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Title: |
Agreement and Plan of Merger |
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Date: |
2001 |
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Preview shows 14KB of 224KB total |
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$63 |
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ID: |
#1150575 |
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AGREEMENT AND PLAN OF MERGER
BY AND AMONG
VERISIGN, INC.,
ILLINOIS ACQUISITION CORPORATION
AND
ILLUMINET HOLDINGS, INC.
SEPTEMBER 23, 2001
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<PAGE>
TABLE OF CONTENTS
Page
----
ARTICLE I THE MERGER ........................................................1
1.1 The Merger ....................................................1
1.2 Effective Time; Closing .......................................1
1.3 Effect of the Merger ..........................................2
1.4 Certificate of Incorporation; Bylaws ..........................2
1.5 Directors and Officers ........................................2
1.6 Effect on Capital Stock .......................................2
1.7 Exchange of Certificates ......................................3
1.8 No Further Ownership Rights in Company Common Stock ...........6
1.9 Restricted Stock ..............................................6
1.10 Tax Consequences ..............................................7
1.11 Alternative Transaction Structure .............................7
1.12 Taking of Necessary Action; Further Action ....................7
ARTICLE II REPRESENTATIONS AND WARRANTIES OF COMPANY ........................7
2.1 Organization; Subsidiaries ....................................8
2.2 Company Capitalization ........................................8
2.3 Obligations With Respect to Capital Stock .....................9
2.4 Authority; Non-Contravention .................................10
2.5 SEC Filings; Company Financial Statements ....................12
2.6 Absence of Certain Changes or Events .........................13
2.7 Taxes ........................................................14
2.8 Title and Operation of Properties ............................16
2.9 Intellectual Property ........................................16
2.10 Compliance with Laws .........................................18
2.11 Litigation ...................................................19
2.12 Employee Benefit Plans .......................................19
2.13 Environmental Matters ........................................23
2.14 Certain Agreements ...........................................24
2.15 Customer Contracts and Network Operations ....................26
2.16 Brokers' and Finders' Fees ...................................27
2.17 Insurance ....................................................27
2.18 Disclosure ...................................................27
2.19 Board Approval ...............................................27
2.20 Fairness Opinion .............................................28
2.21 DGCL Section 203 and Rights Agreement ........................28
2.22 Affiliates ...................................................28
ARTICLE III REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB ........28
3.1 Organization of Parent and Merger Sub ........................29
3.2 Parent and Merger Sub Capitalization .........................29
3.3 Obligations With Respect to Capital Stock ....................30
<PAGE>
<TABLE>
<S> <C> <C>
3.4 Authority; Non-Contravention .....................................................30
3.5 SEC Filings; Parent Financial Statements .........................................31
3.6 Absence of Certain Changes or Events .............................................32
3.7 Taxes ............................................................................32
3.8 Intellectual Property ............................................................33
3.9 Litigation .......................................................................33
3.10 Disclosure .......................................................................33
3.11 Parent Contracts .................................................................34
3.12 Brokers' and Finders' Fees .......................................................34
3.13 Board Approval ...................................................................34
3.14 DGCL Section 203 .................................................................34
ARTICLE IV CONDUCT PRIOR TO THE EFFECTIVE TIME .................................................34
4.1 Conduct of Business by Company ...................................................34
4.2 No Parent Dividend ...............................................................37
ARTICLE V ADDITIONAL AGREEMENTS ................................................................37
5.1 Proxy Statement/Prospectus; Registration Statement;
Antitrust and Other Filings ......................................................37
5.2 Meeting of Company Stockholders ..................................................38
5.3 No Solicitation ..................................................................40
5.4 Confidentiality; Access to Information ...........................................42
5.5 Public Disclosure ................................................................42
5.6 Reasonable Efforts; Notification .................................................42
5.7 Third Party Consents .............................................................43
5.8 Stock Options and ESPP ...........................................................44
5.9 Form S-8 .........................................................................44
5.10 Indemnification ..................................................................44
5.11 Nasdaq Listing ...................................................................45
