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Title: |
Agreement and Plan of Merger |
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Entities: |
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Date: |
2005 |
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Size: |
249KB total |
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Price: |
$95 |
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ID: |
#1141216 |
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Start of Preview |
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AGREEMENT AND PLAN OF MERGER
by and among
ARDEN REALTY, INC.
ARDEN REALTY LIMITED PARTNERSHIP
GENERAL ELECTRIC CAPITAL CORPORATION
TRIZEC PROPERTIES, INC.
TRIZEC HOLDINGS OPERATING LLC
ATLAS MERGER SUB, INC.
AND
ATLAS PARTNERSHIP MERGER SUB, INC.
Dated as of December 21, 2005
TABLE OF CONTENTS
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Page |
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ARTICLE I |
DEFINITIONS |
3 |
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SECTION 1.01. |
Definitions |
3 |
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ARTICLE II |
THE MERGER |
10 |
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SECTION 2.01. |
Admission of New Partner Sub |
10 |
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SECTION 2.02. |
Redemption of OP Units For LLC Interests |
10 |
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SECTION 2.03. |
Contribution of Redemption Core Properties in Exchange for TZ Units |
14 |
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SECTION 2.04. |
Partnership Merger |
15 |
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SECTION 2.05. |
TZ Asset Distribution |
16 |
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SECTION 2.06. |
Asset Sale |
16 |
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SECTION 2.07. |
REIT Merger |
16 |
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SECTION 2.08. |
Charter; Bylaws; Partnership Agreement |
16 |
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SECTION 2.09. |
Effective Times |
17 |
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SECTION 2.10. |
Closing |
17 |
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SECTION 2.11. |
Directors and Officers of the Surviving Entity |
17 |
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SECTION 2.12. |
Partnership Matters |
18 |
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ARTICLE III |
EFFECT OF THE MERGERS |
18 |
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SECTION 3.01. |
Effect on Shares |
18 |
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SECTION 3.02. |
Effect on Partnership Interests |
19 |
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SECTION 3.03. |
Exchange of Certificates, Unit Certificates and Uncertificated Units |
19 |
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SECTION 3.04. |
Withholding Rights |
23 |
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SECTION 3.05. |
Dissenters Rights |
23 |
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ARTICLE IV |
REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE PARTNERSHIP |
24 |
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SECTION 4.01. |
Existence; Good Standing; Authority; Compliance with Law |
24 |
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SECTION 4.02. |
Capitalization |
25 |
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SECTION 4.03. |
Authority Relative to this Agreement |
27 |
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SECTION 4.04. |
No Conflict; Required Filings and Consents |
28 |
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SECTION 4.05. |
Permits; Compliance |
29 |
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SECTION 4.06. |
SEC Filings; Financial Statements |
29 |
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SECTION 4.07. |
Absence of Certain Changes or Events |
30 |
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SECTION 4.08. |
Absence of Litigation |
31 |
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SECTION 4.09. |
Employee Benefit Plans |
31 |
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SECTION 4.10. |
Labor Matters |
32 |
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SECTION 4.11. |
Proxy Statement |
33 |
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SECTION 4.12. |
Property and Leases |
34 |
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SECTION 4.13. |
Intellectual Property |
37 |
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SECTION 4.14. |
Taxes |
38 |
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SECTION 4.15. |
Environmental Matters |
40 |
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SECTION 4.16. |
Material Contracts |
41 |
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SECTION 4.17. |
Brokers |
42 |
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SECTION 4.18. |
Opinion of Financial Advisor |
42 |
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SECTION 4.19. |
Insurance |
42 |
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SECTION 4.20. |
Related Party Transactions |
42 |
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SECTION 4.21. |
Takeover Statutes |
43 |
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SECTION 4.22. |
Investment Company Act |
43 |
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SECTION 4.23. |
Patriot Act |
43 |
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ARTICLE V |
REPRESENTATIONS AND WARRANTIES OF PARENT AND REIT MERGER SUB |
43 |
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SECTION 5.01. |
Corporate Organization |
43 |
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SECTION 5.02. |
Authority Relative to this Agreement |
44 |
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SECTION 5.03. |
Consents and Approvals; No Violations |
44 |
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SECTION 5.04. |
Litigation |
45 |
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SECTION 5.05. |
Brokers |
45 |
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SECTION 5.06. |
Available Funds |
45 |
