger Agreement. Acceptance of payment for Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, which shall occur on July 27, 2015 unless we extend the Offer pursuant to the terms of the Merger Subsidiary shallAgreement, is referred to herein as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to herein as the “Offer Closing Date.” Parent and Purchaser expressly reserve the right to increase the Offer Price, to make other changes in the terms and conditions of the Offer and to waive conditions to the Offer, except that Dealertrack’s prior written approval is required for Parent and Purchaser to: • decrease the Offer Price; • change the form of consideration payable in the Offer; • change the number of Shares to be purchased in the Offer; • amend or waive the Minimum Condition, the Termination Condition, the Antitrust Law Condition or the Governmental Authority Condition; • add any condition to the Offer or any term that is adverse to the holders of Shares; • extend the Expiration Date except as required or permitted by the Merger Agreement; • provide for a “subsequent offering period” in accordance with Rule 14d-11 promulgated under the Exchange Act; or • modify, supplement or amend any other term or condition of the Offer in a manner adverse to the holders of Shares. The Merger Agreement contains provisions to govern the circumstances in which Purchaser is required or permitted to extend the Offer and Parent is required to cause Purchaser to extend the Offer. Specifically, the Merger Agreement provides that: • If any Offer Condition has not been satisfied or, to the extent waivable by Parent or Purchaser pursuant to the Merger Agreement, waived by Parent or Purchaser, Purchaser shall (and Parent shall cause it Purchaser to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to extend the Offer for successive periods of up to 5 business days each (or up to 20 business days if Parent so desires and (2) validly tendered Dealertrack consents in the Subsequent Offering Period (the date on which Shares are first accepted for paymentwriting prior to such extension), the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement length of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents each such period to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed determined by any of them with the SEC to comply Parent in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary its sole discretion in order to make permit the statements therein, in light satisfaction of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsConditions.

Appears in 1 contract

Sources: Offer to Purchase (Cox Automotive, Inc.)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, but in no event later than three ten Business Days following the public announcement of the execution date of this Agreement, Merger Subsidiary shall, and Parent shall amend cause it to, commence (within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act1▇▇▇ ▇▇▇) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this AgreementOffer. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I hereto (the “Offer Conditions”). The date on which Merger Subsidiary commences the Offer is referred to as the “Offer Commencement Date”. (b) Subject to the terms and conditions set forth in this Agreement and to the satisfaction or waiver of the Offer Conditions, Merger Subsidiary shall, and Parent shall cause it to, promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to Expiration Date, accept for payment all Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly validly withdrawn pursuant to the Offer and promptly following (the acceptance of time at which Shares are first accepted for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant subject to the terms and conditions of the Offer, the “Acceptance Time”). The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, payment and pay the Offer Price (without interest) for, each Share for any Shares validly tendered and not properly validly withdrawn pursuant to the Offer shall be subject only to: (i) the number of Shares validly tendered in the Offer and not validly withdrawn prior to any then-scheduled Expiration Date representing, together with the Contributed Shares and the Shares beneficially owned by Parent or Merger Subsidiary (if any), at least 67.2% of the Shares outstanding on a fully-diluted basis as of the Expiration Date (the “Minimum Tender Condition”); (ii) the applicable waiting period under the HSR Act shall have expired or been terminated (the “HSR Act Condition”) and (iii) the satisfaction or, to the satisfactionextent permissible, or waiver by Parent or Merger Subsidiary, Subsidiary of each of the other Offer Conditions. Promptly (within the meaning of Section 14e-1(c) under the 1▇▇▇ ▇▇▇) after the Acceptance Time, Merger Subsidiary shall pay the Offer Price for such Shares. The date of acceptance for payment of Shares pursuant to and subject to the conditions of the Offer is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” The Offer Price payable in respect of each Share validly tendered and not validly withdrawn pursuant to the Offer shall be paid net to the seller in cash, without interest, on the terms and subject to the conditions set forth in this Agreement. (bc) Parent and Merger Subsidiary expressly reserves reserve the right to waive any of the Offer Conditions and to make any other changes change in the terms of or conditions to the OfferOffer (including raising the Offer Price); provided that that, without the prior written consent of the Company or unless otherwise expressly contemplated by this Agreement, neither Parent nor Merger Subsidiary shall: (which consent may be granted i) waive or withheld by the Company in its sole discretion) (A) change the Minimum Condition may not be waived, Tender Condition; (Bii) no decrease the Offer Price; (iii) change may be made that changes the form of consideration to be paid, decreases paid in the price per Share or Offer; (iv) decrease the number of Shares sought in the Offer, amends ; (v) extend or adds to otherwise change the Offer Conditions or amends any other term expiration date of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein; or (vi) impose additional Offer Conditions or otherwise amend, and (D) Merger Subsidiary shall not terminate modify or supplement any of the Offer prior Conditions or terms of the Offer in a manner materially adverse to the holders of the Shares. (d) The Offer shall initially be scheduled to expire on the date that is 20 business days (calculated as set forth in Rule 14d-l(g)(3) under the 1▇▇▇ ▇▇▇) after the Offer Commencement Date (the “Initial Expiration Date”). The date on which the Offer finally expires (taking into account any scheduled expiration date except in the event extensions that this Agreement is terminated may be elected or required pursuant to and in accordance with this Section 11.01. 2.01(d)) is referred to herein as the “Expiration Date.” Notwithstanding the foregoing, if at any then-scheduled expiration of the Offer (xincluding the Initial Expiration Date), (i) Merger Subsidiary shall (or at the request of the Companyshall, and Parent shall cause Merger Subsidiary it to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market applicable to the OfferOffer or for any period otherwise required by Applicable Law; provided that in no event shall (ii) Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)may, in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shalland, if requested by the Company, shall, extend the Offer for one or maymore periods if any Offer Condition is not satisfied and has not been waived; provided, in its sole discretionhowever, provide a subsequent offering period that Merger Subsidiary shall not have the right to extend the Offer pursuant to this clause (“Subsequent Offering Period”ii) in accordance with Rule 14d-11 (A) beyond the earlier of (x) December 5, 2012 and (y) the date that is five Business Days following the Proxy Statement Clearance Date, or (B) if such extension is prohibited by any Applicable Law or any rule, regulation, interpretation or position of the 1934 Act. Subject SEC or Nasdaq; and (iii) Merger Subsidiary may extend the Offer if, at the date upon which the Offer is scheduled to the foregoingexpire, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions all of the Offer, Merger Subsidiary shall, Offer Conditions have been satisfied or waived and Parent shall cause it to, accept for payment and pay for, the Initial Marketing Period has not ended as promptly as practicable after the expiration of the Offer, all Shares last Business Day prior to such scheduled expiration date until the earliest to occur of (1) validly tendered and not withdrawn pursuant the first Business Day after the Debt Providers have waived the condition in the Debt Commitment Letter relating to the Offer Initial Marketing Period and (2) validly tendered in the Subsequent Offering Period (first Business Day after the date on which Shares are first accepted for payment, final day of the “Acceptance Date”)Initial Marketing Period. The Offer may be terminated prior to the Expiration Date if this Agreement is terminated pursuant to Article 11. (ce) As promptly as practicable after If (i) at any then-scheduled Expiration Date (including the date hereofInitial Expiration Date), but in any Offer Condition shall not have been satisfied or waived and no event later than three further extensions or re-extensions are required or permitted pursuant to Section 2.01(d) or (ii) five Business Days following have elapsed since the public announcement Proxy Statement Clearance Date, then Merger Subsidiary may irrevocably and unconditionally terminate the Offer. If (A) this Agreement is terminated pursuant to Article 11 or (B) there shall exist a Top-Up Impediment and Merger Subsidiary elects to terminate the Offer, then, in each case, Merger Subsidiary shall promptly irrevocably and unconditionally terminate the Offer. The parties hereto acknowledge and agree that the termination of the execution Offer shall not give rise to a right of termination of this Agreement except as expressly provided for herein and that, absent any such termination of this Agreement, the obligations of the parties hereunder other than those related to the Offer shall continue to remain in effect, including those obligations with respect to the Merger. (f) As soon as practicable on the Offer Commencement Date, Parent and Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO, which ”) that shall include the summary term sheet required thereby and, as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement summary advertisement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), ) and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of SharesShares to the extent required by Applicable Law (including the 1934 Act). Each of Parent, Parent and Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them to (A) comply with the SEC to comply in all material respects with applicable requirements of the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall (B) not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that misleading; provided, however, no covenant, representation or warranty is made by Parent and or Merger subsidiary shall have no obligation Subsidiary with respect to any information in the Offer Documents supplied by the Company for inclusion in the Offer Documents. Parent and Merger Subsidiary shall cause the information supplied by Parent and its Affiliates specifically for inclusion in the Company’s Solicitation/Recommendation Statement on Schedule 14D-9 (together with any amendments or its Representatives supplements thereto, the “Schedule 14D-9”), at the time the Schedule 14D-9 is filed with the SEC, not to contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in writing)order to make the statements therein, in light of the circumstances under which they were made, not misleading. Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become (or shall have become known to be) false or misleading in any material respect. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities lawsApplicable Law. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the any Offer Documents Document each time before any such document is filed with the SEC after the date hereof SEC, and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, Parent and Merger Subsidiary shall give reasonable and good faith due consideration to any reasonable comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with (1) any comments or other communications, whether written or oral comments oral, that Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to any of the Offer Documents promptly after receipt of those comments or other communications and (2) a reasonable opportunity to participate in the response of Parent and Merger Subsidiary to those comments and to provide comments on that response (to which due consideration shall be given to reasonable comments), including by participating with Parent and Merger Subsidiary or their counsel in any discussions or meetings with the SEC. Each of Parent and Merger Subsidiary shall respond as promptly as practicable to any comments of the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after or the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsOffer.

Appears in 1 contract

Sources: Merger Agreement (Union Drilling Inc)

The Offer. (a) Provided that nothing this Agreement shall not have been terminated in accordance with Article VIII, and that no event shall have occurred that and be continuing that, had the Offer been commenced, would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable (and in any event within five (5) Business Days) after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Acquisition Sub shall (and Parent shall cause Merger Subsidiary Acquisition Sub to) consummate commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer in accordance with its terms to purchase all the outstanding Common Stock at a price per share equal to the Offer Price. The consummation of the Offer, and the obligation of Acquisition Sub to accept for payment each Share and pay for any shares of Common Stock tendered pursuant to the Offer, shall be subject to: (i) there being validly tendered in the Offer and not properly withdrawn prior to the Expiration Date that number of shares of Common Stock which, together with the number of shares of Common Stock (if any) then owned of record by Parent or Acquisition Sub or with respect to which Parent or Acquisition Sub otherwise has, directly or indirectly, sole voting power, represents at least 60% of the shares of Common Stock then outstanding (determined on a fully diluted basis) and no less than 60% of the voting power of the shares of capital stock of the Company then outstanding (determined on a fully diluted basis) and entitled to vote in the election of directors (collectively, the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Acquisition Sub, of the other conditions and requirements set forth in Annex I. The conditions to the Offer set forth in Annex I are for the sole benefit of Parent and Acquisition Sub and may be asserted by Parent or Acquisition Sub regardless of the circumstances (including any action or inaction by Parent or Acquisition Sub, provided that nothing therein shall relieve any party hereto from any obligation or liability such party has under the Agreement) giving rise to such condition or may be waived by Parent or Acquisition Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 2.1. (b) Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Acquisition Sub, of the other conditions and requirements set forth in Annex I, Acquisition Sub shall (and Parent shall cause Acquisition Sub to) accept for payment and pay for all shares of Common Stock validly tendered and not properly withdrawn pursuant to the Offer and as promptly following as possible on or after the acceptance of Shares for payment pursuant to the Offer pay the applicable Expiration Date. The Offer Price (without interest) for payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation share of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiary, applicable Law. (c) The Offer shall be made by means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer Conditions. (b) Merger Subsidiary in accordance with this Agreement, including the Minimum Condition and the other conditions and requirements set forth in Annex I. Parent and Acquisition Sub expressly reserves reserve the right to waive any of increase the Offer Conditions and Price, to make any other changes in the terms and conditions of the Offer or conditions to waive any condition of the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld provided, however, unless previously approved by the Company in its sole discretionwriting, Parent and Acquisition Sub shall not: (i) (A) decrease the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the Offer, amends (iii) reduce the maximum number of shares of Common Stock to be purchased in the Offer, (iv) amend or adds to waive the Offer Conditions Minimum Condition or amends the conditions set forth in clauses (b) or (c)(i) of Annex I or (v) amend any other term or condition of the Offer in any a manner adverse to the stockholders holders of Common Stock. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall expire at 9:00 a.m. (New York City time) on the date that is twenty-two (22) Business Days following the commencement of the CompanyOffer (such time and date, the “Initial Expiration Date”) or if the Initial Expiration Date has been extended in accordance with this Agreement, on the date to which the Offer has been so extended (Cthe Initial Expiration Date, or such later time and date to which the Initial Expiration Date has been extended in accordance with this Agreement, the “Expiration Date”). (e) If on or prior to any then scheduled Expiration Date, all of the expiration date conditions to the Offer (including the Minimum Condition and the other conditions and requirements set forth in Annex I) have not been satisfied (provided that, solely for purposes of determining whether the Minimum Condition has been satisfied in determining whether the Offer should be extended under the first sentence of this Section 2.1(e), shares of Common Stock subject to a Support Agreement shall be deemed to have been tendered into the Offer so long as the stockholder party thereto is not then in breach of its tender obligations thereunder) or, to the extent waivable by the Parent or Acquisition Sub pursuant to this Agreement, waived by Parent or Acquisition Sub, Acquisition Sub shall (and Parent shall cause Acquisition Sub to) extend the Offer for successive periods of up to five (5) Business Days each (or such longer period of up to twenty (20) Business Days if the Company consents in writing prior to such extension), the length of each such period to be determined by Parent in its sole discretion, in order to permit the satisfaction of such conditions; provided, however, that, Acquisition Sub shall not be required to extend the Offer beyond August 24, 2010 (the “Outside Date”) and shall not extend the Offer beyond the Outside Date without the Company’s consent. In addition, Acquisition Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the SEC or its staff. Notwithstanding the foregoing, (i) Acquisition Sub may extend the Offer, in its sole discretion, for successive periods of up to five (5) Business Days each and for an aggregate period of not more than twenty (20) Business Days (less any number of Business Days that the Offer is commenced after May 3, 2010) beyond the last scheduled Expiration Date of the Offer (and in no case beyond the Outside Date) otherwise permitted hereunder, if all of the conditions to the Offer have been satisfied (provided that, solely for purposes of determining whether the Minimum Condition has been satisfied in determining whether the Offer may be extended except under the third sentence of this Section 2.1(e), shares of Common Stock subject to a Support Agreement shall be deemed to have been tendered into the Offer) and such extension is necessary for the conditions to the Available Financing to be fulfilled; and (ii) Acquisition Sub shall extend the Offer, if requested to do so by written notice delivered by the Company to Acquisition Sub no later than one (1) Business Day prior to the then scheduled Expiration Date of the Offer, for successive periods of up to five (5) Business days each (or such longer period as the Company and Acquisition Sub shall mutually agree) beyond the last scheduled Expiration Date of the Offer, but in no case beyond August 11, 2010, if all of the conditions to the Offer have been satisfied (provided that, solely for purposes of determining whether the Minimum Condition has been satisfied in determining whether the Offer may be extended under the third sentence of this Section 2.1(e), shares of Common Stock subject to a Support Agreement shall be deemed to have been tendered into the Offer) and such extension is necessary for the conditions to the Available Financing to be fulfilled. (f) If necessary to obtain sufficient shares of Common Stock to reach the Short Form Threshold and the Top-Up Option is otherwise provided hereinlegally unavailable or insufficient to permit the Company to reach the Short Form Threshold immediately after the Acceptance Time, Acquisition Sub may, in its sole discretion, provide for a “subsequent offering period” (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act. Subject to the terms and conditions of this Agreement and the Offer, Acquisition Sub shall (and Parent shall cause Acquisition Sub to) immediately accept for payment, and promptly pay for, all shares of Common Stock that are validly tendered pursuant to the Offer during such “subsequent offering period.” The Offer Documents shall provide for the possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 2.1(f). (Dg) Merger Subsidiary Acquisition Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date without the prior written consent of the Company, except in the event that if this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding the foregoingIf this Agreement is terminated pursuant to Article VIII, (x) Merger Subsidiary Acquisition Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Acquisition Sub to) extend promptly terminate the Offer if at and shall not acquire the scheduled shares of Common Stock pursuant thereto. If the Offer is terminated by Acquisition Sub, or extended expiration this Agreement is terminated prior to the purchase of shares of Common Stock in the Offer, Acquisition Sub shall promptly return, and shall cause any depositary acting on behalf of Acquisition Sub to return, in accordance with applicable Law, all tendered shares of Common Stock that have not then been purchased in the Offer to the registered holders thereof. (h) As soon as practicable on the date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Merger Subsidiary shallParent and Acquisition Sub shall file with the SEC, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of 14d-3 under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO shall include, as practicable after exhibits, the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, Offer to Purchase and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting (the terms Schedule TO, Offer to Purchase and conditions set forth in this Agreement (collectivelyletter of transmittal, together with any amendments or and supplements thereto, being referred to herein as the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the . The Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to will comply in all material respects with the 1934 Act and provisions of applicable federal securities laws and, on the rules and regulations thereunder and other applicable Law and that the Offer Documents, when date filed with the SEC and on the date first published, sent or given to the Company’s stockholders of and on the CompanyExpiration Date, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that no representation is made by the Parent and Merger subsidiary shall have no obligation or Acquisition Sub with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing)writing for inclusion therein. Each Parent and Acquisition Sub agree to cause the Offer Documents to be disseminated to holders of Parentshares of Common Stock, Merger Subsidiary as and to the extent required by all applicable Laws, including the Exchange Act. Parent and Acquisition Sub, on the one hand, and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and shall cause its Affiliates to, use their respective reasonable best efforts Parent and Acquisition Sub agree to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesshares of Common Stock, in each case as and to the extent required by all applicable U.S. federal securities lawsLaws, including the Exchange Act. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Merger Subsidiary Parent and Acquisition Sub shall give reasonable and good faith due consideration to any comments made the reasonable additions, deletions or changes suggested thereto by the Company and its counsel. In addition, Parent and Merger Subsidiary Acquisition Sub shall provide the Company and its counsel promptly with copies of any written or comments, and shall inform them of any oral comments comments, that Parent, Merger Subsidiary Acquisition Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject and any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review any proposed written or oral responses and Parent and Acquisition Sub shall give due consideration to the provisions hereofreasonable additions, promptly respond deletions or changes suggested thereto by the Company and its counsel and to such commentsparticipate in any substantive telephonic communications with the staff of the SEC related thereto.

