|
|
|
|
Document Preview Agreement and Plan of Merger |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Agreement and Plan of Merger |
|||
|
Entities: |
||||
|
Date: |
2001 |
|||
|
Size: |
Preview shows 19KB of 208KB total |
|||
|
Price: |
$54 |
|||
|
ID: |
#1275072 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
AGREEMENT AND PLAN OF MERGER
by and among
THE SAGE GROUP PLC
ISAIAH ACQUISITION CORP.
and
INTERACT COMMERCE CORPORATION
dated
March 27, 2001
<PAGE>
Index of Defined Terms
----------------------
<TABLE>
<CAPTION>
Defined Term Section No.
------------ -----------
<S> <C>
Acquisition Agreement.................................................... 5.3(d)
Acquisition Proposal..................................................... 5.1
Admission................................................................ 6.12(b)
Agreement........................................................ Introduction
Appointment Date......................................................... 5.2
Assignee................................................................. 9.10
Assumed Options.......................................................... 2.4(a)
Audit.................................................................... 3.13(b)
Average Premium.......................................................... 6.8(b)
Balance Sheet Date....................................................... 3.9
Benefit Plans............................................................ 3.12(a)
Business Partner Option Plan............................................. 2.4(a)
Business Partner Stock Options........................................... 2.4(a)
Certificate of Merger.................................................... 1.5
Certificates............................................................. 2.2(b)
Closing.................................................................. 1.6
Closing Date............................................................. 1.6
Code..................................................................... 3.12(b)
Common Stock............................................................. 3.3(a)
Commonly Controlled Entity............................................... 3.12(b)
Company.......................................................... Introduction
Company Agreements....................................................... 3.7
Company Board of Directors.......................................... Recitals
Company Disclosure Schedule...................................... Article III
Company Computer Software................................................ 3.17(e)
Company Material Adverse Change.......................................... 3.1(a)
Company Material Adverse Effect.......................................... 3.1(a)
Company SEC Documents.................................................... 3.8
Company Subsidiary....................................................... 3.2(a)
Confidentiality Agreement................................................ 5.3(b)
Contest.................................................................. 8.3(b)
D&O Insurance............................................................ 6.8(b)
DGCL................................................................ Recitals
</TABLE>
i
<PAGE>
<TABLE>
<CAPTION>
Defined Term Section No.
------------ -----------
<S> <C>
Director Option Plan..................................................... 2.4
Director Options......................................................... 2.4
Dissenting Shares........................................................ 2.3(a)
Effective Time........................................................... 1.5
Employee Option.......................................................... 2.4
Employee Option Plans.................................................... 2.4
Encumbrances............................................................. 3.3(a)
Environmental Claims..................................................... 3.21
Environmental Laws....................................................... 3.21
ERISA.................................................................... 3.12(b)
ERISA Affiliates......................................................... 6.14
ESPP..................................................................... 2.4(b)
Exchange Act............................................................. 1.1(a)
Financial Statements..................................................... 3.8
Foothill Agreement....................................................... 5.2(h)
Foreign Plans............................................................ 3.12(k)
GAAP..................................................................... 3.8
Governmental Entity...................................................... 3.7
HSR Act.................................................................. 3.7
Indemnified Party........................................................ 6.8(a)
Independent Directors.................................................... 1.3(b)
Initial Expiration Date.................................................. 1.1(a)
Intellectual Property.................................................... 3.17(a)
IP Licenses.............................................................. 3.17(b)
Licensed Products........................................................ 3.28
Materials of Environmental Concern....................................... 3.21
Merger................................................................... 1.4(a)
Merger Agreement................................................ Introduction
Merger Consideration..................................................... 2.1(c)
Minimum Condition........................................................ 1.1(a)
Net Exercise............................................................. 3.3(b)
New Shares............................................................... 6.12(b)
Offer................................................................ Recitals
Offer Documents.......................................................... 1.1(b)
Offer Price.......................................................... Recitals
Offer to Purchase........................................................ 1.1(a)
Option Plans............................................................. 2.4(a)
Options.................................................................. 2.4(a)
</TABLE>
ii
<PAGE>
<TABLE>
<CAPTION>
Defined Term Section No.
