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Title: |
Acquisition Agreement |
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Date: |
2002 |
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Size: |
Preview shows 18KB of 240KB total |
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Price: |
$78 |
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ID: |
#1130239 |
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ACQUISITION AGREEMENT
BY AND AMONG
PEREGRINE SYSTEMS, INC.,
PEREGRINE REMEDY, INC.
AND
BMC SOFTWARE, INC.
DATED AS OF SEPTEMBER 20, 2002
================================================================================
<PAGE>
TABLE OF CONTENTS
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<S> <C>
ARTICLE I
DEFINITIONS
1.1 Certain Defined Terms....................................................................................2
ARTICLE II
THE ACQUISITION
2.1 Purchase and Sale; Assumption of Liabilities............................................................17
2.2 Purchase Price..........................................................................................17
2.3 Closing.................................................................................................18
2.4 Purchase Price Adjustment...............................................................................19
2.5 Alternative Transaction Provisions......................................................................21
2.6 Purchase Price Allocation...............................................................................22
ARTICLE III
REPRESENTATIONS AND WARRANTIES REGARDING
THE COMPANY
3.1 Incorporation and Authority.............................................................................23
3.2 Capital Stock...........................................................................................23
3.3 Subsidiaries............................................................................................24
3.4 No Conflict.............................................................................................25
3.5 Consents and Approvals..................................................................................25
3.6 Absence of Litigation...................................................................................25
3.7 Compliance with Laws....................................................................................25
3.8 Licenses and Permits....................................................................................25
3.9 Intellectual Property Rights............................................................................26
3.10 Real Property...........................................................................................28
3.11 Employee Benefit Matters................................................................................29
3.12 Taxes...................................................................................................31
3.13 Certain Contracts.......................................................................................31
3.14 Financial Statements....................................................................................32
3.15 Customers and Suppliers.................................................................................32
3.16 Insurance...............................................................................................32
3.17 Title to Certain Assets.................................................................................33
3.18 Sufficiency of Certain Assets...........................................................................33
3.19 Brokers.................................................................................................33
3.20 No Material Adverse Effect; Conduct of Business.........................................................33
3.21 Certain Business Practices..............................................................................33
3.22 Labor Matters...........................................................................................34
ARTICLE IV
ADDITIONAL REPRESENTATIONS AND WARRANTIES REGARDING THE STOCKHOLDER
4.1 Incorporation and Authority.............................................................................35
4.2 No Conflict.............................................................................................35
</Table>
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TABLE OF CONTENTS
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4.3 Consents and Approvals..................................................................................36
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
5.1 Incorporation and Authority of the Purchaser............................................................36
5.2 No Conflict.............................................................................................37
5.3 Consents and Approvals..................................................................................37
5.4 Absence of Litigation...................................................................................37
5.5 Financing...............................................................................................37
5.6 Brokers.................................................................................................37
ARTICLE VI
ADDITIONAL AGREEMENTS
6.1 Conduct of Company; Operations Prior to the Closing.....................................................38
6.2 Access to Information...................................................................................41
6.3 Confidentiality.........................................................................................42
6.4 Bankruptcy Actions......................................................................................43
6.5 Regulatory and Other Authorizations; Consents; Notices..................................................44
6.6 Investigation...........................................................................................46
6.7 Further Action..........................................................................................46
6.8 Further Instruments.....................................................................................46
6.9 Employee and Benefit Matters............................................................................46
6.10 Financial Statements....................................................................................48
6.11 Maintenance and Enforcement of Insurance Policies.......................................................49
6.12 Name Change.............................................................................................49
6.13 Bankruptcy Release......................................................................................49
6.14 Stock Purchases.........................................................................................50
6.15 Assistance in Retained Contracts........................................................................50