Appears in 1 contract

Sources: Merger Agreement (Protection One Inc)

The Offer. (a) Provided that nothing the Company shall have occurred that would give rise complied with its applicable obligations under Section 1.2 (other than clause (e)), Parent shall use its reasonable best efforts to a right cause Merger Sub to terminate commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer pursuant to at the Offer Price no later than March 24, 2008 (and in any of the conditions set forth in Annex I, event as promptly as practicable after the date hereof). For the avoidance of doubt, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend Parent may consummate the Offer through Merger Sub, its indirect wholly-owned Subsidiary. (b) The obligation of Merger Sub (and Parent’s obligation to (icause Merger Sub) increase to accept for exchange, and exchange the purchase price to $6.50 per Share (the “Offer Price”)Price for, net to the seller in cash, (ii) provide that the conditions any shares of Company Common Stock tendered pursuant to the Offer shall be subject only to (i) the condition that there shall be validly tendered in accordance with the terms of the Offer (other than shares of Company Common Stock tendered by guaranteed delivery where actual delivery has not occurred), prior to the scheduled expiration of the Offer (as it may be extended hereunder) and not withdrawn, a number of shares of Company Common Stock that, together with any shares of Company Common Stock then directly or indirectly owned by Merger Sub, represents more than 9,600,000 shares of Company Common Stock (the “Minimum Condition”) and (ii) the other conditions set forth in Annex B (the Minimum Condition and such other conditions collectively referred to herein as the “Offer Conditions”). Parent, US Corp. and Merger Sub expressly reserve the right in their sole and absolute discretion to waive any of the Offer Conditions and to modify the terms of the Offer; provided, that unless previously approved in writing by the Company in the Company’s sole and absolute discretion, (i) the Minimum Condition may not be amended nor may it be waived if such waiver would result in Merger Sub purchasing less than a majority of the outstanding shares of Company Common Stock (for purposes of this clause (i) treating each share of the Company’s Series A 7% Convertible Preferred Stock, par value $0.10 per share (“Company Convertible Preferred Stock” and, together with the Company Common Stock, the “Company Stock”), as having been converted into a share of Company Common Stock pursuant to the Certificate of Designations), (ii) no change may be made that changes the form of consideration to be paid pursuant to the Offer or reduces the ratio of cash to Parent Common Stock, decreases the Offer Price or the number of shares of Company Common Stock sought in the Offer, amends or adds to the Offer Conditions, or otherwise modifies the Offer in any manner adverse to the stockholders of the Company, and (iii) except as set forth in Annex I and Section 1.1(c), the Offer may not be extended nor may any change be made to the Offer that no other conditions shall apply, (iii) provide that would require an extension of or delay in the then current expiration date of the Offer. Holders of shares of Company Common Stock will not be able to tender such shares by guaranteed delivery unless Merger Sub otherwise elects in its sole and absolute discretion to permit guaranteed delivery. For purposes of this Agreement, including for purposes of determining whether the Minimum Condition has been met, the shares of Company Common Stock issuable upon conversion of the Company Convertible Preferred Stock shall be deemed to have been validly tendered in the Offer and not withdrawn if the Tender Documents referred to in Section 2.1 of each of the Stockholder Agreements are delivered to the depositary for the Offer in accordance with such Section 2.1 and not withdrawn. (c) Unless extended pursuant to and in accordance with the terms of this Agreement, the Offer shall be midnight (expire at 10:00 a.m., New York City time) , on the date that is ten Business Days twenty-first (21st) business day (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following after the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition date that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable is commenced (the “Minimum ConditionInitial Offer Period) and to the other conditions set forth in Annex I and to no other conditions). Subject to the terms provisions of Section 1.5, and conditions of this Agreement, including subject to the prior satisfaction or waiver of the conditions set forth in Annex I parties’ respective termination rights under Section 9 (the “Offer Conditions”if applicable), promptly after the later of (xi) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfiedif, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer, any Offer any Condition has not been satisfied in Parent’s reasonable discretion or waived (if such waiver is permitted hereunder), Merger Sub shall extend the Offer until the earlier to occur of (x) the satisfaction or waiver of all of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; Conditions and (y) the End Date, and (ii) Merger Subsidiary Sub shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or its staff or the Nasdaq Global Market (including any successor exchange, “Nasdaq”) applicable to the Offer; provided that in no event shall Merger Subsidiary be Offer or any period required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Dateby applicable Law. Following the expiration of the Offer, Merger Subsidiary shall, if requested by the Company, Sub may elect to provide one or may, in its sole discretion, provide a more subsequent offering period periods (each, a “Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 ActExchange Act and in compliance with all other provisions of applicable Law. Subject to the foregoing, including the requirements of Rule 14d-1114d-11 of the Exchange Act, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, as promptly as practicable following expiration of the Offer accept for payment and pay for, as promptly as practicable after the expiration for all shares of the Offer, all Shares Company Common Stock (1A) validly tendered and not withdrawn pursuant to the Offer and and/or (2B) validly tendered in any such Subsequent Offering Period. The Offer Price payable in respect of each share of Company Common Stock validly tendered and not withdrawn pursuant to the Offer or validly tendered in any Subsequent Offering Period shall be paid net to the holder thereof in cash and shares of Parent Common Stock, subject to reduction for any applicable withholding Taxes. (d) Subject to the foregoing and applicable Law and upon the terms of and subject to the conditions of the Offer, Merger Sub shall accept for payment, as promptly as permitted under applicable securities Law, and pay for (after giving effect to any required withholding Tax), as promptly as practicable after the date on which Shares are Merger Sub first accepted accepts shares of Company Common Stock for paymentpayment pursuant to the Offer (the date and time of such first acceptance, regardless of whether Parent and Merger Sub elect to provide for one or more Subsequent Offering Periods pursuant to Rule 14d-11 of the Exchange Act, the “Acceptance Date”), all shares of Company Common Stock validly tendered and not withdrawn pursuant to the Offer. (ce) As promptly as practicable No fraction of a share of Parent Common Stock shall be issued in connection with the Offer, no dividends or other distributions with respect to Parent Common Stock shall be payable on or with respect to any such fractional share interest and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu thereof, each tendering stockholder who would otherwise be entitled to a fractional share of Parent Common Stock (after the date hereof, but in no event later than three Business Days following the public announcement aggregating all fractional shares of the execution of this Agreement, Merger Subsidiary Parent Common Stock that otherwise would have been received by such stockholder) shall, and shall cause its Affiliates toupon surrender of his or her Certificate or Certificates or Book-Entry Shares (each as defined below), be entitled to receive an amount of cash (without interest) rounded to the nearest whole cent determined by multiplying (i) the closing price of a share of Parent Common Stock as reported on the Nasdaq on the Acceptance Date by (ii) the fractional share interest to which such holder would otherwise be entitled. The parties acknowledge that payment of the cash consideration in lieu of issuing fractional shares was not separately bargained for consideration, but merely represents a mechanical rounding off for purposes of simplifying the corporate and accounting complexities that would otherwise be caused by the issuance of fractional shares. (f) The Company agrees that no shares of Company Common Stock held by the Company or any of its Subsidiaries will be tendered pursuant to the Offer. (g) On the date of commencement of the Offer, Parent and Merger Sub shall file with the SEC an amendment (i) a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO”) that shall contain the Preliminary Prospectus, which shall include a revised an offer to purchase and exchange, a form of related letter of transmittal reflecting and summary advertisement in respect of the terms and conditions set forth in this Agreement Offer (collectively, together with any amendments or supplements thereto, the Registration Statement and such other ancillary documents as may be required, the “Offer Documents”), ) and (ii) a registration statement on Form F-4 (or Form S-4) to register the offer and sale of Parent Common Stock pursuant to the extent Offer and the Merger (the “Registration Statement”). The Registration Statement will include a preliminary prospectus containing the information required by applicable U.S. federal securities laws, under Rule 14d-4(b) of the Exchange Act (the “Preliminary Prospectus”). Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Sharesthe Company’s stockholders as and to the extent required by applicable federal securities Laws. Each of ParentThe Company shall promptly furnish to Parent and Merger Sub all information concerning the Company, its directors, officers and affiliates as may be required by applicable securities Law or reasonably requested by Parent or Merger Subsidiary Sub for inclusion in the Schedule TO, the Registration Statement or the other Offer Documents. Parent and the Company agrees that they Merger Sub shall use their reasonable best efforts to cause the Schedule TO TO, the Registration Statement and the other Offer Documents filed by any of them with the SEC to comply in all material respects with applicable securities laws and to have the 1934 Registration Statement declared effective under the Securities Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when as promptly as practicable after it is filed with the SEC and on to keep the date first publishedRegistration Statement effective as long as necessary to complete the Offer and the Merger. Following the time the Registration Statement is declared effective, sent or given Parent shall file the final prospectus included therein under Rule 424(b) promulgated pursuant to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing)Securities Act. Each of Parent, Merger Subsidiary Sub and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO TO, the Registration Statement and the other Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub agree to take all steps necessary to cause the Schedule TO and the Registration Statement as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesthe Company’s stockholders, in each case case, as and to the extent required by applicable U.S. federal securities lawsLaw. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO TO, the Registration Statement and the other Offer Documents each time before any such document is filed with the SEC after or disseminated to the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsCompany’s stockholders, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary Sub shall provide the Company and its counsel with (i) any comments or other communications, whether written or oral comments oral, that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO, the Registration Statement or the other Offer Documents promptlypromptly after receipt of such comments or other communications, but and (ii) a reasonable opportunity to provide comments on that response (to which reasonable and good faith consideration shall be given). (h) Parent and/or US Corp. shall provide or cause to be provided to Merger Sub on a timely basis the funds and shares of Parent Common Stock necessary to accept for payment, and pay for, any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, and pay for, pursuant to the Offer. (i) If, between the date hereof and the date on which any share of Company Common Stock is accepted for payment and paid for pursuant to the Offer, the outstanding shares of Company Stock are changed (or a record date for such change occurs) into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Offer Price shall be appropriately and proportionately adjusted, taking into account the record and payment or effective dates, as the case may be, for such transaction. (j) If, between the date hereof and the date on which any share of Company Common Stock is accepted for payment and paid for pursuant to the Offer, the outstanding shares of Parent Common Stock are changed (or a record date for such change occurs) into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Offer Price shall be appropriately and proportionately adjusted, taking into account the record and payment or effective dates, as the case may be, for such transaction. (k) Subject to Section 1.5, unless this Agreement is terminated pursuant to Section 9, Merger Sub shall not terminate or withdraw the Offer prior to any scheduled expiration date without the prior written consent of the Company in no its sole and absolute discretion, except that in the event later than this Agreement is terminated pursuant to Section 9, Merger Sub shall promptly (and in any event within twenty-four (24) hours, after ) following such termination irrevocably and unconditionally terminate the receipt Offer and shall not acquire any shares of such comments, and, subject Company Common Stock pursuant thereto. If the Offer is terminated in accordance with this Agreement prior to the provisions hereofpurchase of shares of Company Common Stock in the Offer, Merger Sub shall promptly respond return, or cause any depositary acting on behalf of Merger Sub to such commentsreturn, all tendered shares of Company Stock to the tendering stockholders.

Appears in 1 contract

Sources: Merger Agreement (SXC Health Solutions Corp.)

The Offer. (a) Provided that nothing shall have occurred that would give rise 1.1 The Offeror undertakes to a right to terminate prepare and make the Offer pursuant to any of the conditions set forth in Annex IOffer, as promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this AgreementMerger Protocol. The Parties shall use their best endeavours to ensure that the Offer will be consummated as soon as possible following the date of this Merger Protocol, including subject to the prior satisfaction or waiver terms and conditions hereof and to applicable laws and regulations. 1.2 Upon the terms of and subject to the conditions set forth Pre-Offer Conditions (as defined in Annex I Clause 6.1 below) and the Offer Conditions (the “Offer Conditions”as defined in Clause 7.1 below), promptly after the later of Offer shall commit the Offeror to acquire: (xa) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares each Ordinary Share tendered pursuant to the Offer against payment of a cash price of EUR 28.75 (in words: twenty eight euros seventy five cents) per Ordinary Share (the “Ordinary Share Consideration”); and (b) each 7% Preferred Share tendered pursuant to the Offer against payment of a cash price of EUR 13.00 (in words: thirteen euros) per 7% Preferred Share (the “Preferred Share Consideration”). The Ordinary Share Consideration and the Preferred Share Consideration herein also to be referred to as “Consideration” and each Share tendered pursuant to the Offer herein to be referred to as a “Tendered Share”. Except for dividends in respect of the 7% Preferred Shares, the Priority Shares and the Preferred B Shares in normal amounts and at payment dates consistent with past practice (the “Preferred Dividends”), the Company shall ensure that between the date hereof and the Settlement Date no dividend or other distribution is declared. In the event that prior to the Settlement Date any dividends or other distributions are declared in respect of the Ordinary Shares, which action would require an amendment of this Merger Protocol in accordance with the terms hereof, the Ordinary Share Consideration will be decreased with an amount per Ordinary Share equivalent to any such dividend or distribution per Share. In the event that prior to the Settlement Date any dividends are paid in respect of the 7% Preferred Shares (except for the Preferred Dividends), the Preferred Share Consideration will be decreased with an amount per 7% Preferred Share equivalent to any such dividend or distribution per Share. 1.3 Either of the Company or the Offeror may elect to cause the Offer in respect of the Ordinary Shares and/or the 7% Preferred Shares to be extended into the United States by written notice to the other Party (the “Election”). Such Election may be made during the period starting on the earlier of: (i) the expiry of three weeks from the date of the Merger Protocol; and (yii) the earliest date Commencement Date (as of which each defined in Clause 6.1 below) and terminating on 23 May 2006. 1.4 Without prejudice to any of the Offer Conditions Conditions, the Offer shall be open for acceptance for a period of at least (i) 23 (twenty-three) calendar days or, if an Election has been satisfiedmade, or waived by Parent or (ii) 20 (twenty) United States business days (as defined in Rule 14d-1(g) under the United States Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the “Exchange Act”). For the purpose of this Merger SubsidiaryProtocol, Merger Subsidiary the closing date of the Offer shall be the initial date on which the Offer closes for acceptance (and Parent shall cause Merger Subsidiary to) consummate the “Closing Date”), unless the Offeror extends the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)Clause 7.2, in which case Merger Subsidiary the closing date shall be required to extend the last date on which the extended Offer closes for acceptance (the “Postponed Closing Date”). In the event that the Offeror declares the Offer beyond unconditional (gestand doet), the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or mayOfferor may also, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) discretion and in accordance with Rule 14d-11 consistent market practice and applicable rules and regulations, publicly announce a post-acceptance period (na-aanmeldingstermijn) and accept, against payment by the Offeror of the 1934 Act. Subject to the foregoingrelevant Consideration, including the requirements each Share that is tendered within a period of Rule 14d-11, and upon the terms and subject to the conditions a maximum of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable fifteen Business Days after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentthe relevant notice that the Offeror will declare the Offer unconditional (gestand doet) is published. 1.5 The Offer shall comply with all applicable laws and regulations, including without limitation, any applicable provisions of the Dutch Securities Supervision Act 1995 (Wet toezicht effectenverkeer 1995) (the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer DocumentsDSSA”), the Dutch Securities Supervision Decree (Besluit toezicht effectenverkeer 1995) (the “DSSD”), any rules and (ii) regulations promulgated pursuant to the extent required by applicable U.S. federal securities lawsDSSA and DSSD, cause the Offer Documents to be disseminated to holders policy guidelines and instructions of Shares. Each of Parentthe Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the “AFM”), the works council act (Wet op de ondernemingsraden; “WOR”) the Merger Subsidiary and Code 2000 (SER-besluit Fusiegedragsregels 2000), the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Exchange Act and the rules and regulations thereunder promulgated thereunder, the rules and regulations of Euronext, the Dutch Civil Code (the “DCC”), the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Improvement Act of 1976, and Regulation 139/2004 of the Commission of the European Communities (all together the “Merger Rules”). 1.6 Prior to the opening of the first trading day on Euronext following the execution of this Merger Protocol, a public announcement of the Offer (the “Announcement”) will be made available to (i) Euronext, (ii) the AFM, (iii) the Social Economic Council (Sociaal Economische Raad) and (iv) the relevant (international) press agents by way of the press release issued jointly by the Offeror and the Company (which has been notified to the AFM and of which the AFM has confirmed it has no further comments), a copy of which is attached hereto as Schedule 1.6. 1.7 On the Commencement Date the Offeror shall make the offer memorandum (biedingsbericht) (together with all amendments and supplements thereto, hereinafter referred to as the “Offer Memorandum”) generally available in The Netherlands and in the United States and shall announce the availability of the Offer Memorandum in the official price list of Euronext, in the Wall Street Journal, the Financial Times, Het Financieele Dagblad and in at least one other applicable Law and nationally distributed daily newspaper in The Netherlands. The Parties agree that the Offer Documents, when filed Memorandum shall comply as to form and substance in all respects with the SEC and on the date first published, sent or given to the stockholders requirements of the Company, Merger Rules. The Offer Memorandum shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information made available in the English language, provided, however, that the Parties agree that a summary shall be made available in the Dutch language, whereby the English language Offer Documents supplied by Memorandum shall prevail over the Dutch translation. The Offeror undertakes to prepare and draft the Offer Memorandum in co-operation with the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and have the Offer Documents if Memorandum printed and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause distributed at its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities lawsown costs. The Company and its counsel shall be given a reasonable the opportunity to review and comment (A) on the Schedule TO and upon the Offer Documents each time before any such document is filed Memorandum and have the right to approve the sections of the Offer Memorandum relating to the Company and this Merger Protocol. The AFM will have been notified timely of, and will have confirmed that it has no further comments with respect to, the SEC Offer Memorandum prior to it being made available. Parties shall use their best efforts to procure that the Offer Memorandum will be submitted in its final form to the AFM as soon as reasonably practicable after the date hereof of this Merger Protocol with reference to the relevant circumstances, including availability of information that is to be included in the Offer Memorandum and the anticipated timing of the extraordinary general meeting of shareholders that is to be held in accordance with Article 9q DSSD. The Offer Memorandum shall, amongst others, contain (i) the fairness opinion from Rothschild referred to in recital (M) and as attached to this Merger Protocol in Schedule M, (ii) the fairness opinion from Credit Suisse referred to in recital (N) and as attached to this Merger Protocol in Schedule N, (iii) a full description of the envisaged transaction structure, (iv) a description of the undertakings contained in Clauses 3 and 4 and (Bv) on any correspondence with subject to Clause 11 hereof, the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made positive recommendation by the Company and its counsel. Parent and Merger Subsidiary shall provide Boards to the shareholders of the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but as provided for in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions Clause 5 hereof, promptly respond to such comments.