------------ -----------
<S> <C>
Parachute Gross-Up Payment............................................... 3.12(g)
Parent............................................................... Recitals
Paying Agent............................................................. 2.2(a)
Pension Plans............................................................ 3.12(b)
Permitted Encumbrances................................................... 3.9(d)
Person................................................................... 3.3(a)
Piper Jaffray............................................................ 3.24
Possible Withholding Taxes............................................... 8.3(a)
Preferred Stock.......................................................... 3.2(a)
Proxy Statement.......................................................... 1.9(a)(ii)
Purchaser........................................................... Recitals
Purchaser Common Stock................................................... 2.1
Real Property............................................................ 3.15(a)
Regulation M-A........................................................... 1.1(b)
Representatives.......................................................... 5.3(a)
Schedule 14D-9........................................................... 1.2(a)
Schedule TO.............................................................. 1.1(b)
SEC...................................................................... 1.1(b)
Securities Act........................................................... 3.8
Shareholder......................................................... Recitals
Shareholder Agreement............................................... Recitals
Shares.............................................................. Recitals
Special Meeting.......................................................... 1.9(a)(i)
Sprint Warrant........................................................... 2.4(a)
Stock Option Agreement.............................................. Recitals
Subsidiary............................................................... 3.2(a)
Superior Proposal........................................................ 5.3(b)
Surviving Corporation.................................................... 1.4(a)
Symantec................................................................. 3.1
Symantec License......................................................... 3.30
Tax...................................................................... 3.13(b)
Tax Authority............................................................ 3.13(b)
Tax Returns.............................................................. 3.13(b)
Taxes.................................................................... 3.13(b)
Termination Fee.......................................................... 8.2(b)
Transactions............................................................. 3.4
Voting Debt.............................................................. 3.3(a)
Warrant.................................................................. 3.3(b)
</TABLE>
iii
<PAGE>
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER (hereinafter referred to as this
"Agreement" or the "Merger Agreement"), dated March 27, 2001, by and among The
--------- ----------------
Sage Group plc, a company organized under the laws of England ("Parent"), Isaiah
------
Acquisition Corp., a Delaware corporation and an indirect, wholly-owned
subsidiary of Parent (the "Purchaser"), and Interact Commerce Corporation, a
---------
Delaware corporation (the "Company").
-------
WHEREAS, the Board of Directors of each of Parent, the Purchaser and
the Company has approved, and deems it advisable and in the best interests of
its respective stockholders to consummate, the acquisition of the Company by
Parent upon the terms and subject to the conditions set forth herein;
WHEREAS, in furtherance thereof, it is proposed that Purchaser make a
cash tender offer (the "Offer") to acquire all shares of the issued and
-----
outstanding common stock, par value $0.001, of the Company (the "Shares"), for
------
$12.00 per share, net to the seller in cash (such price, or any such higher
price per Share as may be paid in the Offer, referred to herein as the "Offer
-----
Price");
-----
WHEREAS, also in furtherance of such acquisition, the Board of
Directors of each of Parent, Purchaser and the Company has approved this
Agreement and the Merger (as defined in Section 1.4) following the Offer in
accordance with the General Corporation Law of the State of Delaware (the
"DGCL") and upon the terms and subject to the conditions set forth herein;
----
WHEREAS, the Board of Directors of the Company (the "Company Board of
----------------
Directors") has determined that the consideration to be paid for each Share in
---------
the Offer and the Merger is fair to the holders of such Shares and has resolved
to recommend that the holders of such Shares accept the Offer and approve this
Agreement and each of the Transactions (as defined in Section 3.4) upon the
terms and subject to the conditions set forth herein;
WHEREAS, as a condition and further inducement to Parent and the
Purchaser to enter into this Agreement and incur the obligations set forth
herein, certain stockholders of the Company (each, a "Shareholder") concurrently
-----------
herewith are entering into a Shareholder Agreement (each, a "Shareholder
-----------
Agreement"), dated as of the date hereof, with Parent and the Purchaser, in the
---------
form attached hereto as Exhibit A, pursuant to which each such Shareholder has
agreed, among other things,
<PAGE>
to tender his Shares in the Offer, to grant to Parent the right to purchase his
Shares upon payment by Parent of the Offer Price, and to grant Parent a proxy
with respect to the voting of such Shares in favor of the Merger upon the terms
and subject to the conditions set forth therein;
WHEREAS, as a condition and further inducement to Parent and the
Purchaser to enter into this Agreement and incur the obligations set forth
herein, concurrently with the execution and delivery of this Agreement, the
Purchaser and the Company are entering into a Stock Option Agreement in the form
of Exhibit B hereto (the "Stock Option Agreement"), pursuant to which, among
----------------------
other things, the Company has granted Parent an option to purchase certain
newly-issued shares of Common Stock (as hereinafter defined), subject to certain
conditions; and
WHEREAS, the Company, Parent and Purchaser desire to make certain
representations, warranties, covenants and agreements in connection with the
Offer and the Merger.