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SECTION 5.07. |
Ownership of REIT Merger Sub; No Prior Activities |
45 |
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SECTION 5.08. |
Proxy Statement |
45 |
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ARTICLE VI |
REPRESENTATIONS AND WARRANTIES OF TZ REIT and TZ OP |
46 |
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SECTION 6.01. |
Corporate Organization |
46 |
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SECTION 6.02. |
Capitalization |
46 |
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SECTION 6.03. |
Authority Relative to this Agreement |
46 |
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SECTION 6.04. |
Consents and Approvals; No Violations |
47 |
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SECTION 6.05. |
SEC Filings; Financial Statements |
48 |
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SECTION 6.06. |
Litigation |
49 |
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SECTION 6.07. |
REIT Status |
49 |
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SECTION 6.08. |
Brokers |
49 |
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ARTICLE VII |
CONDUCT OF BUSINESS PENDING THE CLOSING |
49 |
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SECTION 7.01. |
Conduct of Business by the Company |
49 |
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ARTICLE VIII |
ADDITIONAL AGREEMENTS |
53 |
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SECTION 8.01. |
Stockholders Meeting |
53 |
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SECTION 8.02. |
Proxy Statement |
54 |
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SECTION 8.03. |
Access to Information; Confidentiality |
54 |
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SECTION 8.04. |
No Solicitation of Transactions |
56 |
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SECTION 8.05. |
Further Action; Reasonable Best Efforts |
57 |
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SECTION 8.06. |
Public Announcements |
58 |
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SECTION 8.07. |
Indemnification |
58 |
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SECTION 8.08. |
Employee Benefit Matters |
61 |
ii
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SECTION 8.09. |
Transfer Taxes |
62 |
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SECTION 8.10. |
Form of Election |
63 |
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SECTION 8.11. |
Tax Matters |
63 |
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SECTION 8.12. |
Asset Sale |
64 |
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SECTION 8.13. |
Treatment of AVP |
65 |
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ARTICLE IX |
CONDITIONS |
65 |
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SECTION 9.01. |
Conditions to the Obligations |
65 |
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SECTION 9.02. |
Conditions to the Obligations of Parent and REIT Merger Sub |
66 |
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SECTION 9.03. |
Conditions to the Obligations of the Company |
67 |
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SECTION 9.04. |
Conditions to the Obligations of TZ OP |
67 |
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ARTICLE X |
TERMINATION, AMENDMENT AND WAIVER |
67 |
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SECTION 10.01. |
Termination |
67 |
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SECTION 10.02. |
Effect of Termination |
68 |
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SECTION 10.03. |
Fees and Expenses |
69 |
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ARTICLE XI |
GENERAL PROVISIONS |
70 |
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SECTION 11.01. |
Non-Survival of Representations and Warranties |
70 |
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SECTION 11.02. |
Notices |
70 |
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SECTION 11.03. |
Severability |
71 |
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SECTION 11.04. |
Amendment |
72 |
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SECTION 11.05. |
Entire Agreement; Assignment |
72 |
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SECTION 11.06. |
Parties in Interest |
72 |
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SECTION 11.07. |
Specific Performance |
72 |
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SECTION 11.08. |
Governing Law |
73 |
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SECTION 11.09. |
Waiver of Jury Trial |
73 |
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SECTION 11.10. |
Headings |
73 |
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SECTION 11.11. |
Counterparts |
73 |
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SECTION 11.12. |
Mutual Drafting |
74 |
iii
EXHIBITS
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Exhibit A |
Term Sheet for Contribution Agreement and Registration Rights Agreement |
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Exhibit B |
Redemption Core Properties |
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Exhibit C |
REIT Opinion |
iv
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (this Agreement), dated as of December 21, 2005, is made by and among General Electric Capital Corporation, a Delaware corporation (Parent), Atlas Merger Sub, Inc., a Maryland corporation and wholly owned subsidiary of the Parent (REIT Merger Sub), Trizec Properties, Inc., a Delaware corporation (TZ REIT), Trizec Holdings Operating LLC, a Delaware limited liability company (TZ OP), Arden Realty, Inc., a Maryland corporation (the Company), Atlas Partnership Merger Sub, Inc., a Maryland corporation and wholly owned subsidiary of the Company (Partnership Merger Sub), and Arden Realty Limited Partnership, a Maryland limited partnership (the Partnership).
RECITALS
WHEREAS, the Board of Directors of the Company (the Company Board), having determined that it is advisable and in the best interests of the Company and its shareholders, and of the Partnership and its partners, wishes to enter into a s