Appears in 1 contract

Sources: Merger Protocol (Global Media USA, LLC)

The Offer. (a) Provided that nothing this Agreement shall not have occurred been terminated pursuant to Article VIII, Merger Sub shall (and Parent shall cause Merger Sub to) use its reasonable best efforts to commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer within three (3) Business Days (and shall commence such Offer in any event within ten (10) Business Days) of the date of this Agreement. (b) The obligation of Merger Sub to, and of Parent to cause Merger Sub to, accept for payment and pay for any shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer and not validly withdrawn prior to any then scheduled Expiration Time that would give rise number of shares of Company Common Stock which, together with the shares beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the Fully Diluted Shares as of immediately prior to a right to terminate the expiration of the Offer (as it may be extended and re-extended in accordance with this Section 1.01) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Exhibit A, as such conditions may be modified in accordance with this Agreement (together with the Minimum Condition, the “Offer Conditions”). For purposes of determining whether the Minimum Condition has been satisfied, any shares tendered in the Offer pursuant to any guaranteed delivery procedures shall be included only if such shares have been delivered pursuant to such procedures. Subject to the prior satisfaction of the conditions set forth Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions as of the Expiration Time, Merger Sub shall, and Parent shall cause Merger Sub to, consummate the Offer in Annex I, accordance with its terms and accept for payment and pay for all shares of Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the date hereof, but Expiration Time. The Offer Price payable in no event later than three Business Days following the public announcement respect of the execution each share of this Agreement, Merger Subsidiary shall amend Company Common Stock validly tendered and not validly withdrawn pursuant to the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), shall be paid net to the seller in cash, without interest (ii) provide that subject to any withholding of tax pursuant to Section 3.05), on the terms and subject to the conditions to the set forth in this Agreement. (c) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in Annex I this Agreement, including the Offer Conditions. Parent and Merger Sub expressly reserve the right (in their sole discretion) to waive, in whole or in part, any Offer Condition, to increase the Offer Price or to make any other changes in the terms and conditions of the Offer; provided, however, that no other conditions unless otherwise provided by this Agreement or as previously approved in writing by the Company, Merger Sub shall applynot (i) reduce the number of shares of Company Common Stock subject to the Offer, (ii) reduce the Offer Price or change the form of consideration payable in the Offer, (iii) provide that change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Exhibit A or modify or change any Offer Condition in any manner adverse to any shareholders of the Company, (v) except as otherwise provided in this Section 1.01, extend or otherwise change the expiration date of the Offer or (vi) otherwise amend, modify or supplement any of the other terms of the Offer in any manner adverse to any shareholder of the Company. (d) Subject to the terms and conditions of this Agreement, the Offer shall be expire at midnight (New York City time) on the date that is ten twenty (20) Business Days following the commencement (for this purpose calculated in accordance with within the meaning of Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following of the filing Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement to the contrary, unless this Agreement has been terminated in accordance with its terms, Merger Sub shall, and Parent shall cause Merger Sub to, (i) extend the Offer on one or more occasions, in consecutive increments of up to five (5) Business Days (or such amendmentlonger period as the parties hereto may agree) each, if on any then-scheduled Expiration Time any of the Offer Conditions (other than the Minimum Condition) shall not be satisfied or waived, until such time as such condition or conditions are satisfied or waived; provided, however, that the maximum number of days that the Offer may be extended pursuant to this clause (i) shall be twenty (20) Business Days, (ii) extend the Offer on one or more occasions, in consecutive increments of up to five (5) Business Days each, if on any then-scheduled Expiration Time each Offer Condition (other than the Minimum Condition) shall have been satisfied or waived, and the Minimum Condition shall not have been satisfied; provided, however, that the maximum number of days that the Offer may be extended pursuant to this clause (ii) shall be twenty (20) Business Days, (iii) extend the Offer, at the request of the Company, until the expiration of a twenty (20)-day cure period after a breach of this Agreement by the Company, if on any then-scheduled Expiration Time any of the Offer Conditions (other than the Minimum Condition) shall not be satisfied due to a breach of this Agreement by the Company that is capable of being cured (it being understood that a willful failure to comply with Section 6.04 in any material respect shall be deemed incapable of being cured), and (iv) make such other amendments as are necessary extend the Offer for the minimum period required by applicable Law, any interpretation or appropriate to conform position of the Securities and Exchange Commission (the “SEC”), the staff thereof, the NASDAQ Stock Market (“NASDAQ”) or the Chicago Stock Exchange, Inc. applicable to the requirements Offer, and until any waiting period (and any extension thereof) applicable to the consummation of the Offer under the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and any other applicable foreign antitrust, competition or similar Law shall have expired or been terminated; provided, however, that in no event (A) shall Merger Sub be required to extend the Offer beyond November 1, 2012 (the “Outside Date”) or (B) shall this AgreementSection 1.01(e) be construed or deemed to impair, limit or otherwise restrict in any manner the right of the parties to terminate this Agreement pursuant to Article VIII. The Merger Sub expressly reserves the right to, in its sole discretion, following the Offer shall Closing, make available one (1) or more “subsequent offering periods” in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents may, in Merger Sub’s sole discretion, provide for such a reservation of right. Except as otherwise expressly provided in this Section 1.01(e), the rights of Company to cause an extension of the Offer are cumulative so that, if at any time any of the foregoing is applicable, the Offer will be so extended further. (f) On the terms and subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which by Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each Sub of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiaryas of the Expiration Time, Merger Subsidiary shall (Sub shall, and Parent shall cause Merger Subsidiary Sub to) consummate , accept and pay the Offer in accordance with its terms and accept Price (subject to any withholding of tax pursuant to Section 3.05) pursuant to Section 1.01(b) for payment each Share all shares of Company Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer as soon as practicable after the Expiration Time (as it may be extended and promptly following re-extended in accordance with this Section 1.01). Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the acceptance funds necessary to pay for any shares of Shares Company Common Stock that Merger Sub becomes obligated to accept for payment pursuant to the Offer pay the Offer Price (without interest) and shall cause Merger Sub to fulfill all of Merger Sub’s obligations under this Agreement. Acceptance for each Share validly tendered and not properly withdrawn payment of shares of Company Common Stock pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of upon the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in any manner adverse to this Agreement as the stockholders of the Company, “Offer Closing Date.” (C) the expiration date shall not be extended except as otherwise provided herein, and (Dg) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Time without the prior written consent of the Company, except in the event that this Agreement is terminated pursuant to Section 11.01Article VIII. Notwithstanding If the foregoingOffer is terminated or withdrawn by Merger Sub, (x) Merger Subsidiary shall (or at this Agreement is terminated pursuant to Article VIII, prior to the request acceptance for payment of the CompanyCompany Common Stock tendered in the Offer, Parent Merger Sub shall promptly return (and in any event within three (3) Business Days), and shall cause any depository acting on behalf of Merger Subsidiary toSub to promptly return, all tendered Company Common Stock to the registered holders thereof. (h) extend As soon as practicable on the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent Sub shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub in writing all information concerning the extent Company and its Subsidiaries that may be required by applicable U.S. federal securities laws, Laws or reasonably requested by Parent or Merger Sub for inclusion in the Offer Documents. Parent and Merger Sub shall take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders shareholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, shall promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and Sub shall cause its Affiliates to, use their respective reasonable best efforts take all steps necessary to cause the Schedule TO Offer Documents, as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the shareholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their Representatives, on the one hand, and the SEC, on the other hand, relating to the Offer Documents. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the shareholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary Sub shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.

Appears in 1 contract

Sources: Merger Agreement (Ascena Retail Group, Inc.)

The Offer. (a) Provided that nothing Unless this Agreement shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth previously been terminated in Annex Iaccordance with Section 9, as promptly as practicable after the date hereofpracticable, but in no any event later than three Business Days following by June 17, 2013 (provided that the public announcement Company has timely complied with the provisions of the execution of this AgreementSection 2.01(h)), Merger Subsidiary shall amend Sub will (and Parent will cause Merger Sub to) “commence” (within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following the filing Offer. (b) The obligation of such amendment, Merger Sub to accept for payment and (iv) make such other amendments as are necessary or appropriate to conform pay for any shares of Target Common Stock validly tendered and not validly withdrawn pursuant to the requirements of this Agreement. The Offer shall will be subject to the condition that to: (i) there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a validly withdrawn prior to any then scheduled Expiration Time that number of Shares thatshares of Target Common Stock which, together with the Shares then shares beneficially owned by Parent and its Affiliatesor Merger Sub (if any), represents at least a majority of the total number of Shares Target Common Stock then outstanding (determined on a fully-fully diluted basisbasis (which assumes conversion or exercise of all options, without regard to whether any warrants or other securities convertible or exchangeable securities are then vested into Target Common Stock regardless of the conversion or exercise price, the vesting schedule or other terms and exercisable conditions thereof)) (the “Minimum Condition”), and (ii) and to the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to Section 8.01(together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfiedMinimum Condition and the satisfaction, or waived waiver by Parent or Merger SubsidiarySub, of the other Offer Conditions, Merger Subsidiary shall Sub will (and Parent shall will cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Target Common Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant to the Offer pay the Expiration Time. The Offer Price (without interest) for payable in respect of each Share share of Target Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall will be subject only paid net to the satisfactionSelling Stockholder in cash, or waiver without interest, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer will be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary Sub expressly reserves reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Target, Merger Sub will not (i) reduce the number of shares of Target Common Stock subject to the Offer; provided that without , (ii) reduce the prior consent Offer Price, (iii) change, modify or waive the Minimum Condition, (iv) add to the conditions set forth in Section 8.01 or Section 8.02 or modify or change any Offer Condition in a manner adverse to any of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waivedTarget’s stockholders, (Bv) no except as otherwise provided in this Section 2.01, extend or otherwise change may be made that changes the expiration date of the Offer, (vi) change the form of consideration to be paid, decreases the price per Share or the number of Shares sought payable in the OfferOffer or (vii) otherwise amend, amends modify or adds to supplement any of the Offer Conditions or amends any other term terms of the Offer in any a manner adverse to the stockholders any of the CompanyTarget’s stockholders. (d) The Offer will expire at midnight (Rochester, New York time) on the date that is twenty (C20) Business Days following the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate commencement of the Offer prior to any scheduled expiration date except (the “Initial Expiration Time”) or, in the event that this Agreement is terminated the Initial Expiration Time has been extended pursuant to Section 11.01. Notwithstanding this Agreement, the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend date and time to which the Offer if at has been so extended (the scheduled Initial Expiration Time, or extended expiration such later date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from and time to time until such conditions are satisfied (other than conditions which by their nature are the Initial Expiration Time has been extended pursuant to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rulethis Agreement, regulation, interpretation or position of the U.S. Securities and Exchange Commission (is referred to as the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance DateExpiration Time”). (ce) As promptly as practicable after Notwithstanding anything in this Agreement to the date hereofcontrary, but in no event later than three Business Days following the public announcement of the execution of and without limiting Parent’s or Merger Sub’s obligations under this AgreementSection 2.01(e), Merger Subsidiary shall, and shall cause its Affiliates to, Sub will extend the Offer (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form on one or more occasions for additional periods of letter five (5) Business Days each if on any then-scheduled Expiration Time any of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of ParentConditions have not been satisfied or, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such comments.in

