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Title: |
Offer Agreement |
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Entities: |
Baan Co. N.V.; Fried, Frank, Harris, Shriver & Jacobson; Paul, Weiss, Rifkind, Wharton & Garrison |
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Date: |
2000 |
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Size: |
Preview shows 20KB of 142KB total |
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Price: |
$63 |
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ID: |
#1277468 |
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Start of Preview |
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OFFER AGREEMENT
between
INVENSYS PLC,
INVENSYS HOLDINGS B.V. I.O.,
INVENSYS B.V. I.O.
and
BAAN COMPANY N.V.
Dated as of May 31, 2000
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE 1....................................................................2
1. The Offer.............................................................2
1.1. The Offer....................................................2
1.2. Actions by Purchaser and Offer Sub...........................3
1.3. Actions by the Company.......................................4
1.4. Board Representation.........................................6
ARTICLE 2....................................................................7
2. Post Closing..........................................................7
2.1. Post Closing Restructuring...................................7
2.2. Further Agreements...........................................7
ARTICLE 3....................................................................8
3. Representations and Warranties of the Company.........................8
ARTICLE 4....................................................................8
4. Representations and Warranties of Purchaser and Offer Sub.............8
ARTICLE 5....................................................................8
5. Covenants.............................................................8
5.1. Alternative Proposals........................................8
5.2. Interim Operations..........................................10
5.3. Company Shareholder Approval; Proxy Statement...............12
5.4. Filings; Other Action.......................................12
5.5. Access to Information.......................................13
5.6. Publicity...................................................13
5.7. Employee Share Purchase Plan................................14
5.8. Board Member and Officer Liability..........................14
5.9. Works Councils..............................................15
5.10. Standstill and Termination Agreement.......................16
5.11. Interim Financing..........................................16
ARTICLE 6...................................................................16
6. Termination..........................................................16
6.1. Termination.................................................16
6.2. Effect of Termination and Abandonment.......................17
6.3. Amendment...................................................18
6.4. Extension; Waiver...........................................18
ARTICLE 7...................................................................19
7. General Provisions...................................................19
7.1. Nonsurvival of Representations and Warranties...............19
7.2. Notices.....................................................19
7.3. Assignment; Binding Effect..................................20
7.4. Entire Agreement............................................20
7.5. Governing Law; Submission to Jurisdiction...................20
7.6. Fee and Expenses............................................21
7.7. Certain Definitions.........................................21
7.8. Headings....................................................21
7.9. Interpretation..............................................22
7.10. Waivers....................................................22
7.11. Severability...............................................22
7.12. Counterparts...............................................22
EXHIBIT A CONDITIONS OF THE OFFER............................................1
EXHIBIT B REPRESENTATIONS AND WARRANTIES OF THE COMPANY......................1
3.1. Existence; Good Standing; Corporate Authority................1
3.2. Authorization, Validity and Effect of Agreements.............1
3.3. Compliance with Laws.........................................2
3.4. Capitalization, etc..........................................2
3.5. Subsidiaries.................................................3
3.6. No Violation.................................................3
3.7. Company Reports; Offer Documents.............................4
3.8. Litigation...................................................6
3.9. Absence of Certain Changes...................................7
3.10. Taxes.......................................................7
3.11. Employee Benefit Plans......................................8
3.12. Labor and Employment Matters...............................11
3.13. Brokers....................................................11
3.14. Intellectual Property Rights...............................12
3.15. Permits....................................................13
3.16. Environmental Matters......................................13
3.17. Title to Assets............................................15
3.18. Insurance Policies.........................................15
3.19. Material Contracts.........................................16
3.20. Opinion of Financial Advisor...............................17
3.21. State Takeover Statutes....................................17
3.22. Required Vote of Company Shareholders......................17
3.23. Year 2000 Compliance, Euro Compliance......................17
EXHIBIT C REPRESENTATIONS AND WARRANTIES OF PARENT,
PURCHASER AND OFFER SUB............................................1
4.1. Existence; Good Standing; Corporate Authority................1
4.2. Authorization, Validity and Effect of Agreements.............1
4.3. No Violation.................................................1
4.4. Operations of Purchaser and Offer Sub........................2
4.5. Financing....................................................2
4.6. Offer Documents..............................................2
<PAGE>
INDEX OF DEFINED TERMS
affiliate.................................................................8.7
Agreement............................................................Preamble
Alternative Proposal......................................................5.1
Ancillary Documents.......................................................3.2
