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Document Preview Agreement and Plan of Reorganization |
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Title: |
Agreement and Plan of Reorganization |
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Entities: |
NetRatings Inc.; Nielsen Media Research, Inc.; VNU N V; Nasdaq Stock Market Inc.; Gray Cary Ware & Freidenrich; Kaye Scholer |
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Date: |
2002 |
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Size: |
Preview shows 17KB of 150KB total |
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Price: |
$56 |
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ID: |
#1399106 |
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AGREEMENT AND PLAN OF REORGANIZATION
BY AND AMONG
NETRATINGS, INC.
ESTANCIA ACQUISITION CORPORATION,
ACNIELSEN ERATINGS.COM
AND
ACNIELSEN CORPORATION
May 7, 2002
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
1. Definitions ......................................................... 1
1.1 Certain Defined Terms ........................................ 1
1.2 Other Terms Used in this Agreement ........................... 6
2. The Merger .......................................................... 6
2.1 The Merger ................................................... 6
2.2 Closing; Effective Time ...................................... 6
2.3 Effect of the Merger ......................................... 6
2.4 Certificate of Incorporation; Bylaws ......................... 7
2.5 Directors and Officers ....................................... 7
2.6 Effect on Capital Stock ...................................... 7
2.7 Exchange Procedures .......................................... 8
2.8 No Further Ownership Rights in Company Capital Stock ......... 9
2.9 Lost, Stolen or Destroyed Certificates ....................... 9
2.10 Tax Consequences ............................................. 9
2.11 Taking of Necessary Action; Further Action ................... 9
3. Representations and Warranties of the Company and ACN ............... 9
3.1 Organization, Standing and Power ............................. 10
3.2 Authority .................................................... 10
3.3 Governmental Authorization ................................... 11
3.4 Financial Statements ......................................... 11
3.5 Capital Structure ............................................ 11
3.6 Absence of Certain Changes ................................... 12
3.7 Absence of Undisclosed Liabilities ........................... 13
3.8 Litigation ................................................... 13
3.9 Restrictions on Business Activities .......................... 13
3.10 Intellectual Property ........................................ 14
3.11 Interested Party Transactions ................................ 18
3.12 Minute Books ................................................. 18
3.13 Material Contracts ........................................... 18
3.14 Accounts Receivable .......................................... 19
3.15 Customers and Suppliers ...................................... 19
3.16 Employees and Consultants .................................... 20
3.17 Title to Property .............................................20
3.18 Environmental Matters ........................................ 20
3.19 Taxes ........................................................ 20
3.20 Employee Benefit Plans ....................................... 22
3.21 Employee Matters ............................................. 25
3.22 Insurance .................................................... 25
3.23 Compliance with Laws ......................................... 26
3.24 Brokers' and Finders' Fees ................................... 26
3.25 Privacy Policy................................................ 26
</TABLE>
i
<PAGE>
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
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<S> <C>
4. Representations and Warranties of NetRatings and Merger Sub ......... 27
4.1 Organization, Standing and Power ............................. 27
4.2 Authority .................................................... 28
4.3 SEC Documents: Financial Statements .......................... 29
4.4 Capital Structure ............................................ 29
4.5 Issuance of Shares ........................................... 30
4.6 Interim Operations of Merger Sub ............................. 30
5. Additional Agreements. .............................................. 30
5.1 Conduct of Business of the Company Prior to the
Effective Time. ........................................... 30
5.2 Sale of Shares Pursuant to Regulation D ...................... 33
5.3 Access to Information ........................................ 33
5.4 Confidentiality .............................................. 33
5.5 Public Disclosure ............................................ 34
5.6 Regulatory Approval; Further Assurances ...................... 34
5.7 Company Options .............................................. 35
5.8 Blue Sky Laws ................................................ 36
5.9 Listing of Additional Shares ................................. 36
5.10 Employees .................................................... 36
5.11 Reorganization ............................................... 37
5.12 Expenses ..................................................... 37
5.13 Indemnification and Insurance ................................ 37
5.14 Termination of Existing Agreements ........................... 38
5.15 Services Agreement and Post-Closing Agreement ................ 38
5.16 Modification of International Operations;
Transition Matters ........................................ 39
5.17 Repayments ................................................... 39
6. Conditions to the Merger ............................................ 41
6.1 Conditions to Obligations of Each Party to
Effect the Merger ......................................... 41
6.2 Additional Conditions to the Obligations of
NetRatings and Merger Sub ................................. 41
6.3 Additional Conditions to Obligations of the
Company and ACN ........................................... 43
7. Termination; Amendment .............................................. 44
7.1 Termination .................................................. 44
7.2 Effect of Termination ........................................ 45
7.3 Amendment .................................................... 45
8. Indemnification ..................................................... 45
8.1 Survival of Representations and Warranties ................... 45
8.2 Indemnification by ACN ....................................... 45
8.3 Indemnification by NetRatings and Merger Sub ................. 46
8.4 Time Limitations ............................................. 46
8.5 Limitations on Amount ........................................ 47
8.6 Third Party Claims ........................................... 47
</TABLE>
ii
<PAGE>
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
Page
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<S> <C>
9. General Provisions .................................................. 48
9.1 Notices ...................................................... 48
9.2 Counterparts ................................................. 49
9.3 Entire Agreement ............................................. 50
9.4 Assignment ................................................... 50
9.5 No Third Party Beneficiary ................................... 50
9.6 Severability ................................................. 50
9.7 Remedies Cumulative .......................................... 50
9.8 Governing Law ................................................ 50
9.9 Rules of Construction ........................................ 50
9.10 Enforcement .................................................. 51
9.11 Waiver ....................................................... 51
</TABLE>
iii
<PAGE>
LIST OF EXHIBITS AND ANNEXES
Annex A Amended and Restated Paragraph 4 of the Company's Certificate
of Incorporation
Annex B-1 Form of Services Agreement
Annex B-2 Form of Post-Closing Agreement
Annex C Form of NMR Commissions Agreement
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
This AGREEMENT AND PLAN OF REORGANIZATION (as amended from time to time,
the "Agreement") is made and entered into as of May 7, 2002 by and among
NetRatings, Inc., a Delaware corporation ("NetRatings"), Estancia Acquisition
Corporation, a Delaware corporation ("Merger Sub") and wholly owned subsidiary
of NetRatings, ACNielsen eRatings.com, a Delaware corporation (the "Company"),
and ACNielsen Corporation, the principal stockholder of the Company ("ACN").