Appears in 1 contract

Sources: Merger Agreement (Veramark Technologies Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise If the Merger Agreement has not been terminated and ArQule is prepared to a right file with the SEC, and to terminate disseminate to holders of ArQule shares, the Schedule 14D-9 on the same date as Purchaser commences the Offer, Purchaser has agreed to commence the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereofpracticable, but and in no event later than three Business Days following the public announcement of the execution of this AgreementDecember 20, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment2019. Purchaser’s obligation to, and (iv) make such other amendments as are necessary or appropriate ▇▇▇▇▇▇’s obligation to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be cause Purchaser to, accept for payment and pay for Shares validly tendered in accordance with the terms of the Offer prior is subject only to the expiration date of satisfaction or, to the Offer and not withdrawn, a number of Shares that, together with the Shares then owned extent waivable by Parent and its Affiliatesor Purchaser, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfiedthat are described below. On the terms and subject to the conditions and the Merger Agreement, or waived by Parent or Merger SubsidiaryPurchaser will, Merger Subsidiary shall (and Parent shall will cause Merger Subsidiary Purchaser to) consummate the Offer in accordance with its terms and , accept for payment each Share and pay for all Shares validly tendered and not properly validly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay as promptly as practicable on or after the Offer Price (without interest) for each Share validly tendered Expiration Date. Parent and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary Purchaser expressly reserves reserve the right to waive any of the Offer Conditions and Conditions, to increase the Offer Price or to make any other changes in the terms and conditions of or conditions to the Offer; provided that without that, unless otherwise provided in the prior consent of Merger Agreement or previously approved by ArQule in writing, Parent and Purchaser will not: • decrease the Company (which consent may be granted Offer Price or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases payable in the price per Share or Offer; • decrease the maximum number of Shares subject to or sought to be purchased in the Offer, amends or adds ; • impose conditions on the Offer in addition to the Offer Conditions Conditions; • waive, modify or amends amend the Minimum Condition or the Antitrust and Judgment/Illegality Conditions; • amend any other term of the Offer in a manner that would reasonably be expected to adversely affect any manner adverse ArQule stockholder in its capacity as such; • extend or otherwise change the Expiration Date except as required or permitted by the terms of the Merger Agreement as described below; or • provide any “subsequent offering period” (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act. The Merger Agreement contains provisions that govern the circumstances under which Purchaser is required or permitted to extend the Offer and under which Parent is required to cause Purchaser to extend the Offer. Specifically, the Merger Agreement provides that: • if on the scheduled Expiration Date, the Minimum Condition has not been satisfied or any of the other Offer Conditions (as defined below in Section 15 – “Conditions of the Offer”) have not been satisfied or waived by Parent or Purchaser if permitted thereunder, then Purchaser may, and Parent may cause Purchaser to, in Parent’s and Purchaser’s sole discretion and without the consent of ArQule, extend the Offer on one or more occasions in consecutive increments of not more than 20 business days each (the length of such period to be determined by Parent and Purchaser in their discretion), or for such longer period as the parties may agree in order to permit the satisfaction of such Offer Conditions (subject to the stockholders right of Parent or Purchaser to waive any Offer Conditions, other than the Company, (C) the expiration date shall not be extended except as otherwise provided hereinMinimum Condition); • Purchaser will, and (D) Merger Subsidiary shall not terminate Parent will cause Purchaser to, extend the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, for (x) Merger Subsidiary shall the minimum period required by applicable law, interpretation or position of the SEC or its staff or Nasdaq or its staff and (y) periods of not more than 10 business days per extension, until any waiting period (and any extension thereof) applicable to the consummation of the Offer under the HSR Act has expired or been terminated; and • if, on the scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, at the request of ArQule, Purchaser will, and Parent will cause Purchaser to, extend the CompanyOffer on one or more occasions in consecutive increments of not more than 10 business days each. The Merger Agreement provides that Purchaser will not in any event be required to, and Parent shall will not in any event be required to cause Merger Subsidiary Purchaser to, (i) extend the Offer if at beyond the scheduled Outside Date or extended expiration date (ii) extend the Offer beyond the initial Expiration Date on more than three occasions, not to exceed an aggregate of 30 business days (provided that each such extension will be 10 business days unless ArQule agrees otherwise), if, as of the applicable Expiration Date, all of the Offer any of the conditions to the Offer shall not be Conditions are satisfied or waived, from time to time until such conditions are satisfied (have been waived other than the Minimum Condition and conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after at the expiration of the Offer. If the Merger Agreement is validly terminated, all Purchaser will, and Parent will cause Purchaser to, promptly (and in any event within 24 hours of such termination), irrevocably and unconditionally terminate the Offer, will not acquire any Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly will cause any depository acting on behalf of Purchaser to return, in accordance with applicable law, all tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to registered holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsthereof.

Appears in 1 contract

Sources: Offer to Purchase (Merck & Co., Inc.)

The Offer. (a) Provided that nothing shall have occurred that would give rise On a date to a right be agreed by Parent and the Company or, if they are unable to terminate agree, on or prior to the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable tenth (10th) Business Day after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this AgreementAgreement (the “Commencement Date”), Merger Subsidiary shall amend Sub will (and Parent will cause Merger Sub to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934 (the “Exchange Act”)) the Offer. (b) The obligation and right of Merger Sub to accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer to will be solely subject to: (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be being validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and “received” by the “depositary” (as such terms are defined in Section 251(h) of the DGCL), and not validly withdrawn, a prior to any then scheduled Expiration Time that number of Shares that, together with the Shares then owned by Parent and its Affiliates, which represents a majority of the total number of Shares then outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and (ii) the satisfaction or waiver by Parent or Merger Sub (to the extent permitted hereby) of the other conditions and requirements set forth in Annex I and to no other conditions. Subject to B (together with the terms and conditions of this AgreementMinimum Condition, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant . Subject to the Offer and (y) the earliest date as of which each prior satisfaction of the Offer Conditions has been satisfied, Minimum Condition and the satisfaction or waived waiver by Parent or Merger SubsidiarySub of the other Offer Conditions, Merger Subsidiary shall Sub will (and Parent shall will cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable after the Expiration Time. The conditions to the Offer set forth in Annex B are for the sole benefit of Parent and Merger Sub and may be waived by Parent or Merger Sub, in their sole discretion, in whole or in part at any time and from time to time, subject to this Section 1.1. The Offer Price payable in respect of each Share validly tendered and not properly validly withdrawn pursuant to the Offer will be paid to the seller in cash, without interest and promptly following the acceptance net of Shares for payment any required withholding of Taxes pursuant to Section 3.2(i). (c) The Offer will be made by means of an offer to purchase (the “Offer to Purchase”) that includes the terms and conditions of the Offer pay as set forth in this Agreement, including the Offer Conditions. Parent and Merger Sub reserve the right to waive, in whole or in part, any Offer Condition (other than the Minimum Condition), to increase the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms and conditions of or conditions to the Offer; provided, however, that unless otherwise provided that without the prior consent of by this Agreement or as previously approved in writing by the Company (which consent may be granted or withheld by the Company in its sole discretion), Parent and Merger Sub will not (i) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or reduce the number of Shares sought in subject to the Offer, amends (ii) reduce the Offer Price, (iii) change, modify or adds waive the Minimum Condition, (iv) add to the conditions set forth in Annex B or modify or change any Offer Conditions or amends any other term of the Offer Condition in any manner adverse to the stockholders of the Companyany Stockholders, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.1, extend or otherwise change the expiration time of the Offer, (vi) change the form of consideration payable in the Offer, or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse to any Stockholders. (d) The Offer will expire one (1) minute after 11:59 p.m. Eastern Time on the date that is 20 Business Days following (and including the day of) the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event the Initial Expiration Time has been extended as permitted or required by this Agreement, the date and time to which the Offer has been so extended or re-extended (the Initial Expiration Time, as so extended, the “Expiration Time”). (i) If on or prior to any then scheduled Expiration Time, any of the Offer Conditions has not been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub, then Merger Sub will (and Parent will cause Merger Sub to) extend the Offer for successive periods of up to ten (10) Business Days each (or such additional or longer periods if Parent so desires and the Company consents in writing prior to such extension), the length of each such period to be determined by Parent in its sole discretion in order to permit the satisfaction of such conditions; provided, however, that if, at any scheduled Expiration Time, each of the Offer Conditions (other than the Minimum Condition) has been satisfied or, to the extent waivable by Parent or Merger Sub pursuant to this Agreement, waived by Parent or Merger Sub and the Minimum Condition has not been satisfied, Merger Sub shall not be required to (but shall, in its sole discretion, be entitled to) extend the Offer for more than twenty (20) Business Days beyond such scheduled Expiration Time; and (ii) Merger Sub will (and Parent will cause Merger Sub to) extend the Offer for any period or periods required by applicable Law, including applicable rules, regulations, interpretations or positions of the Securities and Exchange Commission or its staff (the “SEC”); provided, however, that, in any case in this Section 1.1(e), Merger Sub will not be required to extend the Offer beyond the Outside Date and will not be permitted to extend the Offer beyond the Outside Date without the Company’s prior written consent in its sole discretion. (f) On the terms and subject to the conditions of this Agreement, Merger Sub will, and Parent will cause Merger Sub to, accept and pay for (Dsubject to any required withholding of Tax pursuant to Section 3.2(i)) all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable and in any event within one (1) Business Day after the Expiration Time. Acceptance for payment of Shares in accordance with this Agreement after the Expiration Time is referred to in this Agreement as the “Offer Closing,” and the date on which the Offer Closing occurs is referred to in this Agreement as the “Offer Closing Date.” (g) Merger Subsidiary shall Sub will not terminate the Offer prior to any scheduled expiration date Expiration Time, except after this Agreement has been terminated in accordance with Article VIII. If the Offer is terminated or withdrawn by Merger Sub prior to the acceptance for payment of Shares tendered in the event that this Agreement is terminated pursuant Offer, Merger Sub will promptly return, and will cause any depository acting on behalf of Merger Sub to Section 11.01. Notwithstanding return, in accordance with applicable Law, all tendered Shares to the foregoing, registered holders thereof. (xh) Merger Subsidiary shall (or at As soon as practicable on the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Parent and Merger Subsidiary shallSub will file or cause to be filed with the SEC, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of 14d-3 under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for paymentexhibits thereto, the “Acceptance DateSchedule TO”). (c) As promptly . The Schedule TO will include, as practicable after exhibits, the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, Offer to Purchase and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement, if any (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, collectively, the “Offer Documents”), . The Company will promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company and the Stockholders required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub will take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of SharesStockholders, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub, on the one hand, and the Company, on the other hand, will correct promptly any information provided by it for use in the Offer Documents if and to the extent that it becomes aware that such information has become false or misleading in any material respect. Parent and Merger Sub will take all steps necessary to cause the Offer Documents, as so corrected (if applicable), to be filed with the SEC and disseminated to the Stockholders, in each case as and to the extent required by the Exchange Act. Parent and Merger Sub will promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and will promptly provide the Company with copies of all written correspondence between them and their Representatives, on the one hand, and the SEC, on the other hand. Parent and Merger Sub will respond promptly to any comments of the SEC or its staff with respect to the Schedule TO. Except from and after a Change of Recommendation, prior to filing any Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the Stockholders, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub will provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsresponse, and Parent and Merger Subsidiary shall Sub will give reasonable and good faith consideration to any comments made by such comments. (i) Parent will provide or cause to be provided to Merger Sub, within one (1) Business Day after the Company Expiration Time, the funds necessary to pay for any Shares that Merger Sub becomes obligated to accept for payment, and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parentpay for, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsand this Agreement.

Appears in 1 contract

Sources: Merger Agreement (GMS Inc.)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any been terminated in accordance with Article 7 and none of the events or conditions set forth in Annex IA shall have occurred and be existing, by January 5, 2001, Parent shall cause Acquisition to commence, and Acquisition shall commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as promptly as practicable after amended (the date hereof"Exchange Act")) the Offer; and Parent and Acquisition shall use all reasonable efforts to consummate the Offer. Parent shall cause Acquisition to accept for payment, but in no event later than three Business Days and Acquisition shall accept for payment, Shares and Preferred Shares which have been validly tendered and not withdrawn pursuant to the Offer at the earliest time following the public announcement expiration of the execution of this Agreement, Merger Subsidiary shall amend initial offering period in the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the at which all conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendmenthave been satisfied or waived by Acquisition, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer thereafter shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment additional Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share and/or Preferred Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offerduring any subsequent offering period. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) Acquisition to accept for payment, and pay the Offer Price (without interest) for, each Share validly for Shares and/or Preferred Shares tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each condition that the sum of the Offer Conditions. number of Shares validly tendered plus the number of Preferred Shares validly tendered shall be at least 25,562,006 shares (bthe "Minimum Condition") Merger Subsidiary and the other conditions set forth in Annex A hereto. Acquisition expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases increase the price per Share or price per Preferred Share payable in the Offer and to waive any condition of the Offer, except the Minimum Condition. Without the prior written consent of the Company, Acquisition shall not decrease the Per Share Amount or the Per Preferred Share Amount or change the form of consideration payable in the Offer, decrease the number of Shares or Preferred Shares sought to be purchased in the Offer, amends or adds impose additional conditions to the Offer Conditions or amends Offer, amend any other term of the Offer in any manner adverse to the stockholders holders of Shares or Preferred Shares, reduce the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to time period during which the Offer shall not remain open or waive the Minimum Condition. The Per Share Amount and the Per Preferred Share Amount shall be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable paid net to the Offer; provided that seller in no event shall Merger Subsidiary be cash, less any required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i)withholding of taxes, in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the such conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after . The Company agrees that no Shares or Preferred Shares held by the expiration Company or any of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly its subsidiaries will be tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (cb) As promptly soon as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and Acquisition shall cause its Affiliates to, (i) file with the SEC an amendment Securities and Exchange Commission (the "SEC") a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include a revised an offer to purchase and form of transmittal letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any supplements or amendments or supplements thereto, collectively the "Offer Documents"), and (ii) to the extent required by applicable U.S. federal securities laws, cause the . The Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to will comply in all material respects with the 1934 Act provisions of applicable federal securities laws. The information provided and to be provided by the rules Company, Parent and regulations thereunder and other applicable Law and that Acquisition for use in the Offer DocumentsDocuments shall not, when on the date filed with the SEC and on the date first published, published or sent or given to the stockholders of Company's stockholders, as the Companycase may be, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing)misleading. Each of Parent, Merger Subsidiary Acquisition and the Company each agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shall, respect and shall cause its Affiliates to, use their respective reasonable best efforts Acquisition further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares and Preferred Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company . (c) Subject to the terms and its counsel conditions thereof, the Offer shall be given a reasonable opportunity to review and comment (A) remain open until at least midnight, New York City time, on the Schedule TO and the Offer Documents each time before any such document date that is filed with the SEC twenty (20) business days after the date hereof the Offer is commenced (the initial "Expiration Date," and any expiration time and date established pursuant to an authorized extension of the Offer as so extended, also an "Expiration Date"); provided, however, that without the consent of the Company Board, Acquisition may: (Bi) on from time to time extend the Offer (each such individual extension not to exceed five (5) business days after the previously scheduled Expiration Date), if at the scheduled Expiration Date any correspondence with of the conditions of the Offer shall not have been satisfied or waived, until such time as such conditions are satisfied or waived to the extent permitted by this Agreement; (ii) extend the Offer for any period required by any rule, regulation, interpretation or position of the SEC or the staff thereof applicable to the Offer; or (including comment response lettersiii) concerning extend the Offer for a subsequent offering period (as provided in Rule 14d-11 under the Exchange Act) of up to twenty (20) business days in order to acquire over ninety percent (90%) of the outstanding Shares or Preferred Shares. Parent agrees to cause Acquisition to extend the Offer Documents, and Merger Subsidiary from time to time in accordance with this Section 1.1(c) for the shortest time periods which it reasonably believes are necessary until consummation of the Offer if the conditions of the Offer shall give reasonable and good faith consideration to any comments made by the Company and its counselnot have been satisfied or waived so long as this Agreement shall not have been terminated in accordance with Article 7 hereof. Parent and Merger Subsidiary Acquisition shall provide comply with the Company obligations respecting prompt payment and its counsel with any written or oral comments Parentannouncement under the Exchange Act, Merger Subsidiary or their respective Affiliates or counsel may receive from and, without limiting the SEC with respect generality of the foregoing, Acquisition shall, and Parent shall cause Acquisition to, accept for payment, and pay for, all Shares and Preferred Shares validly tendered and not withdrawn pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after promptly following the receipt acceptance of such comments, and, subject Shares and Preferred Shares for payment pursuant to the provisions hereof, promptly respond to such commentsOffer and this Agreement.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Northrop Grumman Corp)

The Offer. (a) Provided that nothing shall have occurred that would give rise Upon the terms and subject to a right to terminate the Offer pursuant to any of the conditions set forth in Annex Ithe Merger Agreement, Purchaser has agreed to commence a cash tender offer (as promptly as practicable after the date hereof, but and in no event later than three Business Days following fifteen (15) business days after the public announcement date of the execution Merger Agreement) for all of this Agreement, Merger Subsidiary shall amend the Shares at the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions without interest and subject to any withholding taxes. Purchaser's obligation to accept for payment and pay for Shares validly tendered and not validly withdrawn pursuant to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms satisfaction of the Offer prior to Minimum Tender Condition, the expiration date Termination Condition, the Antitrust Condition and the satisfaction or waiver of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver Section 14—"Conditions of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary " Purchaser expressly reserves the right to waive any of the conditions to the Offer Conditions (other than the Minimum Tender Condition and to make any other changes in the Termination Condition) or modify the terms of or conditions the Offer in any manner not inconsistent with the Merger Agreement, except that, without the consent of the Company, it will not, and Parent will not permit Purchaser to: • reduce the number of Shares subject to the Offer; provided that without • reduce the prior consent of Offer Price (except to the Company (which consent may be granted extent required pursuant to the Merger Agreement); • amend, modify, supplement or withheld by the Company in its sole discretion) (A) waive the Minimum Tender Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the OfferTermination Condition; • add to or amend, amends modify or adds to the supplement any Offer Conditions Condition; • directly or amends indirectly amend, modify or supplement any other term of the Offer in any individual case in any manner adverse to the stockholders holders of the CompanyShares or that would, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except individually or in the event that this Agreement is terminated pursuant Table of Contents aggregate, reasonably be expected to Section 11.01. Notwithstanding prevent or materially delay the foregoing, (x) Merger Subsidiary shall (or at the request consummation of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Merger or impair the ability of Parent or Purchaser to consummate the Offer; • extend or otherwise change the Offer DocumentsExpiration Time, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made except as expressly required or permitted by the Company and its counsel. Parent and Merger Subsidiary shall Agreement; • change the form of consideration payable in the Offer; • provide for any "subsequent offering period" (or any extension thereof) within the Company and its counsel with meaning of Rule 14d-11 under the Exchange Act; or • take any written action (or oral comments Parent, fail to take any action) that would result in the Merger Subsidiary or their respective Affiliates or counsel may receive from not being permitted to be effected pursuant to Section 251(h) of the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsDGCL.

