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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: |
Preview shows 31KB of 213KB total |
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Price: |
$60 |
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ID: |
#1192634 |
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AGREEMENT AND PLAN OF MERGER
among
CERTIFIED HOLDINGS, INC.,
PILLOW ACQUISITION CORP.
and
FRESH BRANDS, INC.
dated as of
December 5, 2005
| ARTICLE I THE MERGER | 2 | |
| Section 1.01. | The Merger | 2 |
| Section 1.02. | Closing; Effective Time | 2 |
| Section 1.03. | Effect of the Merger | 2 |
| Section 1.04. | Subsequent Actions | 2 |
| Section 1.05. | Articles of Incorporation; By-Laws; Directors and Officers | 3 |
| Section 1.06. | Conversion of Shares | 3 |
| Section 1.07. | Dissenting Shares | 4 |
| Section 1.08. | Surrender of Shares; Stock Transfer Books | 4 |
| Section 1.09. | Stock Plans | 6 |
| ARTICLE II REPRESENTATIONS AND WARRANTIES OF PARENT AND ACQUISITION SUB | 6 | |
| Section 2.01. | Organization | 7 |
| Section 2.02. | Authority | 7 |
| Section 2.03. | No Violation | 7 |
| Section 2.04. | Brokers | 7 |
| Section 2.05. | Proxy Statement | 7 |
| Section 2.06. | Financing | 8 |
| Section 2.07. | No Ownership of Shares | 8 |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF COMPANY | 8 | |
| Section 3.01. | Corporate | 8 |
| Section 3.02. | Authority | 10 |
| Section 3.03. | No Violation | 10 |
| Section 3.04. | SEC Filings; Financial Statements | 11 |
| Section 3.05. | Tax Matters | 13 |
| Section 3.06. | Absence of Certain Changes | 15 |
| Section 3.07. | No Litigation | 15 |
| Section 3.08. | Compliance with Laws and Orders | 15 |
| Section 3.09. | Properties | 16 |
| Section 3.10. | Insurance | 17 |
| Section 3.11. | Material Contracts | 18 |
i
| Section 3.12. | Labor Matters | 19 |
| Section 3.13. | Employee Benefit Plans | 20 |
| Section 3.14. | Trade Rights | 23 |
| Section 3.15. | Major Suppliers | 23 |
| Section 3.16. | Proxy Statement | 23 |
| Section 3.17. | Brokers | 24 |
| Section 3.18. | Board Approval; Takeover Statutes; Required Vote | 24 |
| Section 3.19. | Rights Agreement | 24 |
| Section 3.20. | Opinion of Financial Advisor | 25 |
| Section 3.21. | Affiliate Transactions | 25 |
| Section 3.22. | Directors and Officers | 25 |
| Section 3.23. | Records | 25 |
| Section 3.24. | Franchising Contracts and Franchise Program | 25 |
| ARTICLE IV COVENANTS | 27 | |
| Section 4.01. | Conduct of Business by Company Pending the Closing | 27 |
| Section 4.02. | No Solicitation | 29 |
| Section 4.03. | Access to Information | 33 |
| Section 4.04. | Company Shareholders' Meeting | 34 |
| Section 4.05. | Proxy Statement | 35 |
| Section 4.06. | Notification of Certain Matters | 35 |
| Section 4.07. | Public Announcements | 36 |
| Section 4.08. | Commercially Reasonable Efforts; Cooperation | 36 |
| Section 4.09. | Takeover Statutes | 36 |
| Section 4.10. | Director and Officer Liability | 37 |
| Section 4.11. | Shareholder Litigation | 38 |
| Section 4.12. | Director and Officer Resignations | 38 |
| Section 4.13. | Certain Arrangements | 38 |
| Section 4.14. | Treatment of Stock Plans | 39 |
| Section 4.15. | Retirement Savings Plans | 39 |
| ARTICLE V CONDITIONS TO THE MERGER | 39 | |
| Section 5.01. | Conditions to Each Party's Obligation to Effect the Merger | 39 |
| Section 5.02. | Conditions to Obligations of the Parent and Acquisition Sub. | 39 |
| Section 5.03. | Conditions to Obligations of Company | 41 |
ii
| ARTICLE VI TERMINATION, AMENDMENT AND WAIVER | 41 | |
| Section 6.01. | Termination | 41 |
| Section 6.02. | Effect of Termination | 43 |
| Section 6.03. | Fees and Expenses | 43 |
| ARTICLE VII GENERAL PROVISIONS | 44 | |
| Section 7.01. | Non-Survival of Representations and Warranties; Limitation on Warranties | 44 |
| Section 7.02. | Amendment | 45 |
| Section 7.03. | Entire Agreement | 45 |
| Section 7.04. | Assignment | 46 |
| Section 7.05. | Parties in Interest | 46 |
| Section 7.06. | Validity | 46 |
| Section 7.07. | Notices | 46 |
| Section 7.08. | Law Governing Agreement; Jurisdiction | 47 |
| Section 7.09. | Specific Performance | 47 |
| Section 7.10. | Headings | 47 |
| Section 7.11. | Counterparts | 48 |
| Section 7.12. | Waiver of Jury Trial | 48 |
| Section 7.13. | Interpretation | 48 |
| Section 7.14. | Construction | 48 |
| Section 7.15. | Waiver | 48 |
| Section 7.16. | Definitions | 49 |
iii
AGREEMENT AND PLAN OF MERGER, dated as of December 5, 2005 (the Agreement), among Fresh Brands, Inc., a Wisconsin corporation (the Company), Certified Holdings, Inc., a Delaware corporation (Parent), and Pillow Acquisition Corp., a Wisconsin corporation and a wholly owned subsidiary of Parent (Acquisition Sub).
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