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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Entities: |
Houlihan Lokey Howard & Zukin Inc.; Stericycle, Inc.; Bank of America, NA; Latham & Watkins; Stericycle, Inc.; Sharps Acquisition Corporation; Scherer Healthcare, Inc.; Scherer Healthcare Inc. |
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Date: |
2002 |
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Size: |
Preview shows 13KB of 166KB total |
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Price: |
$62 |
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ID: |
#125282 |
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AGREEMENT AND PLAN OF MERGER
dated as of October 19, 2002
entered into by
STERICYCLE, INC.,
SHARPS ACQUISITION CORPORATION
and
SCHERER HEALTHCARE, INC.
--------------------------------------------------------------------------------
{PAGE}
TABLE OF CONTENTS
ARTICLE 1
DEFINITIONS 1
ARTICLE 2
THE TRANSACTION
2.1 Merger .......................................................... 1
2.2 Closing.......................................................... 1
2.3 Closing Events................................................... 2
(a) Certificate of Merger..................................... 2
(b) Deliveries by Company..................................... 2
(c) Deliveries by Parent and Merger Sub....................... 2
2.4 Effects of Merger................................................ 2
(a) General................................................... 2
(b) Corporate Organization.................................... 3
(c) Conversion of Company Shares.............................. 3
(d) Company Treasury Shares................................... 3
(e) Conversion of MergerSub's Stock........................... 3
2.5 Exchange Fund Procedures......................................... 4
(a) Exchange Fund............................................. 4
(b) Exchange Procedures....................................... 4
(c) No Further Ownership Rights............................... 5
(d) Termination of Exchange Fund.............................. 5
(e) No Liability.............................................. 5
(f) Lost Certificates......................................... 5
(g) Stock Transfer Books...................................... 6
(h) Appraisal Rights.......................................... 6
(i) Stock Options............................................. 6
ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF COMPANY
3.1 Organization..................................................... 7
3.2 Authority........................................................ 8
3.3 Enforceability................................................... 8
3.4 Capital Stock.................................................... 8
3.5 No Violation..................................................... 10
3.6 No Consent Required.............................................. 10
3.7 SEC Reports and Financial Statements............................. 10
3.8 Equipment........................................................ 11
3.9 Contracts........................................................ 11
3.10 Real Property.................................................... 13
3.11 Permits.......................................................... 13
{PAGE}
3.12 Intellectual Property............................................ 14
3.13 Undisclosed Liabilities.......................................... 14
3.14 Taxes ......................................................... 14
3.15 No Material Adverse Change....................................... 15
3.16 Employee Benefits................................................ 15
3.17 Insurance........................................................ 17
3.18 Compliance....................................................... 17
3.19 Legal Proceedings................................................ 18
3.20 Absence of Certain Events........................................ 18
3.21 Environmental Matters............................................ 19
3.22 Employees........................................................ 20
3.23 Labor Relations.................................................. 20
3.24 Broker's Fee..................................................... 20
3.25 Takeover Statutes................................................ 21
3.26 Proxy Statement.................................................. 21
3.27 Vote Required.................................................... 21
3.28 Opinion of Financial Advisor..................................... 21
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGERSUB
4.1 Organization..................................................... 22
4.2 Authority........................................................ 22
4.3 Enforceability................................................... 22
4.4 No Violation..................................................... 22
4.5 No Consent Required.............................................. 23
4.6 SEC Reports and Financial Statements............................. 23
4.7 Broker's Fee..................................................... 23
4.8 MergerSub Formation.............................................. 24