Appears in 1 contract

Sources: Offer to Purchase (Alexion Pharmaceuticals, Inc.)

The Offer. (a) Provided Provided, that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII, as promptly as reasonably practicable after the date hereof, of this Agreement but in no event later than three the tenth (10th) Business Days following Day after the public announcement of date hereof (or such later date as the execution of this Agreementparties may agree in writing), Merger Subsidiary Sub shall, and Parent shall amend the Offer cause Merger Sub to (iand the Company shall cooperate with Parent and Merger Sub to) increase commence (within the purchase price to $6.50 per Share meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Offer PriceExchange Act”), net to ) the seller in cash, Offer. (iib) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate the Offer in accordance with its terms and accept for payment each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer (the time and date of acceptance for payment, the “Acceptance Time”) and promptly following the acceptance of Shares the shares of Company Common Stock for payment pursuant to the Offer Offer, pay (subject to any withholding of Tax pursuant to Section 2.2(g)) the Offer Price (net to the seller in cash, without interest) , for each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary Sub to (and of Parent to cause Merger SubsidiarySub to) to accept for payment, and pay the Offer Price (net to the seller in cash, without interest) for, for each Share share of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger SubsidiarySub if permitted hereunder, of each of the Offer Conditions. (bc) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms and conditions of the Offer as set forth in this Agreement, including the Minimum Tender Condition (as defined in Annex I). Parent and Merger Subsidiary Sub expressly reserves reserve the right (but shall not be obligated), at any time and from time to time in their sole discretion, to waive any of the Offer Conditions and Conditions, to make increase the Offer Price or to modify or amend any other changes terms and conditions of the Offer; provided, that without the written consent of the Company, Parent and Merger Sub shall not (A) decrease the Offer Price, (B) change the form of consideration payable in the Offer, (C) decrease the number of shares of Company Common Stock sought to be purchased in the Offer, (D) impose additional conditions on the consummation of the Offer, (E) amend or modify any of the Offer Conditions in a manner that adversely affects any holder of shares of Company Common Stock, (F) change or waive the Minimum Tender Condition (or HSR Approval component of the Governmental Approval Condition), (G) extend or otherwise change the Expiration Date in a manner other than as required or permitted by Section 1.1(e) of this Agreement or (H) otherwise amend or modify the Offer in a manner that adversely affects, any holder of shares of Company Common Stock. The failure by Parent or Merger Sub at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right, and each right shall be deemed an ongoing right that may be asserted at any time and from time to time. (d) Unless extended pursuant to and in accordance with the terms of or conditions to this Agreement, the Offer; provided Offer shall expire at midnight, New York time, on the date that without is twenty (20) Business Days (determined for this purpose in accordance with Rule 14d-1(g)(3) under the prior consent Exchange Act) following the commencement of the Company Offer (the “Initial Expiration Date”) or, in the event the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, the date and time to which consent may the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Offer has been extended pursuant to and in accordance with this Agreement, the “Expiration Date”). (e) The Offer shall be granted extended from time to time as follows: (i) If at any then scheduled Expiration Date, any of the Offer Conditions set forth in clauses (a), (b) or withheld (c)(i) of Annex I hereto shall not have been satisfied or waived by Parent or Merger Sub if permitted hereunder, then Merger Sub shall (and Parent shall cause Merger Sub to), if so requested by the Company in its sole discretiona written notice delivered to Parent on or prior to the scheduled Expiration Date, extend the Offer for one or more successive periods of up to ten (10) Business Days each, in order to permit the satisfaction of such Offer Conditions (subject to the right of Parent and Merger Sub to waive any Offer Condition (other than the Minimum Tender Condition or the requirement for HSR Approval that is a component of the Governmental Approval Condition) in accordance with this Agreement); provided, that such extension of the Offer does not extend past the earlier of (A) the Minimum Condition may not be waived, termination of this Agreement pursuant to Article VIII and (B) no change January 31, 2013 (which date may be made that changes extended at the form discretion of consideration either the Company or Parent to not later than March 31, 2013, in the event the Governmental Approval Condition shall not have been satisfied as of such date) (the “Outside Date”); (ii) Merger Sub may, at its sole discretion, extend the Offer for one or more successive periods of up to ten (10) Business Days each, the length of each such period to be paiddetermined by Parent at its sole discretion, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the permit any Offer Conditions or amends any other term to be satisfied; provided, that such extension of the Offer in shall not extend past the earlier of (A) the termination of this Agreement pursuant to Article VIII and (B) the Outside Date; and (iii) Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for any manner adverse period or periods required by applicable Law, by interpretation or position of the Securities and Exchange Commission (the “SEC”) or its staff or by the New York Stock Exchange (“NYSE”) that is applicable to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Offer. Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date (including any rescheduled Expiration Date) without the prior written consent of the Company except in the event that this Agreement is terminated pursuant to Article VIII. Nothing in this Section 11.01. Notwithstanding 1.1 shall affect any of the foregoingtermination rights set forth in Article VIII. (f) If fewer than ninety percent (90%) of the number of outstanding shares of Company Common Stock are accepted for payment pursuant to the Offer, (x) Parent and Merger Subsidiary shall (or Sub may, and at the request of the CompanyCompany shall, and upon any such request by the Company Parent shall cause the Merger Subsidiary Sub to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a for one “subsequent offering period period” (“Subsequent Offering Period”and one or more extensions thereof) in accordance with Rule 14d-11 of under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of this Agreement and the Offer, Merger Subsidiary shall, Sub shall (and Parent shall cause it Merger Sub to, ) promptly after any Company Common Stock is validly tendered during a “subsequent offering period” (or any extension thereof) accept for payment payment, and pay (subject to any withholding of Tax pursuant to Section 2.2(g)) the Offer Price net to the seller in cash, without interest, for, as each share of Company Common Stock that is validly tendered during such “subsequent offering period” or any extension thereof promptly as practicable after any such share of Company Common Stock is tendered during any such period. The Offer Documents will provide for the expiration possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 1.1(f). (g) In the event that this Agreement is terminated pursuant to Article VIII prior to the Acceptance Time, Merger Sub shall (and Parent shall cause Merger Sub to) (i) within one (1) Business Day of such termination, terminate the Offer, all Shares (1ii) validly tendered and not withdrawn acquire any shares of Company Common Stock pursuant to the Offer and (2iii) validly cause any depository acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered in shares of Company Common Stock to the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)registered holders thereof. (ch) As promptly as practicable after On the date hereof, but in no event later than three Business Days following the public announcement of the execution commencement of this Agreementthe Offer, Parent and Merger Subsidiary shall, Sub shall prepare and shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement in accordance with Rule 14d-3 and Regulation M-A under the Exchange Act on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO”) that will contain or incorporate by reference the Offer to Purchase, which shall include a revised offer to purchase the summary advertisement and form of the related letter of transmittal reflecting (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto and including exhibits thereto, the “Offer Documents”), . Parent and (ii) to the extent required by applicable U.S. federal securities laws, Merger Sub shall as promptly as practicable cause the Offer Documents to be disseminated to holders of Sharesthe shares of Company Common Stock in accordance with and to the extent required by Rule 14d-4 under the Exchange Act. Each of Parent, Parent and Merger Subsidiary and the Company agrees Sub agree that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC by either Parent or Merger Sub to comply in all material respects with the 1934 Exchange Act and the rules and regulations thereunder and other applicable Law Laws. The Company shall promptly furnish or otherwise make available to Parent, Merger Sub and Parent’s counsel all information concerning the Company, the Company’s Subsidiaries and the Company’s shareholders that may be required in connection with any action contemplated by this Section 1.1(h), including such information required by applicable Laws to be set forth in the Offer Documents. No filing of, when filed with or amendment or supplement to, the SEC Offer Documents will be made by Parent or Merger Sub, without providing the Company and on the date first published, sent or given its counsel a reasonable opportunity to review and comment thereon and giving due consideration to such comments. If at any time prior to the stockholders of Acceptance Time or during any “subsequent offering period” (or extension thereof) any information relating to the Company, shall Parent, Merger Sub, or any of their respective Affiliates, directors or officers should be discovered by any of the parties hereto, which should be set forth in an amendment or a supplement to the Offer Documents so that such documents would not contain include any untrue statement misstatement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except misleading, the party that discovers such information shall promptly notify the other parties hereto, and Parent and Merger subsidiary Sub shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected to be filed file with the SEC and the Offer Documents as so corrected to be disseminated to holders of Sharesan appropriate amendment or supplement describing such information and, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel Law, shall be given a reasonable opportunity disseminate such amendment or supplement to review and comment (A) on the Schedule TO and shareholders of the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselCompany. Parent and Merger Subsidiary Sub shall provide notify the Company and its counsel with promptly of the receipt of any comments, whether written or oral, from the SEC or the staff of the SEC and of any request by the SEC or the staff of the SEC for amendments or supplements to the Offer Documents or for additional information, and shall promptly supply the Company with copies of all correspondence (including a description of any oral comments communications) between Parent, Merger Subsidiary Sub or any of their respective Affiliates or counsel may receive from Representatives, on the one hand, and the SEC or the staff of the SEC, on the other hand, with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after Documents. Each of Parent and Merger Sub shall respond promptly to any comments of the receipt of such comments, and, subject SEC or its staff with respect to the provisions hereofOffer Documents. (i) Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to pay for any shares of Company Common Stock that Merger Sub becomes obligated to accept for payment, promptly respond and pay for, pursuant to such commentsthe Offer.

Appears in 1 contract

Sources: Merger Agreement (Cascade Corp)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article VIII hereof, as promptly as practicable after the date hereof, hereof (but in no event later than three the seventh (7th) Business Days following Day after the public announcement of the execution of this Agreementdate hereof), Merger Subsidiary Sub shall amend commence (within the meaning of Rule 14d-2 under the Exchange Act), and Parent shall cause Merger Sub to commence, the Offer to (i) increase purchase all of the purchase issued and outstanding Shares at a price per Share in cash equal to $6.50 per Share 17.75 (such amount to be paid for each Share, as it may be amended from time to time in accordance with the terms hereof, the “Offer Price”), ) net to the seller seller, without interest and less any taxes required to be withheld as described in cashSection 3.04. The Company agrees that no Shares owned by the Company or any of its Subsidiaries will be tendered pursuant to the Offer. (b) The obligations of Merger Sub, (ii) provide that the conditions and of Parent to cause Merger Sub, to accept for payment and pay for any Shares validly tendered and not validly withdrawn pursuant to the Offer on or prior to the Expiration Date (the “Tendered Shares”) shall be as subject only to (i) the satisfaction of the minimum condition set forth in clause (i) of Annex I and that no other conditions shall applyIII hereto (such condition, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to (ii) the satisfaction or waiver by Parent or Merger Sub of the other conditions set forth in Annex I III hereto (such conditions, together with the Minimum Condition, the “Offer Conditions”) and the terms and conditions hereof. The Offer Conditions are for the sole benefit of Parent and Merger Sub and may be waived by Parent and Merger Sub, in whole or in part, at any time and from time to no time, in their sole discretion, other conditionsthan the Minimum Condition, which may be waived by Parent and Merger Sub only with the prior written consent of the Company, in each case on the terms and subject to the conditions of this Agreement and the applicable rules and regulations of the SEC. Parent and Merger Sub expressly reserve the right to increase the Offer Price or to waive or to modify the terms or conditions of the Offer, except that, without the prior written consent of the Company, neither Parent nor Merger Sub shall make any change to the terms or conditions of the Offer that (i) reduces the Offer Price, (ii) changes the form of consideration payable in the Offer, (iii) reduces the number of Shares sought to be purchased by Merger Sub in the Offer, (iv) waive or amend the Minimum Condition, (v) add to the Offer Conditions or impose any other conditions to the Offer, (vi) extend the expiration of the Offer except as required or permitted in Section 1.01 of this Agreement, or (vii) otherwise amend, modify or supplement any Offer Condition or any term of the Offer set forth in this Agreement, in each case in a manner adverse to the holders of the Shares. Parent and Merger Sub shall not abandon or terminate the Offer prior to any expiration date without the prior written consent of the Company except in the event that this Agreement is validly terminated pursuant to Article VIII. (c) Subject to the terms and conditions of this Agreement and the Offer, the initial expiration date for the Offer shall be midnight, New York City time, on the date that is twenty (20) Business Days from and after the date the Offer is commenced, as determined in accordance with Rule 14d-1(g)(3) of the Exchange Act (such initial expiration date as it may be extended in accordance with the terms of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer ConditionsExpiration Table of Contents Date”). Merger Sub shall, promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary it to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger Subsidiary, of each of the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends any other term of the Offer in any manner adverse to the stockholders of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (SEC or the “SEC”) staff thereof or the Nasdaq Global Market that is applicable to the Offer; provided that . Merger Sub may without the consent of the Company (in no event shall Merger Subsidiary be required each case unless this Agreement has been terminated pursuant to Article VIII), (i) extend the Offer beyond the End Date unless Parent for one or Merger Subsidiary is more consecutive increments of not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shallmore than ten (10) Business Days each, if requested at the then-scheduled Expiration Date any Offer Condition has not been satisfied or waived (the length of such period to be determined by the Company, or may, in its sole discretion, provide Parent and Merger Sub) and/or (ii) make available a subsequent offering period (“Subsequent Offering Period”) period” in accordance with Rule 14d-11 of under the 1934 Exchange Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the OfferIf at any then-scheduled Expiration Date any Offer Condition has not been satisfied or waived, Merger Subsidiary Sub shall, and Parent shall cause it to (in each case unless this Agreement has been terminated pursuant to Article VIII), extend the Offer on one or more occasions at the request of the Company for successive periods of not more than twenty (20) Business Days (the length of such period to be determined by Parent and Merger Sub) until the earlier to occur of (A) the termination of this Agreement pursuant to Article VIII and (B) September 30, 2013. Nothing in this Section 1.01(c) shall (i) impose any obligation on Merger Sub to extend the Offer beyond September 30, 2013, or (ii) be deemed to impair, limit or otherwise restrict in any manner the right of Parent or the Company to terminate this Agreement pursuant to Article VIII. (d) The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) containing the terms set forth in this Agreement and the conditions set forth in Annex III hereto. Merger Sub shall, and Parent shall cause Merger Sub to, on the terms set forth in this Agreement and subject only to the prior satisfaction or waiver of the Offer Conditions (provided, however, that the Minimum Condition may not be waived without the written consent of the Company), accept for payment and pay for, for all Tendered Shares as promptly soon as practicable after the expiration Expiration Date. If Merger Sub makes available a “subsequent offering period” in accordance with Section 1.01(c) hereof, Merger Sub shall, and Parent shall cause Merger Sub to accept for payment and pay for all Shares that are validly tendered during such “subsequent offering period” promptly (within the meaning of Rule 14d-11 under the Exchange Act) after any Shares are validly tendered during such “subsequent offering period.” (e) On the date of commencement of the Offer, all Shares (1) validly tendered Parent and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall, and Sub shall cause its Affiliates to, (i) file with the SEC an amendment in accordance with Rule 14d-3 and Regulation M-A under the Exchange Act a Tender Offer Statement on Schedule TO with respect to the Schedule TOOffer, which shall include contain the Offer to Purchase and a revised offer to purchase and form of related letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any supplements or amendments or supplements thereto and including the exhibits thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders the shareholders of Shares. Each of Parent, Merger Subsidiary the Company as and to the extent required by United States federal securities Laws and the Company agrees that they rules and regulations of the SEC promulgated thereunder (the “Federal Securities Laws”). Parent and Merger Sub shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act Federal Securities Laws. Parent and Merger Sub shall deliver copies of the rules and regulations thereunder and other applicable Law and that proposed forms of the Offer Documents, when filed with the SEC and on the date first published, sent Documents (including any amendments or given supplements thereto) to the stockholders Company within a reasonable time prior to the dissemination or filing thereof for review and comment by the Company and its counsel, and shall consider in good faith any comments of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary Sub and the Company agrees shall respond promptly to any comments of the SEC or its staff with respect to the Offer or the Offer Documents and promptly correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by the Federal Securities Laws. Parent and Merger Subsidiary shall, Sub shall amend or supplement the Offer Documents and shall cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO Offer Documents, as so corrected amended or supplemented, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to the holders of Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company the Federal Securities Laws and its counsel shall be given a reasonable opportunity subject to review the terms and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselconditions of this Agreement. Parent and Merger Subsidiary Sub shall provide the Company and its counsel with copies of any written or comments, and shall inform them of any oral comments comments, that Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject comments and shall give the Company a reasonable opportunity under the circumstances to the provisions hereof, promptly respond review and comment on any proposed written or oral responses to such comments. The Company hereby consents to the inclusion in the Offer Documents of the Company Board Recommendation as it may be amended or modified, and until but not after it is withdrawn, in each case as permitted by this Agreement.