ASE.......................................................................1.1
Balance Sheet.............................................................3.7
Biedingsbericht...........................................................1.2
Board.....................................................................1.3
Code.....................................................................3.11
Common Shares........................................................Recitals
Company..............................................................Preamble
Company Disclosure Letter............................................3.3. 4.3
Company Employee Benefit Plans...........................................3.11
Company Intellectual Property............................................3.14
Company Permits..........................................................4.15
Company Reports...........................................................3.7
Conditional Purchase of Shares Agreement.............................Recitals
Confidentiality Agreement.................................................5.5
Continuing Members........................................................1.3
Contract..................................................................3.6
D&O Insurance.............................................................5.8
Dutch Law.................................................................8.7
Dutch Merger Code.........................................................1.1
Encumbrances..............................................................3.5
Environmental Claim......................................................3.16
Environmental Laws.......................................................3.16
Environmental Permits....................................................3.16
ERISA....................................................................3.11
Euro Compliant...........................................................3.23
Exchange Act..............................................................1.1
Fairness Opinion..........................................................1.3
FIL..................................................................Recitals
Financial Advisor.........................................................1.3
Governmental Entity.......................................................3.3
Hazardous Materials......................................................3.16
HSR.......................................................................3.6
Indemnified Parties.......................................................5.8
Informational Meeting.....................................................5.3
Intellectual Property....................................................3.14
knowledge.................................................................8.7
Law.......................................................................8.7
Litigation................................................................3.8
Material Adverse Effect...................................................3.1
Minimum Condition...................................................Exhibit A
Multiemployer Plan.......................................................3.11
New York Courts...........................................................7.5
Notice of Offer...........................................................1.2
Offer.....................................................................1.1
Offer Conditions..........................................................1.1
Offer Documents...........................................................1.2
Offer Sub............................................................Preamble
Option....................................................................3.4
Parent...............................................................Preamble
Person....................................................................8.7
Principal Operating Subsidiaries..........................................3.5
Purchaser............................................................Preamble
Representatives...........................................................5.1
Schedule 14D-9............................................................1.3
Schedule TO...............................................................1.2
SEC.......................................................................1.1
Securities Act............................................................3.7
Standstill and Termination Agreement.................................Recitals
Stichting Toezicht Effectenverkeer........................................3.7
Subsidiary................................................................8.7
Tax Return...............................................................3.10
Tax......................................................................3.10
Termination Fee...........................................................6.2
US Offer Documents........................................................1.2
Vanenburg Group B.V.........................................................1
Vast bod.............................................................Recitals
Year 2000 Compliant......................................................3.23
<PAGE>
OFFER AGREEMENT
OFFER AGREEMENT (this "Agreement"), dated as of May 31, 2000,
between Invensys plc, a public limited company organized under the laws of
England and Wales ("Parent"), Invensys Holdings B.V. i.o., a corporation
organized under the laws of The Netherlands and a wholly owned subsidiary
of Parent ("Purchaser"), Invensys B.V. i.o., a corporation organized under
the laws of The Netherlands and a wholly owned subsidiary of Purchaser
("Offer Sub"), and Baan Company N.V., a corporation organized under the
laws of The Netherlands (the "Company").
RECITALS
WHEREAS, the board of directors of Parent and the Board of
Management of the Company, with the approval of the Supervisory Board of
the Company, have authorized the execution, delivery and performance of
this Agreement;
WHEREAS, the Board of Management of the Company, with the
approval of the Supervisory Board of the Company, recommends that
shareholders accept the Offer by Parent for all of the outstanding common
shares, par value NLG 0.06 per share (the "Common Shares"), of the Company
at a price of 2.85 euros per share, net to the seller in cash by means of a
"firm offer" ("Vast bod") as such term is used in the SER--Besluit
Fusiegedragsregels 1975 (the "Dutch Merger Code");
WHEREAS, the Offer Sub and Vanenburg Group B.V. ("Vanenburg")
have entered into a conditional purchase of shares agreement (the
"Conditional Purchase of Shares Agreement") whereby Vanenburg has, among
other things, agreed to sell, and Offer Sub has agreed to buy Common
Shares, conditional upon the announcement of the Offer.
