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Title: |
Stock Purchase Agreement |
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Date: |
2006 |
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Preview shows 17KB of 199KB total |
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Price: |
$74 |
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ID: |
#1304854 |
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STOCK PURCHASE AGREEMENT
by and between
ASP/MILTEX LLC
as "Seller"
and
INTEGRA LIFESCIENCES CORPORATION
as "Buyer"
with respect to the Shares of
MILTEX HOLDINGS, INC.
Dated as of April 19, 2006
<PAGE>
TABLE OF CONTENTS
ARTICLE 1 DEFINITIONS..........................................................1
1.1. Certain Defined Terms........................................1
1.2. Other Defined Terms..........................................9
ARTICLE 2 PURCHASE AND SALE OF SHARES.........................................10
2.1. Transfer of Shares..........................................10
2.2. Purchase Price..............................................10
2.3. Pre-Closing Estimate........................................11
2.4. Post-Closing Adjustment.....................................11
2.5. Withholding.................................................13
2.6. Escrow......................................................13
ARTICLE 3 CLOSING.............................................................14
3.1. Closing.....................................................14
3.2. Closing Documents...........................................14
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLER............................14
4.1. Organization and Qualification; No Subsidiaries
or Other Interests..........................................14
4.2. Authorization, etc..........................................15
4.3. No Conflict or Violation....................................15
4.4. Third-Party Consents........................................16
4.5. Brokers.....................................................16
4.6. Financial Statements........................................16
4.7. No Material Adverse Change..................................17
4.8. Absence of Certain Changes and Events Since
Balance Sheet Date..........................................17
4.9. Permits.....................................................18
4.10. Compliance with Certain Laws and Permits....................18
4.11. Title to Shares; Title to and Condition of
Certain Assets..............................................18
4.12. Real Property...............................................19
4.13. Material Contracts..........................................21
4.14. Intellectual Property.......................................22
4.15. Litigation..................................................22
4.16. Inventory...................................................23
4.17. Certifications; Product Safety..............................23
4.18. Certain Relationships.......................................23
4.19. Export..................................................... 23
4.20. Insurance...................................................24
4.21. Employees and Plans.........................................24
4.22. Environmental Matters.......................................27
4.23. No Undisclosed Liabilities..................................27
4.24. Taxes...................................................... 27
4.25. Product Liability...........................................29
4.26. Exclusivity of Representations..............................30
i
<PAGE>
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF BUYER.............................30
5.1. Organization, Authorization, etc............................30
5.2. No Conflict or Violation....................................30
5.3. Third-Party Consents........................................31
5.4. Litigation..................................................31
5.5. Funding.....................................................31
5.6. Investment Intent...........................................31
5.7. Brokers.....................................................31
ARTICLE 6 CERTAIN COVENANTS OF SELLER.........................................31
6.1. Access and Investigation....................................31
6.2. Operation of the Business...................................32
6.3. Negative Covenant...........................................32
6.4. Required Approvals..........................................32
6.5. Notification................................................33
6.6. No Negotiation, etc.........................................33
6.7. Best Efforts................................................33
6.8. Interim Financial Statements; S-X Modifications.............33
6.9. Nondisclosure...............................................34
6.10. Payment of Obligations......................................34
6.11. Contribution of Preferred Stock.............................35
6.12. Contribution of Owned Real Property.........................35
ARTICLE 7 CERTAIN COVENANTS OF BUYER..........................................35
7.1. Required Approvals..........................................35
7.2. Nondisclosure...............................................35
7.3. Notification................................................36
7.4. Withholding Amount..........................................36
7.5. Best Efforts................................................36
7.6. Officer and Director Indemnification........................36
7.7. Further Assurances..........................................37
ARTICLE 8 CONDITIONS TO SELLER'S OBLIGATIONS..................................37
8.1. Representations, Warranties and Covenants...................37
8.2. Certain Consents............................................37
8.3. No New Action with Respect to Transactions..................37
8.4. Additional Agreements.......................................37
8.5. Closing Documents...........................................37
ARTICLE 9 CONDITIONS TO BUYER'S OBLIGATIONS...................................38
9.1. Representations, Warranties and Covenants...................38
9.2. Certain Consents............................................38
9.3. No New Action With Respect to Transactions..................38
9.4. Additional Agreements.......................................38
9.5. Closing Documents...........................................38
9.6. No Material Adverse Change..................................39
9.7. Leased Real Property Subject to Installment
Sales Agreement.............................................39
ii
<PAGE>
ARTICLE 10 TERMINATION BEFORE CLOSING.........................................39
10.1. Termination.................................................39
10.2. In the Event of Termination.................................40