NOW, THEREFORE, in consideration of the foregoing and the mutual
representations, warranties, covenants and agreements set forth herein, the
parties hereto agree as follows:
2
<PAGE>
ARTICLE I
THE OFFER AND MERGER
Section 1.1 The Offer. (a) Provided that this Agreement shall not have
---------
been terminated in accordance with Section 8.1 and none of the events set forth
in Annex I hereto shall have occurred and be continuing, as promptly as
practicable, and, in any event, within seven (7) days of the date hereof, the
Purchaser shall commence (within the meaning of Rule 14d-2 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) the Offer to purchase at
------------
the Offer Price. The obligations of the Purchaser to accept for payment and to
pay for any Shares validly tendered on or prior to the expiration of the Offer
and not withdrawn shall be subject only to (i) there being validly tendered and
not withdrawn prior to the expiration of the Offer that number of Shares which,
together with the Shares then beneficially owned by Parent or the Purchaser
(without giving effect to shares issuable pursuant to the Stock Option
Agreement), represents at least a majority of the Shares outstanding on a fully-
diluted basis (the "Minimum Condition") and (ii) the other conditions set forth
-----------------
in Annex I hereto. Subject to the prior satisfaction or waiver by Parent or the
Purchaser of the Minimum Condition and the other conditions of the Offer set
forth in Annex I hereto, the Purchaser shall consummate the Offer in accordance
with its terms and accept for payment and pay for all Shares tendered pursuant
to the Offer as soon as Purchaser is legally permitted to do so under applicable
law. The obligations of the Purchaser to commence the Offer and accept for
payment and pay for any Shares validly tendered on or prior to the expiration of
the Offer and not withdrawn shall be subject only to the Minimum Condition and
the other conditions set forth in Annex I hereto. The Offer shall be made by
means of an offer to purchase (the "Offer to Purchase") that contains the terms
-----------------
set forth in this Agreement, the Minimum Condition and the other conditions set
forth in Annex I hereto. The Purchaser shall not amend or waive the Minimum
Condition and shall not decrease the Offer Price, change the form of
consideration payable in the Offer, decrease the number of Shares sought in the
Offer, impose additional conditions to the Offer, extend the offer beyond the
date that is twenty (20) business days after commencement of the Offer (the
"Initial Expiration Date"), except as set forth below, or amend any other
-----------------------
condition of the Offer in any manner adverse to the holders of the Shares
without the prior written consent of the Company (such consent to be authorized
by the Company Board of Directors or a duly authorized committee thereof). So
long as this Agreement is in effect and the Minimum Condition or any other
conditions to the Offer set forth in Annex I have not been satisfied or waived,
Purchaser may, without the consent of the Company, extend the expiration date of
the Offer for one or more periods of up to ten additional business
|
End of Preview |
Home Intelligence Services Subscriptions News About Us