Appears in 1 contract

Sources: Merger Agreement (GB Aero Engine Merger Sub Inc.)

The Offer. (a) Provided that nothing this Agreement shall not have occurred been terminated in accordance with Article VIII and that would give rise to a right to terminate the Offer pursuant to any none of the conditions events set forth in Annex IA hereto shall have occurred and be continuing, as promptly as practicable within ten Business Days after the date hereof, but in no event later than three Business Days following Merger Sub shall, and Parent shall cause Merger Sub (and the public announcement Company shall cooperate with Parent and Merger Sub) to, commence (within the meaning of the execution of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following an offer to purchase all outstanding shares of Common Stock of the filing Company at the purchase price of $8.60 per share of Common Stock (such amendmentprice, and (iv) make such other amendments as are necessary or appropriate any higher price per share of Common Stock paid by Merger Sub pursuant to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to Offer, the expiration date “Per Share Amount”) and shall, upon commencement of the Offer but after affording the Company reasonable opportunity to review and not withdrawncomment thereon, file a number of Shares that, Tender Offer Statement on Schedule TO (together with all amendments and supplements thereto, including the Shares then owned by Parent exhibits thereto, the “Schedule TO”) and its Affiliates, represents a majority of all other necessary documents with the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested Securities and exercisable Exchange Commission (the “Minimum ConditionSEC”) and make all deliveries, mailings and telephonic notices required by Rule 14d-3 under the Exchange Act, in each case in connection with the Offer (the “Offer Documents”), and shall use its reasonable best efforts to consummate the Offer, subject to the other terms and conditions set forth in Annex I and to no other conditionsthereof. Subject to the terms and conditions of this Agreement, including Agreement and to the prior satisfaction or waiver of the conditions set forth in Annex I A hereto (the “Tender Offer Conditions”), promptly after Merger Sub shall, upon the later expiration of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to Offer, accept for payment payment, and pay for (after giving effect to any required withholding Tax), all Shares validly tendered pursuant to the Offer and (y) not withdrawn on the earliest date as Acceptance Date. The obligation of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and Sub to accept for payment each Share and to pay for any Shares validly tendered and not properly withdrawn pursuant shall be subject solely to the satisfaction of the Tender Offer and promptly following the acceptance of Shares for payment pursuant Conditions. The Per Share Amount shall be net to the Offer pay the Offer Price (seller in cash, without interest) , subject to reduction for each Share validly any applicable withholding or stock transfer Taxes payable by such seller. No Shares held by the Company or its Subsidiaries shall be tendered and not properly withdrawn pursuant to the Offer. The obligation For the avoidance of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for paymentdoubt, and pay the parties hereto agree that Restricted Shares may be tendered in the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver acquired by Parent or Merger Subsidiary, of each of Sub pursuant to the Offer ConditionsOffer. (b) Parent on behalf of Merger Subsidiary Sub expressly reserves the right from time to time, subject to Sections 1.1(c) and 1.1(d), in its sole discretion, to waive any of Tender Offer Condition, to increase the Offer Conditions and Per Share Amount or to make any other changes in the terms and conditions of or conditions to the Offer; , provided that that, without the prior written consent of the Company Company, Merger Sub shall not and Parent shall cause Merger Sub not to (which consent may be granted i) decrease the Per Share Amount or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paidpayable in the Offer, decreases the price per Share or (ii) decrease the number of Shares sought to be purchased in the Offer, amends (iii) amend or adds waive satisfaction of the Minimum Condition (as defined in Annex A), (iv) impose additional conditions to the Offer, (v) make any change in the Offer that would require an extension or delay of the then current Expiration Date (other than an increase in the Per Share Amount); provided, however, that this clause (v) shall not limit the right of Parent and Merger Sub to extend the Expiration Date as required or permitted by Section 1.1(d), (vi) modify or amend the Tender Offer Conditions (other than to waive such Tender Offer Conditions, other than the Minimum Condition), or amends (vii) modify or amend any other term of the Offer Offer, in the case of this clause (vii), in any manner (A) adverse to the stockholders holders of the CompanyShares or (B) that would reasonably be expected to result in, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except individually or in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoingaggregate, (x) Merger Subsidiary shall (or at the request of the Company, a Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Material Adverse Effect. (c) As promptly as practicable after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, No agreement or representation hereby is made or shall be made by Parent or Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to the Schedule TO, which shall include a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation Sub with respect to any information in the Offer Documents supplied by the Company expressly for inclusion in, or its Representatives in writing)with respect to Company information derived from the Company’s public SEC filings that is included or incorporated by reference in, the Offer Documents. Each of Parent, Merger Subsidiary Sub and the Company each agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. respect and Merger Subsidiary Sub shall, and shall Parent further agrees to cause its Affiliates Merger Sub to, use their respective reasonable best efforts take all steps necessary to cause the Schedule TO TO, as so corrected or supplemented, to be filed with the SEC and the Offer Documents Documents, as so corrected or supplemented, to be disseminated to holders of Shares, in each case as and to the extent required by applicable U.S. federal Federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the any Offer Documents (including each time amendment or supplement thereto), and shall provide any comments thereon as promptly as practicable after receipt thereof, before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC. Merger Sub shall, and Parent agrees to cause Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall Sub to, provide the Company with (in writing, if written), and its counsel to consult with the Company regarding, any comments (written or oral comments oral) that may be received by Parent, Merger Subsidiary Sub or their respective Affiliates or counsel may receive from the SEC or its staff with respect to the Offer Documents promptlyas promptly as practicable after receipt thereof. The Company and its counsel shall be given a reasonable opportunity to review any such written and oral comments and proposed responses. (d) The initial expiration date of the Offer shall be the twentieth business day (as such term is defined in Rule 14d-1(g)(3) under the Exchange Act, but “Business Day”) following the commencement of the Offer (determined using Rules 14d-1(g)(3) and 14d-2 promulgated under the Exchange Act) (such date, or such subsequent date to which the expiration of the Offer is extended pursuant to and in accordance with the terms of this Agreement, the “Expiration Date”). Merger Sub shall not and Parent agrees that it shall cause Merger Sub to not terminate or withdraw the Offer other than in connection with the effective termination of this Agreement in accordance with Section 8.1 hereof. Notwithstanding the foregoing, Merger Sub may, without Parent or Merger Sub obtaining the consent of the Company, (i) extend the Expiration Date for any period required by the rules and regulations of the SEC or the NASDAQ applicable to the Offer, including in connection with an increase in the Per Share Amount, (ii) extend the Expiration Date if on any then scheduled Expiration Date, any of the Tender Offer Conditions is not satisfied or waived by Parent, for such periods for up to five (5) Business Days at a time (or such longer period as shall be approved by the Company) as Merger Sub may deem reasonably necessary, but, except as provided in Section 1.1(d)(iii) or as required by the rules and regulations of the SEC or the NASDAQ applicable to the Offer (including in connection with an increase in the Per Share Amount), in no event may the Expiration Date be extended to a date later than twenty-four hoursthe End Date, or (iii) extend the Expiration Date beyond the End Date for up to a period not to exceed the period which ends on the 15th Business Day after the date that either (w) the Company shall have publicly announced the receipt of a Company Acquisition Proposal in the event such comments, and, subject announcement is made less than ten Business Days prior to the provisions End Date, (x) the Company publicly announces its reaffirmation of its approval or recommendation of the Offer following the public announcement of the receipt of any Company Acquisition Proposal in the event that such reaffirmation or announcement is made less than ten Business Days prior to the End Date, (y) the Board of Directors shall have withdrawn or adversely modified, made a public statement or taken a public position inconsistent with the Recommendation at any time within ten Business Days prior to the End Date or (z) any Notice of Superior Proposal is given by the Company in accordance with Section 6.3(e) if such notice is received by Parent less than ten Business Days prior to the End Date. Except as expressly provided in this Section 1.1(d), Parent shall not extend the Offer if all of the Tender Offer Conditions are satisfied or waived and it is permitted under applicable Law to accept for payment and pay for validly tendered Shares that are not validly withdrawn. (e) In the event the Acceptance Date occurs but Merger Sub does not acquire a sufficient number of Shares to enable a Short-Form Merger to occur pursuant to Section 2.8 hereof, promptly respond Merger Sub may (in its sole discretion), and Parent may (in its sole discretion) cause Merger Sub to, provide a “subsequent offering period” for a number of days to be determined by Parent but not less than three nor more than 20 Business Days in accordance with Rule 14d-11 under the Exchange Act. (f) Promptly upon the satisfaction or waiver by Merger Sub of the Tender Offer Conditions in accordance with Section 1.1(b), Merger Sub shall, and Parent shall cause Merger Sub to, (i) as soon as practicable after the Expiration Date, accept for payment and pay for all Shares validly tendered and not properly withdrawn pursuant to the Offer (the date of acceptance for payment, the “Acceptance Date”), (ii) on the Acceptance Date, deposit with the depositary engaged by Merger Sub in connection with the Offer, cash in U.S. dollars sufficient to pay the aggregate Per Share Amount for all such commentsaccepted Shares and (iii) as soon as practicable following such deposit, cause the depositary to pay for all Shares so accepted for payment. Parent shall provide or cause to be provided to Merger Sub on a timely basis the funds necessary to purchase any Shares that Merger Sub becomes obligated to purchase pursuant to the Offer.

Appears in 1 contract

Sources: Merger Agreement (Odyssey Healthcare Inc)

The Offer. (a) Provided that nothing Purchaser, Parent and H▇▇▇▇▇▇▇ shall have occurred that would give rise to a right to terminate commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”)) the Offer pursuant to any of the conditions set forth in Annex I, as promptly as reasonably practicable after the date hereofEffective Date, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Merger Subsidiary shall amend the Offer to five (i5) increase the purchase price to $6.50 per Share business days (the “Offer Price”), net to the seller as defined in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under of the Exchange Act) following from the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements date of this Agreement. The Agreement and the Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms remain open at least twenty (20) business days from commencement of the Offer (the “Initial Expiration Date”). The obligation of Purchaser, and the obligation of Parent and H▇▇▇▇▇▇▇ to cause Purchaser, to accept for payment and to pay for any Shares validly tendered and not withdrawn prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, satisfaction or waiver by Parent or Merger Subsidiary, Purchaser of each the following conditions: (i) there being validly tendered and not withdrawn prior to the expiration of the Offer Conditions. that number of shares of Common Stock which, together with any shares of Common Stock then owned by Holdco, Purchaser, and/or Parent and H▇▇▇▇▇▇▇ and their respective affiliates, represents at least a majority of the aggregate voting power of the Shares and the shares of Class B Common Stock, par value $1.00 per share, of the Company (b“Class B Shares”), voting together as a single class, outstanding on the date such Shares are purchased (the “Minimum Condition”); and (ii) Merger Subsidiary the other conditions set forth in Annex A hereto. Purchaser shall, on the terms and subject to the prior satisfaction or waiver by Parent or Purchaser of the Minimum Condition and the other conditions of the Offer set forth in Annex A hereto, accept for payment and pay for all Shares tendered and not withdrawn as soon as it is legally permitted to do so under applicable Law. The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms set forth in this Agreement, the Minimum Condition and the other conditions set forth in Annex A hereto. Purchaser expressly reserves the right to waive any of such conditions, to increase the Offer Conditions Price and to make any other changes in the terms of or conditions to the Offer; provided provided, however, that without Purchaser shall not, and Parent and H▇▇▇▇▇▇▇ shall cause Purchaser not to, decrease the prior consent of the Company (which consent may be granted or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (B) no change may be made that changes the form of consideration to be paidpayable in the Offer, decreases the price per Share or decrease the number of Shares sought in the offer, impose additional conditions to the Offer, amends or adds to extend the Offer Conditions beyond the Initial Expiration Date, waive the Minimum Condition or amends amend any other term or condition of the Offer in any manner adverse to the stockholders holders of the CompanyShares, in each case without the prior written consent of the Company (C) such consent to be authorized by the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01Board or a duly authorized committee thereof). Notwithstanding the foregoing, (x) Merger Subsidiary shall (or at Purchaser may, without the request consent of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of the conditions prior to the Offer shall not be satisfied or waivedtermination of this Agreement, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, regulation or interpretation or position of the U.S. United States Securities and Exchange Commission (the “SEC”) ), or the Nasdaq Global Market staff thereof, applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i). If, in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following at any scheduled expiration of the Offer, Merger Subsidiary shallany condition to the Offer is not satisfied, if requested by including, without limitation, the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 satisfaction of the 1934 Act. Subject to the foregoingMinimum Condition, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary Holdco shall, and Parent shall cause it Holdco to, accept extend the Offer for payment and pay forone or more periods of not more than five (5) business days each. Purchaser may also, as promptly as practicable after without the expiration consent of the OfferCompany, all or if requested by the Company shall, extend the Offer in accordance with Rule 14d-11 under the Exchange Act; provided, however, Parent shall not extend the Offer in accordance with Rule 14d-11 if the Shares (1) validly tendered and not withdrawn prior to the scheduled expiration of the Offer (taken together with Shares and Class B Shares then owned by Parent, H▇▇▇▇▇▇▇, Holdco, Purchaser and any of their subsidiaries and affiliates) constitute in the aggregate 90% or greater of the aggregate voting power of the Shares and the Class B Shares. Parent and H▇▇▇▇▇▇▇ shall provide or cause to be provided to the Purchaser on a timely basis the funds necessary to purchase any shares of Common Stock that the Purchaser becomes obligated to purchase pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”)Offer. (cb) As promptly as practicable after the date hereof, (but in no event later than three Business Days following five (5) business days after the public announcement of the execution of this Agreementdate hereof), Merger Subsidiary shallParent, H▇▇▇▇▇▇▇ and Purchaser shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO (together with all amendments and supplements thereto, the “Schedule TO”) with respect to the Offer. The Schedule TO, which TO shall include a revised contain or incorporate by reference an offer to purchase and form forms of the related letter of transmittal reflecting the terms and conditions set forth in this Agreement all other ancillary Offer documents (collectively, together with any all amendments or and supplements thereto, the “Offer Documents”). The Schedule TO shall reflect the existence of this Agreement. Parent, H▇▇▇▇▇▇▇ and (ii) Purchaser shall take all steps necessary to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to the holders of Sharesthe Shares as and to the extent required by applicable federal securities laws. Each of Parent, Merger Subsidiary H▇▇▇▇▇▇▇ and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer DocumentsPurchaser, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make on the statements thereinother hand, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees will promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates toeach of Parent, use their respective reasonable best efforts H▇▇▇▇▇▇▇ and Purchaser will take all necessary steps to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of the Shares, in each case as and to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document it is filed with the SEC after the date hereof SEC. In addition, Parent, H▇▇▇▇▇▇▇ and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration Purchaser agree to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with in writing any comments or other communications, whether written or oral comments oral, that Parent, Merger Subsidiary H▇▇▇▇▇▇▇ or Purchaser or their respective Affiliates or counsel may receive from time to time from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject comments or other communications and to notify the provisions hereof, promptly respond Company and its counsel a reasonable time prior to responding to any such comments.