5.12 Letter of Company's Accountants ..................................................45
5.13 Takeover Statutes; Company Rights Agreement ......................................45
5.14 Certain Employee Benefits ........................................................46
5.15 Section 16 Matters ...............................................................46
5.16 Company Affiliates; Restrictive Legend ...........................................47
ARTICLE VI CONDITIONS TO THE MERGER ............................................................47
6.1 Conditions to Obligations of Each Party to Effect the Merger .....................47
6.2 Additional Conditions to Obligations of Company ..................................48
6.3 Additional Conditions to the Obligations of Parent and Merger Sub ................48
ARTICLE VII TERMINATION, AMENDMENT AND WAIVER ..................................................50
7.1 Termination ......................................................................50
7.2 Notice of Termination; Effect of Termination .....................................51
7.3 Fees and Expenses ................................................................52
7.4 Amendment ........................................................................53
7.5 Extension; Waiver ................................................................53
ARTICLE VIII GENERAL PROVISIONS .................................................................53
</TABLE>
ii
<PAGE>
8.1 Non-Survival of Representations and Warranties ...............53
8.2 Notices ......................................................53
8.3 Interpretation; Certain Defined Terms ........................54
8.4 Counterparts .................................................56
8.5 Entire Agreement; Third Party Beneficiaries ..................56
8.6 Severability .................................................56
8.7 Other Remedies; Specific Performance .........................56
8.8 Governing Law ................................................57
8.9 Rules of Construction ........................................57
8.10 Assignment ...................................................57
8.11 Waiver Of Jury Trial .........................................57
INDEX OF EXHIBITS
Exhibit A Form of Voting Agreement
Exhibit B Form of Stock Option Agreement
Exhibit C Form of Telecommunications Regulatory Opinion
iii
<PAGE>
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and entered
into as of September 23, 2001, among VeriSign, Inc., a Delaware corporation
("Parent"), Illinois Acquisition Corporation, a Delaware corporation and a
wholly owned first-tier subsidiary of Parent ("Merger Sub"), and Illuminet
Holdings, Inc., a Delaware corporation ("Company").
RECITALS
A. The respective Boards of Directors of Parent, Merger Sub and Company
have approved this Agreement, and declared advisable the merger of Merger Sub
with and into Company (the "Merger") upon the terms and subject to the
conditions of this Agreement and in accordance with the General Corporation Law
of the State of Delaware ("Delaware Law").
B. For United States federal income tax purposes, the Merger is intended to
qualify as a "reorganization" pursuant to the provisions of Section 368 of the
Internal Revenue Code of 1986, as amended (the "Code").
C. Concurrently with the execution of this Agreement, and as a condition
and inducement to Parent's willingness to enter into this Agreement, certain
stockholders of Company are entering into a Voting Agreement with Parent in the
form of Exhibit A (the "Voting Agreement").
D. Concurrently with the execution of this Agreement, and as a condition
and inducement to Parent's willingness to enter into this Agreement, Parent and
Company are entering into a Stock Option Agreement in the form of Exhibit B (the
"Stock Option Agreement").
In consideration of the foregoing and the representations, warranties,
covenants and agreements set forth in this Agreement, the parties agree as
follows:
ARTICLE I
THE MERGER
1.1 The Merger. Upon the terms and subject to the conditions of this
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Agreement and the applicable provisions of Delaware Law, at the Effective Time,
Merger Sub shall be merged with and into Company, the separate corporate
existence of Merger Sub shall cease, and Company shall continue as the surviving
corporation of the Merger (the "Surviving Corporation").
1.2 Effective Time; Closing. Subject to the provisions of this Agreement,
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the parties hereto shall cause the Merger to be consummated by filing a
certificate of merger, in such appropriate form as determined by the parties,
with the Secretary of State of the State of Delaware in accordance with the
relevant provisions of Delaware Law (the "Certificate of Merger") (the time of
such filing (or such later time as may be agreed in writing by Company and
Parent and specified in the Certificate of Merger) being the "Effective Time")
as soon as practicable on or after the Closing Date. The closing of the Merger
(the "Closing") shall take
<PAGE>
place at the offices of Fenwick & West LLP, located at Two Palo Alto Square,
Palo Alto, California, at a time and date to be specified by the parties, which
shall be no later than the second business day after the satisfaction or waiver
of the conditions set forth in Article VI, or at such other time, date and
location as the parties hereto agree in writing (the "Closing Date").
1.3 Effect of the Merger. At the Effective Time, the effect of the Merger
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shall be as provided in this Agreement and the applicable provisions of Delaware
Law. Without limiting the generality of the foregoing, at the Effective Time,
all the property, rights, privileges, powers and franchises of Company and
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