WHEREAS, the Company and Fletcher International, Ltd. ("FIL")
have entered into a standstill and termination agreement dated, as of May
30, 2000 (the "Standstill and Termination Agreement"), whereby FIL has,
among other things, agreed to sell and the Company, or its assignee, has
agreed to buy 8,121,236 Common Shares and terminate that certain share
rights agreement, dated as of December 31, 1998, as amended; and
WHEREAS, the Company and Parent have entered into an assignment
and assumption agreement dated as of May 30, 2000, whereby the Company has
agreed to transfer and assign the Company's right to buy 8,121,236 Common
Shares from FIL under the Standstill and Termination Agreement to Parent.
NOW, THEREFORE, in consideration of the foregoing, and of the
representations, warranties, covenants and agreements contained herein, the
parties hereto hereby agree as follows:
ARTICLE 1
1. The Offer.
---------
1.1. The Offer. (a) Subject to the provisions of this Agreement,
Offer Sub shall in accordance with the applicable provisions of the Dutch
Merger Code, the rules and regulations of the Amsterdam Stock Exchange (the
"ASE"), the United States Securities Exchange Act of 1934, as amended (the
"Exchange Act") and otherwise in compliance with applicable Law (as defined
in Section 7.7) commence, and Parent and Purchaser shall cause Offer Sub to
so commence, an offer to purchase all of the outstanding Common Shares, at
a price of 2.85 euros per Common Share, net to the seller in cash (it being
understood that Offer Sub shall cause the U.S. depositary for Offer Sub to
make payments in U.S. dollars (calculated at prevailing exchange rates at
the time that funds for consummating the Offer are made available) to
holders of U.S. registered Common Shares unless such holders elect to
receive euros) (the "Offer"). The obligation of Offer Sub, and of Parent
and Purchaser to cause Offer Sub, to commence the Offer and to accept for
payment, and to pay for any Common Shares tendered pursuant to the Offer
shall be subject only to the conditions set forth in Exhibit A (including
the condition that at least 95% of the outstanding Common Shares be validly
tendered and not withdrawn prior to the expiration of the Offer) and the
terms and conditions of this Agreement (the "Offer Conditions"). Subject to
the provisions of this Agreement, the Offer shall initially expire on the
20th business day from and after the date the Offer is commenced, including
the date of the commencement of the Offer as the first business day in
accordance with Rule 14d-2 under the Exchange Act and the Dutch Merger
Code, unless this Agreement is terminated in accordance with Article 6, in
which case the Offer (whether or not previously extended in accordance with
the terms hereof) shall expire on such date of termination.
(b) Without the prior written consent of the Company, Offer Sub
shall not (i) reduce the price per share of Common Shares to be paid
pursuant to the Offer, (ii) extend the Offer if all of the Offer Conditions
are satisfied or waived, or (iii) add to the Offer Conditions in any manner
adverse to the holders of Common Shares or which makes the successful
completion of the Offer less likely. Notwithstanding the foregoing, Offer
Sub may, without the consent of the Company, extend the Offer at any time
and from time to time: (i) if, at the scheduled or extended expiration date
of the Offer, any of the Offer Conditions shall not have been satisfied or
waived, until such conditions are satisfied or waived; provided that if any
Offer Condition is, or Offer Conditions are, not satisfied or waived on any
scheduled expiration date of the Offer, Parent, Purchaser and Offer Sub
shall extend the Offer on one or more occasions, if such Offer Condition or
Offer Conditions, as the case may be, could reasonably be expected to be
satisfied within thirty days following the scheduled or extended expiration
date of the Offer; (ii) for any period required by the Dutch Merger Code or
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