Appears in 1 contract

Sources: Merger Agreement (Whitehall Jewellers Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Section 8, as promptly as practicable after the date hereof, of this Agreement but in no event later more than three ten Business Days following after the public announcement of the execution date of this Agreement, Merger Subsidiary Purchaser shall amend (and Parent shall cause Purchaser to) commence (within the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date meaning of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) 14d-2 under the Exchange Act) following the filing of such amendment, and Offer. (ivb) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (xi) the earliest date as of which Merger Subsidiary Purchaser is permitted under applicable Law Legal Requirements to accept for payment Shares tendered pursuant to the Offer and (yii) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger SubsidiaryPurchaser if permitted hereunder, Merger Subsidiary Purchaser shall (and Parent shall cause Merger Subsidiary Purchaser to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (net to the seller in cash, without interest) , for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary Purchaser (and of Parent to cause Merger SubsidiaryPurchaser) to accept for payment, and pay the Offer Price (net to the seller in cash, without interest) , for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only to the satisfaction, or waiver by Parent or Merger SubsidiaryPurchaser if permitted hereunder, of each of the Offer Conditions. (bc) Merger Subsidiary The Offer shall be made by means of an offer to purchase (the “Offer to Purchase”) that contains the terms and conditions of the Offer as set forth in this Agreement, the Minimum Condition (as defined in Annex I) and the other conditions set forth in Annex I. Purchaser expressly reserves the right (in its sole discretion) to waive any of (x) increase the Offer Conditions Price, (y) waive, in whole or in part, any Offer Condition and to (z) make any other changes in the terms and conditions of or conditions to the Offer; provided, however, that unless otherwise provided that by this Agreement, without the prior written consent of the Company Company, Purchaser shall not (which consent may be granted or withheld by i) decrease the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration to be paidpayable in the Offer, decreases (iii) decrease the price per Share or the maximum number of Shares sought to be purchased in the Offer, amends or adds (iv) impose conditions to the Offer Conditions in addition to the Offer Conditions, (v) amend or amends modify any other term of the Offer Conditions in a manner that adversely affects any holder of Shares, (vi) change or waive the Minimum Condition or (vii) extend or otherwise change the Expiration Date in a manner adverse other than as required or permitted by this Agreement. The Offer may not be withdrawn prior to the stockholders Expiration Date (or any rescheduled Expiration Date) of the Company, (C) the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate the Offer prior to any scheduled expiration date except in the event that unless this Agreement is terminated in accordance with Section 8. (d) Unless extended pursuant to Section 11.01. Notwithstanding and in accordance with the foregoingterms of this Agreement, (x) Merger Subsidiary shall (or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if shall expire at midnight (New York City time) on the scheduled or extended expiration date that is 20 business days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer any of (the conditions “Initial Expiration Date”) or, in the event the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended pursuant to and in accordance with this Agreement, is referred to as the “Expiration Date”). (e) The Offer shall not be satisfied or waived, extended from time to time until such conditions are as follows: (1) If on or prior to any then scheduled Expiration Date, any of the Offer Conditions shall not have been satisfied (other than conditions which by their nature are to be satisfied on at the Offer Acceptance Time), or waived by Parent or Purchaser if permitted hereunder, then Purchaser may in its sole discretion (or if requested in writing by the Company prior to such scheduled Expiration Date, Parent shall cause Purchaser to) extend the Offer for one or waived; more successive periods of 10 Business Days (or such other number of Business Days as may be jointly determined by Purchaser and the Company) each in order to permit the satisfaction of such conditions (subject to the right of Purchaser to waive any condition (other than the Minimum Condition) in accordance with this Agreement), provided such extension of the Offer period does not extend past the earlier of (x) the termination of this Agreement pursuant to Section 8.1 and (y) Merger Subsidiary the date, as applicable, that is (A) 90 days after commencement of the Offer (the “Initial Outside Date”), or (B) 120 days after commencement of the Offer (the “Extended Outside Date”) (1) in the event that the HSR Condition shall not have been satisfied, or waived by Parent or Purchaser if permitted hereunder, by the Initial Outside Date but all of the other Offer Conditions shall have been satisfied (other than the Minimum Condition and conditions which by their nature are to be satisfied at the Offer Acceptance Time), or waived by Parent or Purchaser if permitted hereunder or (2) in the event that Purchaser is exercising in its sole discretion its option to extend the Offer and the Regulatory Conditions shall not have been satisfied, or waived by Parent or Purchaser if permitted hereunder, by the Initial Outside Date but all of the other Offer Conditions shall have been satisfied (other than the Minimum Condition and conditions which by their nature are to be satisfied at the Offer Acceptance Time), or waived by Parent or Purchaser if permitted hereunder; and (2) Purchaser shall extend the Offer for any period or periods required by any rule, regulation, applicable Legal Requirements or interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) SEC or the Nasdaq Global Market its staff applicable to the Offer; provided that in no event . Purchaser shall Merger Subsidiary be required to extend not terminate the Offer beyond prior to any scheduled Expiration Date without the End Date unless Parent or Merger Subsidiary is not then permitted to terminate prior written consent of the Company except in the event that this Agreement is terminated pursuant to Section 11.01(b)(i), 8.1. Nothing in which case Merger Subsidiary this Section 1.1 shall be required affect any of the termination rights set forth in Section 8.1. (f) If fewer than 90% of the number of outstanding Shares are accepted for payment pursuant to extend the Offer beyond or acquired through the End Date. Following expiration Offer and exercise of the OfferTop-Up Option, Merger Subsidiary shall, if requested by the Company, or Purchaser may, in its sole discretion, provide a for one “subsequent offering period period” (“Subsequent Offering Period”and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act. Additionally, in the event that more than 80% of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all then outstanding Shares (1) have been validly tendered and not properly withdrawn pursuant to the Offer following the Expiration Date, Purchaser shall (and Parent shall cause Purchaser to), at the written request of the Company, provide for one “subsequent offering period” in accordance with Rule 14d-11 under the Exchange Act of at least 10 Business Days immediately following the Expiration Date unless (2i) validly tendered Parent and Purchaser exercise the Top-Up Option or (ii) Parent, Purchaser and their respective Subsidiaries, in the Subsequent Offering Period aggregate, own more than 90% of the outstanding Shares. Subject to the terms and conditions of this Agreement and the Offer, Purchaser shall (the date on which Shares are first accepted and Parent shall cause Purchaser to) accept for payment, and pay the Offer Price net to the seller in cash, without interest, for, each Share that is validly tendered and not properly withdrawn pursuant to the Offer during such Acceptance Date”subsequent offering period” promptly after any such Share is tendered during such “subsequent offering period.” The Offer Documents will provide for the possibility of a “subsequent offering period” in a manner consistent with the terms of this Section 1.1(f). (cg) In the event that this Agreement is terminated pursuant to Section 8.1, Purchaser shall (and Parent shall cause Purchaser to) promptly (and in any event within one Business Day of such termination), irrevocably and unconditionally terminate the Offer, shall not acquire any shares pursuant to the Offer and shall cause any depository acting on behalf of Purchaser to return, in accordance with applicable Legal Requirements, all tendered Shares to the registered holders thereof. (h) As promptly as practicable after on the date hereof, but in no event later than three Business Days following the public announcement of commencement of the execution Offer (within the meaning of this AgreementRule 14d-2 under the Exchange Act), Merger Subsidiary shall, Parent and Purchaser shall cause its Affiliates to, (i) file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments and supplements thereto and including exhibits thereto, the “Schedule TO, which shall include a revised offer ”) that will contain or incorporate by reference the Offer to purchase Purchase and form of the related letter of transmittal reflecting (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto and including exhibits thereto, the “Offer Documents”), ) and (ii) to the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of Sharesthe Shares in accordance with Rule 14d-4 under the Exchange Act. Each of Parent, Merger Subsidiary Parent and the Company agrees Purchaser agree that they shall cause the Schedule TO and the other Offer Documents filed by any of them either Parent or Purchaser with the SEC to comply in all material respects with the 1934 Exchange Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing)Legal Requirements. Each of Parent, Merger Subsidiary Purchaser and the Company agrees to respond promptly to any comments of the SEC or its staff and to promptly correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Parent further agrees to take all steps necessary to cause the Schedule TO Offer Documents as so corrected to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of the Shares, in each case as and to the extent required by applicable U.S. federal securities lawsLegal Requirements. The Company shall promptly furnish or otherwise make available to Parent, Purchaser and Parent’s outside legal counsel all information concerning the Acquired Corporations and the Company’s stockholders that may be required in connection with any action contemplated by this Section 1.1(h), including such information required by applicable Legal Requirements to be set forth in the Offer Documents. The Company, its outside legal counsel and the General Counsel of the Company shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed prior to the filing thereof with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counselSEC. Parent and Merger Subsidiary shall Purchaser agree to provide the Company, its outside legal counsel and the General Counsel of the Company and its counsel with any oral or written or oral comments Parent, Merger Subsidiary Purchaser or their respective Affiliates or Parent’s outside legal counsel may receive from the SEC or its staff with respect to the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, and, subject . Each of Parent and Purchaser shall respond promptly to any comments of the SEC or its staff with respect to the provisions hereof, promptly respond to such commentsOffer Documents or the Offer.

Appears in 1 contract

Sources: Merger Agreement (Genoptix Inc)

The Offer. (a) Provided that nothing this Agreement shall not have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth been terminated in Annex Iaccordance with Article 7, as promptly as practicable after the date hereof, (but in no event later than three Business Days following the public announcement of the execution of this AgreementFebruary 12, 2024), Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) consummate commence, within the meaning of Rule 14d-2 under the Exchange Act, the Offer to purchase for cash any and all Company Shares (other than Company Shares to be cancelled in accordance with Section 2.1(b)) at the Offer Price. Merger Sub shall, and Parent shall cause Merger Sub to, irrevocably accept for purchase, purchase and pay for all Company Shares validly tendered and not properly withdrawn pursuant to the Offer, subject only to: (a) there being validly tendered in the Offer (in the aggregate) and not properly withdrawn prior to the Expiration Date that number of Company Shares that, considered together with the number of Company Shares (if any) then owned by Parent and Merger Sub (and excluding Company Shares tendered in the Offer pursuant to guaranteed delivery procedures that have not yet been “received,” as such term is defined in Section 251(h) of the DGCL, by the depositary for the Offer pursuant to such procedures), equals at least a majority in voting power of the Company Shares then issued and outstanding as of the Expiration Date (the “Minimum Condition”); (b) the Merger Agreement not having been terminated in accordance with its terms (the “Termination Condition”); and (c) the satisfaction, or waiver by Merger Sub, of the other conditions and requirements set forth in Annex I (together with the Minimum Condition and the Termination Condition, the “Tender Offer Conditions”). (b) On or prior to the date that Merger Sub becomes obligated to pay for Company Shares pursuant to the Offer, Parent shall provide or cause to be provided to Merger Sub on a timely basis funds sufficient to purchase and pay for any and all Company Shares that Merger Sub shall become obligated to accept for payment each Share purchase pursuant to the Offer. Subject to the satisfaction of the Minimum Condition and the satisfaction, or waiver by M▇▇▇▇▇ Sub, of the other Tender Offer Conditions, Merger Sub shall accept for purchase (the time of such acceptance, the “Acceptance Time”) and pay for all Company Shares validly tendered and not properly withdrawn pursuant to the Offer and promptly as soon as practicable following the acceptance of Shares for payment pursuant to Expiration Date, and, in any event, no more than three Business Days after the Offer pay the Expiration Date. The Offer Price (without interest) for payable in respect of each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Company Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid to the satisfactionseller in cash, or waiver without interest, subject to any withholding of Taxes required by Parent or Merger Subsidiaryapplicable Law, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer in accordance with applicable Law and this Agreement, including the Tender Offer Conditions. (b) . To the extent permitted by applicable Law, Parent and Merger Subsidiary Sub expressly reserves reserve the right to, at any time and from time to time, waive or modify any of the conditions to the Offer, increase the Offer Conditions and Price, or to make any other changes in the terms and conditions of or conditions to the Offer; provided provided, however, that without except with the prior consent written approval of the Company Company, Merger Sub shall not (which consent may be granted or withheld by i) decrease the Company in its sole discretion) (A) the Minimum Condition may not be waivedOffer Price, (Bii) no change may be made that changes the form of consideration payable in the Offer (provided that nothing herein shall limit the ability of Parent and Merger Sub to increase the cash consideration payable in the Offer), (iii) reduce the maximum number of Company Shares sought to be paid, decreases the price per Share or the number of Shares sought purchased in the Offer, amends (iv) amend, modify or adds waive the Minimum Condition or the Termination Condition, (v) amend any of the other conditions to the Offer Conditions set forth in Annex I in a manner adverse to the holders of Company Shares, (vi) impose conditions to the Offer that are in addition to the Tender Offer Conditions, (vii) except as provided in Sections 1.1(e) and 1.1(f), terminate, accelerate or amends otherwise modify or amend the Offer to accelerate the Expiration Date, or (viii) otherwise modify or amend any of the other term terms of the Offer in any a manner adverse in any material respect to the stockholders holders of Company Shares. (d) Unless extended in accordance with the terms of this Agreement, the Offer shall expire at 12:00 midnight (Delaware time) on the date that is 20 Business Days following the commencement of the CompanyOffer (determined using Rule 14d-1(g)(3) under the Exchange Act) (such date and time, the “Initial Expiration Date”) or, if the Initial Expiration Date has been extended in accordance with this Agreement, the date and time to which the Offer has been so extended (Cthe Initial Expiration Date, or such later date and time to which the Initial Expiration Date has been extended in accordance with this Agreement, the “Expiration Date”). (e) If on any then scheduled Expiration Date, any of the expiration date conditions to the Offer (including the Minimum Condition and the other conditions and requirements set forth in Annex I) have not been satisfied or waived by Merger Sub, Merger Sub shall (and Parent shall cause Merger Sub to) extend the Offer for one or more successive extension periods of up to ten Business Days each in order to permit the satisfaction or waiver of such conditions; provided, however, that Merger Sub shall not be extended except as otherwise provided hereinrequired (and Parent shall not be required to cause Merger Sub) to extend the Offer (i) beyond the Outside Date or (ii) at any time that Parent or Merger Sub is permitted to terminate this Agreement pursuant to Article 7. The “Outside Date” shall be May 31, and 2024. In addition, Merger Sub shall extend the Offer for any period or periods required by applicable Law or applicable rules, regulations, interpretations or positions of the SEC or its staff. (Df) Merger Subsidiary Sub shall not terminate the Offer prior to any scheduled expiration date Expiration Date without the prior written consent of the Company, except if this Agreement has been terminated in the event that accordance with Article 7. If this Agreement is terminated pursuant in accordance with Article 7 prior to Section 11.01. Notwithstanding the foregoingany scheduled Expiration Date, (x) Merger Subsidiary Sub shall (or at the request of the Company, and Parent shall cause Merger Subsidiary Sub to) extend promptly (and in any event within 72 hours following such termination), irrevocably and unconditionally terminate the Offer if at and shall not acquire any Company Shares pursuant thereto. If the scheduled Offer is terminated or extended expiration withdrawn by Merger Sub, or this Agreement is terminated prior to the Acceptance Time, Merger Sub shall (and Parent shall cause Merger Sub to) promptly return, and shall cause any depositary acting on behalf of Merger Sub to return, in accordance with applicable Law, all tendered Company Shares to the registered holders thereof and Merger Sub shall not (and Parent shall cause Merger Sub not to) accept any Company Shares pursuant to the Offer. (g) As soon as practicable on the date of the Offer any of the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration commencement of the Offer, Merger Subsidiary shall, if requested by the Company, or may, but in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, accept for payment and pay for, as promptly as practicable after the expiration of the Offer, all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as practicable no event more than ten Business Days after the date hereof, but in no event later than three Business Days following the public announcement of the execution of this Agreement, Parent and Merger Subsidiary shall, and Sub shall cause its Affiliates to, (i) file with the SEC an amendment SEC, in accordance with Rule 14d-3 under the Exchange Act, a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase, a revised offer to purchase and form of letter of transmittal reflecting the terms and conditions set forth in this Agreement a form of summary advertisement (collectively, together with any amendments or amendments, supplements and exhibits thereto, the “Offer Documents”), . Parent and (ii) to the extent required by applicable U.S. federal securities laws, Merger Sub shall cause the Offer Documents to be disseminated to holders of SharesCompany Shares as and to the extent required by federal securities Laws, including the Exchange Act. Each of ParentParent and Merger Sub, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first publishedone hand, sent or given to the stockholders of and the Company, on the other hand, shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make promptly notify the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent other party and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents Documents, if and to the extent that such information it shall have become false or misleading in any material respect. Merger Subsidiary shallrespect or as otherwise required by applicable Law, and Merger Sub shall cause its Affiliates tothe Offer Documents, use their respective reasonable best efforts to cause the Schedule TO as so corrected corrected, to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case Company Shares as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is they are filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer DocumentsSEC, and Parent and Merger Subsidiary Sub shall give reasonable and good faith due consideration to any comments made additions, deletions or changes suggested thereto by the Company and its counsel. In addition, Parent and Merger Subsidiary Sub shall provide the Company and its counsel with copies of any written comments, and a written summary of any oral comments, that Parent and Merger Sub or oral comments Parent, Merger Subsidiary or their respective Affiliates or its counsel may receive from time to time from the SEC or its staff with respect to the Schedule TO or the Offer Documents promptly, but in no event later than twenty-four hours, promptly after the receipt of such comments, andand any written or oral responses thereto. The Company and its counsel shall be given a reasonable opportunity to review any such responses, subject and Parent and Merger Sub shall give due consideration to the provisions hereofreasonable additions, promptly respond to such commentsdeletions or changes suggested thereto by the Company and its counsel.

Appears in 1 contract

Sources: Merger Agreement (Science 37 Holdings, Inc.)