ARTICLE VII
CONDITIONS TO CLOSING
7.1 Conditions to Obligations of the Stockholder and the Company............................................50
7.2 Conditions to Obligations of the Purchaser..............................................................51
ARTICLE VIII
SURVIVAL; INDEMNIFICATION
8.1 Survival of Representations and Warranties..............................................................52
8.2 Indemnification by the Stockholder and the Company......................................................52
8.3 Indemnification by the Purchaser........................................................................53
8.4 Defense of Third Party Claims...........................................................................53
8.5 Other Claims, Payment...................................................................................54
8.6 Satisfaction of Claims from the Escrow Fund; Limit on Claims............................................54
8.7 Deductible..............................................................................................55
</Table>
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TABLE OF CONTENTS
(Continued)
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ARTICLE IX
TAX MATTERS
9.1 Taxes...................................................................................................55
9.2 Tax Certificate.........................................................................................55
ARTICLE X
TERMINATION AND WAIVER
10.1 Termination.............................................................................................56
10.2 Effects of Termination..................................................................................57
10.3 Waiver..................................................................................................58
ARTICLE XI
GENERAL PROVISIONS
11.1 Expenses................................................................................................59
11.2 Notices.................................................................................................59
11.3 Public Announcements....................................................................................60
11.4 Headings................................................................................................60
11.5 Severability............................................................................................60
11.6 Entire Agreement........................................................................................60
11.7 Assignment..............................................................................................60
11.8 No Third-Party Beneficiaries............................................................................60
11.9 Amendment...............................................................................................60
11.10 Governing Law...........................................................................................60
11.11 Waiver of Jury Trial....................................................................................61
11.12 Rules of Construction...................................................................................61
11.13 Counterparts............................................................................................61
11.14 Specific Performance....................................................................................62
11.15 Failure or Indulgence Not Waiver; Remedies Cumulative...................................................62
</Table>
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Exhibit A - Bid Procedures Order
Exhibit B - Sale Order
Exhibit C - Form of Proprietary Rights Agreement
Exhibit D - Form of Transition Services Agreement
Exhibit E - Form of Escrow Agreement
Exhibit F - Agreed Upon Procedures
-iii-
<PAGE>
ACQUISITION AGREEMENT
This ACQUISITION AGREEMENT is made and entered into effective as of
September 20, 2002, by and among Peregrine Remedy, Inc., a Delaware corporation
(the "Company"), Peregrine Systems, Inc., a Delaware corporation and the sole
Stockholder of the Company (the "Stockholder"), and BMC Software, Inc., a
Delaware corporation (the "Purchaser").
RECITALS
WHEREAS, the Stockholder and the Company each intend to file a
voluntary petition (the "Petition") for relief on September 22, 2002 (the
"Petition Date") commencing a case under Chapter 11 of Title 11 of the
Bankruptcy Code (as defined herein) in the United States District Court for the
District of Delaware;
WHEREAS, the Company and its Subsidiaries are engaged in the business
of developing, marketing and supporting enterprise software solutions focused on
automating frequently changing, employee-intensive, everyday business processes,
including IT Service Management and Customer Relationship Management (the
"Business");
WHEREAS, the Stockholder and the Company wish to sell to the Purchaser,
and the Purchaser wishes to purchase from the Stockholder and the Company the
Business (the "Acquisition"), upon the terms and subject to the conditions set
forth herein and in accordance with Sections 105, 363 and 365 of the Bankruptcy
Code;
WHEREAS, the Stockholder and the Company have marketed the Business and
determined, in consultation with its financial advisors and following reasonable
due diligence, that (a) the terms and conditions of this Agreement represent the
highest and best offer available for the Business; and (b) the Purchase Price
and other performance contemplated under this Agreement constitute reasonably
equivalent value for the Business;
WHEREAS, the Stockholder and the Company believe, following
consultation with their financial advisors and reasonable diligence, that, in
light of the current circumstances, an immediate sale of the Business is
necessary to maximize value and is in the best interests of the Stockholder and
the Company, their respective stockholders and creditors;
WHEREAS, concurrently with the execution of this Agreement and as a
condition and inducement to the Stockholder's and the Company's willingness to
enter into this Agreement, the Purchaser pursuant to and subject to the terms
and conditions of the Financing Agreement (as defined herein) is providing the
Stockholder with a debtor-in-possession credit facility in connection with the
Bankruptcy Case (as defined herein) providing for up to One Hundred Ten Million
Dollars ($110,000,000) in loans and other extensions of credit; and
WHEREAS, the Purchaser, the Stockholder and the Company desire to make
certain representations, warranties, covenants and other agreements in
connection with the Acquisition.
NOW, THEREFORE, in consideration of the covenants, promises and
representations set forth herein, and for other good and valuable consideration,
the receipt and legal sufficiency of
<PAGE>
which are hereby acknowledged, the parties, intending to be legally bound
hereby, agree as follows:
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