RECITALS:
A. The Boards of Directors of the Company, NetRatings and Merger Sub
believe it is in the best interests of their respective companies and the
stockholders of their respective companies that the Company and Merger Sub
combine into a single company through the merger of Merger Sub with and into the
Company (the "Merger") and, in furtherance thereof, have approved the Merger.
B. Pursuant to the Merger, among other things, the outstanding shares of
Company Capital Stock shall be converted into the right to receive the Merger
Consideration upon the terms and subject to the conditions set forth herein.
C. The Company, NetRatings and Merger Sub desire to make certain
representations and warranties and other agreements in connection with the
Merger.
D. The parties intend, by executing this Agreement, to adopt a plan of
reorganization within the meaning of Section 368 of the Internal Revenue Code of
1986, as amended (the "Code"), and to cause the Merger to qualify as a
reorganization under the provisions of Section 368(a) of the Code.
AGREEMENT:
NOW, THEREFORE, in consideration of the covenants and representations
set forth herein, and for other good and valuable consideration, the parties
agree as follows:
1. Definitions.
1.1 Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings:
"Certificate" has the meaning set forth in Section 2.7.
"Closing" has the meaning set forth in Section 2.2.
"Closing Date" has the meaning set forth in Section 2.2.
"COBRA" has the meaning set forth in Section 3.20(e).
"Code" has the meaning set forth in Recital D.
<PAGE>
"Common Exchange Ratio" has the meaning set forth in
Section 2.6(c).
"Company Audited Financial Statements" has the meaning set
forth in Section 3.4.
"Company Balance Sheet" has the meaning set forth in
Section 3.4.
"Company Balance Sheet Date" has the meaning set forth in
Section 3.6.
"Company Capital Stock" means Company Common Stock,
Company Preferred Stock or any combination thereof.
"Company Class A Preferred Stock" means the Class A
Preferred Stock, par value $0.001 per share, of the Company.
"Company Common Stock" means the common stock, par value
$0.001 per share, of the Company.
"Company Disclosure Schedule" has the meaning set forth in
Section 3.
"Company Employee Plan" has the meaning set forth in
Section 3.20(a).
"Company Employees" has the meaning set forth in Section
5.5.
"Company Financial Statements" has the meaning set forth
in Section 3.4.
"Company Indemnified Person" and "Company Indemnified
Persons" have the meanings set forth in Section 7.3.
"Company Intellectual Property" has the meaning set forth
in Section 3.10(c).
"Company International Employee Plans" has the meaning set
forth in Section 3.20(a).
"Company Operating Agreement" means that certain Operating
Agreement, dated as of September 22, 1999, between the Company and NetRatings.
"Company Option Plan" means the ACNielsen eRatings.com
Stock Option Plan.
"Company Options" has the meaning set forth in Section
2.6(e).
"Company Preferred Stock" means the preferred stock, par
value $0.001 per share, of the Company.
"Company Rights Agreement" means that certain Rights
Agreement, dated as of September 22, 1999, among ACN, the Company and
NetRatings.
2
<PAGE>
"Company Side Letter" means that certain letter agreement,
dated as of September 22, 1999, between NetRatings and ACN.
"Company Stockholders Agreement" means that certain
Stockholders Agreement, dated as of September 22, 1999, among ACN, the Company
and NetRatings.
"Company Unaudited Financial Statements" has the meaning
set forth in Section 3.4.
"Confidentiality Agreement" has the meaning set forth in
Section 5.2.
"Copyrights" has the meaning set forth in Section 3.10(a).
"Damages" has the meaning set forth in Section 7.2.
"Delaware Law" has the meaning set forth in Section 2.1.
"Effective Time" has the meaning set forth in Section 2.2.
"ERISA" has the meaning set forth in Section 3.20(a).
"ERISA Affiliate" has the meaning set forth in Section
3.20(a).
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