ARTICLE 11 SURVIVAL AND INDEMNIFICATION.......................................40
11.1. Survival of Representations, Warranties
and Covenants...............................................40
11.2. General Indemnification.....................................41
11.3. Tax Indemnification.........................................43
11.4. Character of Indemnification Payments.......................45
ARTICLE 12 [RESERVED].........................................................45
ARTICLE 13 CERTAIN POST-CLOSING MATTERS.......................................45
13.1. Post-Closing Confidentiality................................45
ARTICLE 14 TAX AND ACCOUNTING MATTERS.........................................46
14.1. Preparation of Tax Returns..................................46
14.2. Tax Refunds.................................................47
14.3. Cooperation on Tax Matters..................................47
14.4. Withholding Forms...........................................48
14.5. Transfer Taxes..............................................48
14.6. Section 338 Election; Ordinary Course of
Business....................................................48
14.7. Tax Sharing Agreements......................................48
14.8. Tax Benefit Payment.........................................48
ARTICLE 15 MISCELLANEOUS......................................................48
15.1. Assignment; No Third Party Beneficiaries....................48
15.2. Notices.....................................................49
15.3. Choice of Law, etc..........................................49
15.4. Entire Agreement; Amendments and Waivers....................49
15.5. Counterparts................................................50
15.6. Expenses....................................................50
15.7. Invalidity..................................................50
15.8. Cumulative Remedies.........................................50
15.9. Time; Captions; Exhibits and Schedules......................50
15.10. No Strict Construction......................................50
15.11. Further Assurances..........................................51
iii
<PAGE>
EXHIBITS
Exhibit A Miltex Subsidiaries
Exhibit 1.1(a) Calculation of Working Capital
Exhibit 1.1(b) Forms of Employment Agreements
Exhibit 1.1(c) Form of Escrow Agreement
Exhibit 1.1(d) Form of Sellers Agreement
Exhibit 2.2(a)(ii) Certain Obligations To Be Paid at Closing
Exhibit 3.2 Closing Agenda
Exhibit 6.9(b) Form of Press Release
iv
<PAGE>
This Stock Purchase Agreement (this "Agreement") is entered into as of
April 19, 2006, by and between Integra LifeSciences Corporation, a Delaware
corporation ("Buyer") and ASP/Miltex LLC, a Delaware limited liability company
(in one capacity, "Seller" and, in another, the "Seller Representative" (to be
appointed under the "Sellers Agreement" defined herein)).
RECITALS
A. As of the date hereof, Seller owns, of record and beneficially, (i)
all of the outstanding preferred stock (the "Preferred Stock") of ASP/Miltex
Holdings, Inc., a Delaware corporation and (ii) all of the outstanding stock
(the "Shares") of Miltex Holdings, Inc., a Delaware corporation ("Miltex
Holdings"), which directly or indirectly owns 100% of the equity securities of
the companies listed on Exhibit A attached hereto (the "Miltex Subsidiaries";
together with Miltex Holdings, the "Miltex Companies").
B. Buyer desires to purchase from Seller, and Seller desires to sell to
Buyer, the Shares, and the Optionholders (as defined herein) have agreed to
surrender the Options (as defined herein) upon the terms contained in this
Agreement and the Sellers Agreement (as defined herein).
AGREEMENT
NOW THEREFORE, in consideration of the mutual covenants and
representations contained in this Agreement and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:
ARTICLE 1
DEFINITIONS
1.1. Certain Defined Terms
As used in this Agreement:
"Action" shall mean any legal action, product liability claim or other
claim, proceeding, audit or governmental investigation; and "pending Action" or
"Action pending" against or affecting any of the Miltex Companies shall mean any
such action, claim proceeding, audit or investigation concerning which any of
the Miltex Companies has received written notice.
"Additional Agreements" shall mean the following agreements:
(a) the Employment Agreements;
(b) the Escrow Agreement; and
(c) the Sellers Agreement.
<PAGE>
"Affiliate" shall mean, with respect to any Person, a Person that
directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person.
"Balance Sheet" shall mean the audited consolidated balance sheet of
Seller and the Miltex Companies dated as of December 31, 2005, a copy of which
is attached to this Agreement as part of Section 4.6 of the Disclosure Schedule.
"Balance Sheet Date" shall mean December 31, 2005.
"Base Working Capital" shall mean $18,244,000.
"Books and Records" shall mean all records used in or relating to the
Miltex Companies or customers or suppliers of the Business, including in each
case (i) all records that are in electronic form, (ii) all records relating to
quality assurance, including all quality system procedures, policies, orders,
complaints and related records, (iii) all lists of suppliers, vendors, or
current or past customers, and all lists or other documents describing
prospective customers (such as sales leads), (iv) all owned information
describing marketing and selling tactics and strategy, (v) all regulatory
filings and submissions to the FDA, (vi) all corporate minute books and stock
records, (vii) all records relating to the employees, and (viii) all financial,
accounting and Tax records.
"Business" shall mean the Miltex Companies' business of developing,
marketing, purchasing and selling hand-held, non-powered, alternate-site
surgical instruments, podiatric instruments, veterinary instruments and dental
instruments anywhere in the world.
"Business Employees" shall mean all employees of each of the Miltex
Companies who work in the Business.
"Carryforward Overage" shall mean (and shall be equal to the amount by
which) the Estimated Carryforward Payment exceeds the Carryforward Payment (as
finally determined pursuant to Section 2.4).
"Carryforward Payment" shall mean the product of 50 percent of (i) the
excess of (A) the total Tax Savings Expenses over (B) the portion of Tax Savings
Expenses that is used to reduce taxable income in any Pre-Closing Tax Period
multiplied by (ii) 38 percent.
"Carryforward Underage" shall mean (and shall be equal to the amount by
which) the Carryforward Payment (as finally determined pursuant to Section 2.4)
exceeds the Estimated Carryforward Payment.
"Closing Working Capital" shall mean: (i) those categories of current
assets of the Miltex Companies specified in Exhibit 1.1(a) as being included,
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