The Offer. (a) Provided The Merger Agreement requires that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as promptly as practicable after the date hereof, but in no event later than three Business Days following ten (10) business days after the public announcement of the execution terms of this the Merger Agreement, Merger Subsidiary shall amend the Offer to (i) increase Purchaser must file Purchaser's Tender Offer Statement on Schedule TO with the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to Commission and commence the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms requirements of Regulations 14D and 14E promulgated under the Exchange Act and (ii) the Company must file with the Commission the Company's Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer, which accompanies this Offer to Purchase and contains the recommendation of the Offer prior Company's Board of Directors that holders of Shares accept the Offer. The Purchaser Group and the Company have each agreed to the expiration date of use their respective reasonable best efforts to cause all the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard Conditions to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) be fulfilled and to avoid the other conditions set forth in Annex I and occurrence of any event or to no other conditionscure any event that may prevent the Offer Conditions from being fulfilled. Subject to the terms and conditions The obligation of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law Purchaser to accept for payment and pay for any Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary shall (and Parent shall cause Merger Subsidiary to) consummate the Offer in accordance with its terms and accept for payment each Share validly tendered and not properly withdrawn pursuant to the Offer and promptly following the acceptance of Shares for payment pursuant to the Offer pay the Offer Price (without interest) for each Share validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be is subject only to the satisfactionconditions to the Offer set forth in Section 13 (the "Offer Conditions"). Without the prior written consent of the Company, Purchaser may not decrease the Offer Price or waiver by Parent or Merger Subsidiarychange the form of consideration payable in the Offer, decrease the number of each of Shares Purchaser seeks to purchase in the Offer, change the Offer Conditions. (b) Merger Subsidiary expressly reserves the right to waive any of the Offer Conditions and to make any other changes in the terms of or , impose additional conditions to the Offer; provided that without the prior consent of the Company (which consent may be granted , or withheld by the Company in its sole discretion) (A) the Minimum Condition may not be waived, (B) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds to the Offer Conditions or amends amend any other term of the Offer in any manner adverse to the stockholders holders of Shares. Purchaser may waive any condition to the Offer without the consent of the Company; provided, (C) that Purchaser may waive the expiration date shall not be extended except as otherwise provided herein, and (D) Merger Subsidiary shall not terminate Minimum Condition only if more than 50% of the Shares are tendered in the Offer prior to any scheduled expiration date except in the event that this Agreement is terminated pursuant to Section 11.01. Notwithstanding the foregoing, (x) Merger Subsidiary shall (and if BNS amends or at the request of the Company, Parent shall cause Merger Subsidiary to) extend the Offer if at the scheduled or extended expiration date of the Offer any of waives the conditions to the Offer shall not be satisfied or waived, from time to time until such conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; and (y) Merger Subsidiary shall extend the Offer for any period required by any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market applicable to the Offer; provided that in no event shall Merger Subsidiary be required to extend the Offer beyond the End Date unless Parent or Merger Subsidiary is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period (“Subsequent Offering Period”) in accordance with Rule 14d-11 of the 1934 ActCommitment Letter. Subject to the foregoingsatisfaction of all the Offer Conditions as of any Expiration Date, including the requirements of Rule 14d-11, and upon the terms and subject to the conditions of the Offer, Merger Subsidiary shall, and Parent shall cause it to, Purchaser will accept for payment and pay for, as promptly as practicable after the expiration of the Offer, for all Shares (1) validly tendered and not withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as soon as practicable after the date hereofExpiration Date. BOARD REPRESENTATION. Promptly upon the purchase by Purchaser of Shares pursuant to the Offer and from time to time thereafter, but in no event later than three Business Days following Purchaser will be entitled to designate at least a number of directors, rounded up to the public announcement next whole number, on the Company's Board of Directors equal to the execution product of this Agreement, Merger Subsidiary shall, and shall cause its Affiliates to, (i) file with the SEC an amendment to total number of directors on the Schedule TO, which shall include a revised offer to purchase and form Company's Board of letter of transmittal reflecting the terms and conditions set forth in this Agreement (collectively, together with any amendments or supplements thereto, the “Offer Documents”), Directors and (ii) to Parent's and its affiliates' percentage of beneficial ownership of the extent required by applicable U.S. federal securities laws, cause the Offer Documents to be disseminated to holders of outstanding Shares. Each of Parent, Merger Subsidiary and The Company must either increase the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given to the stockholders size of the Company, shall not contain any untrue statement 's Board of a material fact Directors or omit secure the resignation of the necessary number of directors to state any material fact required enable Purchaser's designees to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (except that Parent and Merger subsidiary shall have no obligation with respect to any information in the Offer Documents supplied by the Company or its Representatives in writing). Each of Parent, Merger Subsidiary and the Company agrees promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and elected to the extent that such information shall have become false or misleading in any material respect. Merger Subsidiary shallCompany's Board of Directors, and shall will cause its Affiliates to, use their respective reasonable best efforts to cause the Schedule TO as so corrected such designees to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders of Shares, in each case as and elected to the extent required by applicable U.S. federal securities laws. The Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the Offer Documents each time before any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documents, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parent, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt Company's Board of such comments, and, subject to the provisions hereof, promptly respond to such commentsDirectors.

Appears in 1 contract

Sources: Offer to Purchase (Vincor Holdings Inc)

The Offer. (a) Provided that nothing shall have occurred that would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as As promptly as practicable after the date hereof, but in no event later more than three 10 Business Days following after the public announcement of the execution date of this Agreement, Merger Subsidiary shall amend the Offer to (i) increase the purchase price to $6.50 per Share (the “Offer Price”), net to the seller in cash, (ii) provide that the conditions to the Offer shall be as set forth in Annex I and that no other conditions shall apply, (iii) provide that the expiration date of the Offer shall be midnight (New York City time) on the date that is ten Business Days (for this purpose calculated in accordance with Rule 14d-1(g)(3) under the Exchange Act) following the filing of such amendment, and (iv) make such other amendments as are necessary or appropriate to conform to the requirements of this Agreement. The Offer shall be subject to the condition that there shall be validly tendered in accordance with the terms of the Offer prior to the expiration date of the Offer and not withdrawn, a number of Shares that, together with the Shares then owned by Parent and its Affiliates, represents a majority of the total number of Shares outstanding on a fully-diluted basis, without regard to whether any convertible or exchangeable securities are then vested and exercisable (the “Minimum Condition”) and to the other conditions set forth in Annex I and to no other conditions. Subject to the terms and conditions of this Agreement, including the prior satisfaction or waiver of the conditions set forth in Annex I (the “Offer Conditions”), promptly after the later of (x) the earliest date as of which Merger Subsidiary is permitted under applicable Law to accept for payment Shares tendered pursuant to the Offer and (y) the earliest date as of which each of the Offer Conditions has been satisfied, or waived by Parent or Merger Subsidiary, Merger Subsidiary Sub shall (and Parent shall cause Merger Subsidiary Sub to) commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”)) the Offer. (b) The obligation of Merger Sub to accept for payment and pay for any shares of Company Capital Stock validly tendered and not validly withdrawn pursuant to the Offer shall be subject to: (i) there being validly tendered in the Offer and not validly withdrawn prior to any then scheduled Expiration Time that number of shares of Company Common Stock which, together with the shares beneficially owned by Parent or Merger Sub (if any), represents at least a majority of the Company Common Stock then outstanding (assuming conversion or exercise of all derivative securities regardless of the conversion or exercise price, the vesting schedule or other terms and conditions thereof but excluding shares of Company Common Stock issuable upon conversion of the Company Preferred Stock) (the “Minimum Condition”); and (ii) the satisfaction, or waiver by Parent or Merger Sub, of the other conditions and requirements set forth in Annex I (together with the Minimum Condition, the “Offer Conditions”). Subject to the prior satisfaction of the Minimum Condition and the satisfaction, or waiver by Parent or Merger Sub, of the other Offer Conditions, Merger Sub shall (and Parent shall cause Merger Sub to) consummate the Offer in accordance with its terms and accept for payment each Share and pay for all shares of Company Capital Stock validly tendered and not properly validly withdrawn pursuant to the Offer and as promptly following as practicable after the acceptance of Shares for payment pursuant to the Offer pay the Expiration Time. The Offer Price (without interest) for payable in respect of each Share share of Company Capital Stock validly tendered and not properly withdrawn pursuant to the Offer. The obligation of Merger Subsidiary (and of Parent to cause Merger Subsidiary) to accept for payment, and pay the Offer Price (without interest) for, each Share validly tendered and not properly withdrawn pursuant to the Offer shall be subject only paid net to the satisfactionseller in cash, or waiver without interest, on the terms and subject to the conditions set forth in this Agreement. (c) The Offer shall be made by Parent or Merger Subsidiary, means of each an offer to purchase (the “Offer to Purchase”) that describes the terms and conditions of the Offer as set forth in this Agreement, including the Offer Conditions. (b) . Parent and Merger Subsidiary Sub expressly reserves reserve the right (in their sole discretion) to waive waive, in whole or in part, any of Offer Condition, to increase the Offer Conditions and Price or to make any other changes in the terms and conditions of the Offer; provided, however, that unless otherwise provided by this Agreement or conditions as previously approved in writing by the Company, Merger Sub shall not (i) reduce the number of shares of Company Capital Stock subject to the Offer; provided that without , (ii) reduce the prior consent of the Company Offer Price, (which consent may be granted iii) change, modify or withheld by the Company in its sole discretion) (A) waive the Minimum Condition may not be waivedCondition, (Biv) no change may be made that changes the form of consideration to be paid, decreases the price per Share or the number of Shares sought in the Offer, amends or adds add to the conditions set forth in Annex I or modify or change any Offer Conditions or amends any other term of the Offer Condition in a manner adverse in any manner adverse material respect to the any stockholders of the Company, (Cv) the expiration date shall not be extended except as otherwise provided hereinin this Section 1.01, and extend or otherwise change the expiration date of the Offer, (Dvi) Merger Subsidiary shall not terminate change the form of consideration payable in the Offer prior or (vii) otherwise amend, modify or supplement any of the terms of the Offer in a manner adverse in any material respect to any scheduled expiration stockholders of the Company. (d) The Offer shall expire at midnight (New York City time) on the date except that is 20 Business Days following the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of the Offer (the “Initial Expiration Time”) or, in the event that the Initial Expiration Time has been extended pursuant to this Agreement, the date and time to which the Offer has been so extended (the Initial Expiration Time, or such later date and time to which the Initial Expiration Time has been extended pursuant to this Agreement, is referred to as the “Expiration Time”). (e) Notwithstanding anything in this Agreement is terminated pursuant to the contrary, and without limiting Parent’s or Merger Sub’s obligations under this Section 11.01. Notwithstanding the foregoing1.01(e), Merger Sub (xi) Merger Subsidiary shall (or at the request may, in its sole discretion, without consent of the Company, Parent shall cause Merger Subsidiary to) extend the Offer on one or more occasions for any period, if at the on any then-scheduled or extended expiration date Expiration Time any of the Offer any of the conditions to the Offer Conditions shall not be satisfied or or, in Merger Sub’s sole discretion, waived, from time to time until such time as such condition or conditions are satisfied (other than conditions which by their nature are to be satisfied on the Acceptance Date) or waived; waived and (yii) Merger Subsidiary shall extend the Offer for any period required by applicable Law, any rule, regulation, interpretation or position of the U.S. Securities and Exchange Commission (the “SEC”) or the Nasdaq Global Market staff thereof applicable to the Offer, and until any waiting period (and any extension thereof) applicable to the consummation of the Offer under any applicable antitrust, competition or similar Law shall have expired or been terminated; provided provided, however, that in no event shall Merger Subsidiary Sub be required to extend the Offer (A) beyond March 29, 2013 (the End Date unless “Outside Date”) or (B) at any time that Parent or Merger Subsidiary Sub is not then permitted to terminate this Agreement pursuant to Section 11.01(b)(i), in which case Merger Subsidiary shall be required to extend the Offer beyond the End Date. Following expiration of the Offer, Merger Subsidiary shall, if requested by the Company, or may, in its sole discretion, provide a subsequent offering period Article VIII. (“Subsequent Offering Period”f) in accordance with Rule 14d-11 of the 1934 Act. Subject to the foregoing, including the requirements of Rule 14d-11, and upon On the terms and subject to the conditions of the Offerthis Agreement, Merger Subsidiary Sub shall, and Parent shall cause it Merger Sub to, accept for payment and pay for, as promptly as practicable after the expiration for (subject to any withholding of the Offer, tax pursuant to Section 3.05) all Shares (1) shares of Company Capital Stock validly tendered and not validly withdrawn pursuant to the Offer and (2) validly tendered in the Subsequent Offering Period (the date on which Shares are first accepted for payment, the “Acceptance Date”). (c) As promptly as soon as practicable after the date hereofExpiration Time (as it may be extended and re-extended in accordance with this Section 1.01). Acceptance for payment of shares of Company Capital Stock pursuant to and subject to the Offer Conditions upon the Expiration Time is referred to in this Agreement as the “Offer Closing”. Merger Sub expressly reserves the right to, but in no event later than three Business Days its sole discretion, following the public announcement Offer Closing, extend the Offer for a “subsequent offering period” (and one or more extensions thereof) in accordance with Rule 14d-11 under the Exchange Act, and the Offer Documents may, in Merger Sub’s sole discretion, provide for such a reservation of right. Nothing contained in this Section 1.01 shall affect any termination rights in Article VIII. (g) Merger Sub shall not terminate the Offer prior to any scheduled Expiration Time without the prior written consent of the execution Company except in the event that this Agreement is terminated pursuant to Article VIII. If the Offer is terminated or withdrawn by Merger Sub, or this Agreement is terminated pursuant to Article VIII, prior to the acceptance for payment of this Agreementthe Company Capital Stock tendered in the Offer, Merger Subsidiary shallSub shall promptly return, and shall cause its Affiliates toany depository acting on behalf of Merger Sub to return, all tendered Company Capital Stock to the registered holders thereof. (ih) As soon as practicable on the date of the commencement of the Offer, Parent and Merger Sub shall file with the SEC an amendment a Tender Offer Statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the “Schedule TO”). The Schedule TO shall include, which shall include as exhibits, the Offer to Purchase and a revised offer to purchase and form of letter of transmittal reflecting and summary advertisement (such Schedule TO and the terms and conditions set forth in this Agreement (collectivelydocuments included therein pursuant to which the Offer will be made, together with any amendments or and supplements thereto, the “Offer Documents”), . The Company shall promptly furnish to Parent and (ii) to Merger Sub all information concerning the extent Company required by applicable U.S. federal securities laws, the Exchange Act to be set forth in the Offer Documents. Parent and Merger Sub agree to take all steps necessary to cause the Offer Documents to be disseminated to holders of Shares. Each of Parent, Merger Subsidiary and the Company agrees that they shall cause the Schedule TO and the other Offer Documents filed by any of them with the SEC to comply in all material respects with the 1934 Act and the rules and regulations thereunder and other applicable Law and that the Offer Documents, when filed with the SEC and on the date first published, sent or given disseminated to the stockholders of the Company, shall not contain any untrue statement of a material fact or omit in each case as and to state any material fact the extent required to be stated therein or necessary in order to make by the statements therein, in light of the circumstances under which they were made, not misleading (except that Exchange Act. Parent and Merger subsidiary shall have no obligation with respect to any information in Sub, on the Offer Documents supplied by the Company or its Representatives in writing). Each of Parentone hand, Merger Subsidiary and the Company agrees Company, on the other hand, agree to promptly to correct any information provided by it or any of its Affiliates for use in the Schedule TO and the Offer Documents if and to the extent that such information shall have become false or misleading in any material respectrespect or as otherwise required by applicable Law. Parent and Merger Subsidiary shall, and shall cause its Affiliates to, use their respective reasonable best efforts Sub further agree to take all steps necessary to cause the Schedule TO Offer Documents, as so corrected (if applicable), to be filed with the SEC and the Offer Documents as so corrected to be disseminated to holders the stockholders of Sharesthe Company, in each case as and to the extent required by applicable U.S. federal securities lawsthe Exchange Act. The Parent and Merger Sub shall promptly notify the Company upon the receipt of any comments from the SEC, or any request from the SEC for amendments or supplements, to the Offer Documents, and shall promptly provide the Company with copies of all correspondence between them and their representatives, on the one hand, and the SEC, on the other hand. Prior to the filing of the Offer Documents (including any amendments or supplements thereto) with the SEC or dissemination thereof to the stockholders of the Company, or responding to any comments of the SEC with respect to the Offer Documents, Parent and Merger Sub shall provide the Company and its counsel shall be given a reasonable opportunity to review and comment (A) on the Schedule TO and the such Offer Documents each time before or response. (i) Parent shall provide or cause to be provided to Merger Sub, on a timely basis, the funds necessary to pay for any such document is filed with the SEC after the date hereof and (B) on any correspondence with the SEC (including comment response letters) concerning the Offer or the Offer Documentsshares of Company Capital Stock that Merger Sub becomes obligated to accept for payment, and Merger Subsidiary shall give reasonable and good faith consideration to any comments made by the Company and its counsel. Parent and Merger Subsidiary shall provide the Company and its counsel with any written or oral comments Parentpay for, Merger Subsidiary or their respective Affiliates or counsel may receive from the SEC with respect pursuant to the Offer Documents promptly, but in no event later than twenty-four hours, after the receipt of such comments, and, subject to the provisions hereof, promptly respond to such commentsOffer.

Appears in 1 contract

Sources: Merger Agreement (Computer Software Innovations, Inc.)