4.9 Proxy Statement.................................................. 24
4.10 Board Approval................................................... 24
4.11 Vote Required.................................................... 24
4.12 Compliance with Applicable Laws; Regulatory Matters.............. 24
4.13 Ownership of Company Shares...................................... 25
4.14 Financing........................................................ 25
ARTICLE 5
EVENTS PRIOR TO CLOSING
5.1 General.......................................................... 25
5.2 Conduct of Business by Company................................... 25
5.3 Stockholders Meeting............................................. 25
5.4 Approvals and Consents; Cooperation.............................. 26
5.5 Access to Information............................................ 27
5.6 Notice of Developments........................................... 27
-ii-
{PAGE}
5.7 Acquisition Proposals............................................ 28
5.8 Public Announcements............................................. 29
5.9 Employee Matters................................................. 29
5.10 Fees and Expenses................................................ 29
ARTICLE 6
CONDITIONS TO CLOSING
6.1 Conditions of Parent and MergerSub............................... 30
6.2 Conditions of Company............................................ 31
ARTICLE 7
NON-SURVIVAL OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS
NO OTHER REPRESENTATIONS AND WARRANTIES 32
ARTICLE 8
TERMINATION, AMENDMENT AND WAIVER
8.1 Termination by Company or Parent................................. 32
8.2 Termination by Company........................................... 33
8.3 Termination by Parent............................................ 33
8.4 Effect of Termination............................................ 33
8.5 Amendment........................................................ 34
8.6 Extension and Waiver............................................. 35
ARTICLE 9
EVENTS FOLLOWING MERGER
9.1 Continuing Indemnification....................................... 35
9.2 Certain Records.................................................. 36
9.3 Performance by MergerSub......................................... 37
ARTICLE 10
MISCELLANEOUS
10.1 Confidentiality.................................................. 37
10.2 Notices.......................................................... 37
10.3 Entire Agreement................................................. 38
10.4 Assignment....................................................... 38
10.5 No Third Party Beneficiaries..................................... 38
10.6 Severability..................................................... 38
10.7 Captions......................................................... 39
10.8 Construction..................................................... 39
10.9 Counterparts..................................................... 39
10.10 Governing Law; Jurisdiction; Waiver of Jury Trial................ 39
-iii-
{PAGE}
10.11 Binding Effect................................................... 40
ANNEX I
DEFINITIONS 42
EXHIBITS
Form of Amendment and Restatement of Company's Certificate
of Incorporation............................................... A
-iv-
{PAGE}
AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger (this "Agreement") is entered into as
of October 19, 2002 by Stericycle, Inc., a Delaware corporation ("Parent"),
Sharps Acquisition Corporation, a Delaware corporation and wholly owned
subsidiary of Parent ("MergerSub"), and Scherer Healthcare, Inc., a Delaware
corporation ("Company").
WHEREAS, this Agreement contemplates a transaction in which Parent will
acquire all of the outstanding capital stock of Company for cash through a
reverse merger of MergerSub with and into Company.
WHEREAS, the respective boards of directors of Parent, MergerSub and
Company have approved, and deem it advisable and in the best interests of their
respective stockholders to consummate, this Agreement and the merger of
MergerSub with and into Company pursuant to this Agreement.
WHEREAS, the board of directors of Company, based upon the unanimous
recommendation of a special committee of the board of directors (the "Special
Committee"), has resolved to recommend that the stockholders of Company adopt
this Agreement and approve the consummation of the merger of Company with
MergerSub pursuant to this Agreement.
NOW, THEREFORE, in consideration of their mutual promises and intending
to be legally bound, the Parties agree as follows:
ARTICLE 1
DEFINITIONS
Certain capitalized terms used in this Agreement are defined in
ANNEX I.
ARTICLE 2
THE TRANSACTION
2.1 MERGER
Upon the terms and subject to the conditions of this Agreement,
MergerSub shall merge with and into Company (the "Merger") at the Effective
Time. The separate corporate existence of MergerSub shall cease, and Company
shall be the corporation surviving the Merger (the "Surviving Corporation"), and
shall succeed to and assume all of the rights and obligations of MergerSub in
accordance with the DGCL.
2.2 CLOSING
Upon the terms and subject to the conditions set forth in this
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