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Agreement and Plan of Merger

 

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Title:

Agreement and Plan of Merger

Entities:

Telesciences Inc

Date:

2003

Size:

Preview shows 10KB of 197KB total

Price:

$49

ID:

#1402529

 

 

► Plans ► Agreements ► Agreements & Plans of Merger

 

 

Start of Preview


<SEQUENCE>3

<FILENAME>exhibit2-1.txt
<TEXT>
AGREEMENT AND PLAN OF MERGER

BY AND AMONG

YDI WIRELESS, INC.

STUN ACQUISITION CORPORATION

AND

PHAZAR CORP.

DATED AS OF OCTOBER 30, 2003





EXECUTION COPY

<PAGE>

AGREEMENT AND PLAN OF MERGER
----------------------------


This AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and entered
---------
into as of October 30, 2003 among YDI WIRELESS, Inc., a Delaware corporation
("Parent"), STUN ACQUISITION CORPORATION, a Delaware corporation and a wholly
---------
owned subsidiary of Parent ("Merger Sub"), and PHAZAR CORP., a Delaware
-----------
corporation (collectively with its subsidiaries including Antenna Products
Corporation, Phazar Antenna Corp., and Thirco, Inc., the "Company").
-------

RECITALS
--------

A. Upon the terms and subject to the conditions of this Agreement and in
accordance with the General Corporation Law of the State of Delaware (the
----
"DGCL"), Parent and the Company will enter into a business combination
------
transaction pursuant to which Merger Sub will merge with and into the Company
(the "Merger").
------

B. The Board of Directors of each of the Company, Parent, and Merger Sub
(i) has determined that the Merger is in the best interests of each company and
their respective stockholders and (ii) has approved this Agreement, the Merger,
and the other transactions contemplated by this Agreement.

C. The Company, Parent, 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").
-----

NOW, THEREFORE, in consideration of the covenants, promises and
representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

Article I

THE MERGER
----------

1.1 The Merger.
----------

At the Effective Time (as defined in Section 1.2) and subject to and upon
the terms and conditions of this Agreement and the applicable provisions of the
DGCL, Merger Sub shall be merged with and into the Company, the separate
corporate existence of Merger Sub shall cease, and the Company shall continue as
the surviving corporation. The Company as the surviving corporation after the
Merger is hereinafter sometimes referred to as the "Surviving Corporation." The
----------------------
name of the Surviving Corporation shall be Antenna Products Inc. At the
Effective Time, the purpose of the Surviving Corporation shall be to conduct and
engage in all lawful activities and business to the maximum extent permitted by
the DGCL.


EXECUTION COPY

<PAGE>

1.2 Effective Time.
---------------

Subject to the provisions of this Agreement, the parties hereto shall cause
the Merger to be consummated by filing a Certificate of Merger (the "Certificate
-----------
of Merger") with the Secretary of State of the State of Delaware in accordance
---------
with the relevant provisions of the DGCL (the time of such filing or such
subsequent date or time as the parties shall agree and specify in the
Certificate of Merger being the "Effective Time") as soon as practicable on or
--------------
after the Closing Date (as herein defined). The closing of the Merger (the
"Closing") shall take place at the offices of the Parent at a time and date to
-------
be specified by the parties, which shall be no later than the second business
day after the satisfaction or waiver of the conditions set forth in Sections 6.1
and 6.3(e) or at such other time, date, and location as the parties hereto agree
(the "Closing Date").
-------------

1.3 Effect of the Merger.
--------------------

At the Effective Time, the effect of the Merger shall be as provided in
this Agreement and the applicable provisions of the DGCL. Without limiting the
generality of the foregoing, and subject thereto, at the Effective Time, all the
property, rights, privileges, powers, and franchises of the Company and Merger
Sub shall vest in the Surviving Corporation, and all debts, liabilities, and
duties of the Company and Merger Sub shall become the debts, liabilities, and
duties of the Surviving Corporation.

1.4 Certificate of Incorporation; By-laws.
-------------------------------------

(a) Unless otherwise determined by Parent prior to the Effective Time,
at the Effective Time, the Certificate of Incorporation of Merger Sub, as in
effect immediately prior to the Effective Time, shall be the Certificate of
Incorporation of the Surviving Corporation until thereafter amended as provided
by law and such Certificate of Incorporation; provided, however, that Article I
of the Certificate of Incorporation of the Surviving Corporation shall be
amended to read as follows: "The name of the corporation is Antenna Products
Inc." At the Effective Time, the authorized capital stock of the Surviving
Corporation shall be 3,000 shares of common stock, par value $0.01 per share.

(b) The By-laws of Merger Sub, as in effect immediately prior to the
Effective Time, shall be the By-laws of the Surviving Corporation until
thereafter amended.

1.5 Directors and Officers.
----------------------

The directors of Merger Sub shall be the initial directors of the Surviving
Corporation, until their respective successors are duly elected or appointed and
qualified. The officers of Merger Sub shall be the initial officers of the
Surviving Corporation, until their respective successors are duly elected or
appointed and qualified.

1.6 Effect on Capital Stock.
-----------------------

At the Effective Time, by virtue of the Merger and without any action on
the part of Merger Sub, the Company, or the holders of any of the following
securities:

EXECUTION COPY
2
<PAGE>


(a) Conversion of Company Common Stock. Each share of Common Stock,
----------------------------------
par value $.01 per share, of the Company (the "Company Common Stock") issued and
--------------------
outstanding immediately prior to the Effective Time (other than any shares of
Company Common Stock to be canceled pursuant to Section 1.6(b) and Company
Dissenting Shares (as defined in Section 1.6(c) below)) will be canceled and
extinguished and be automatically converted (subject to Sections 1.6(f) and (g))
into the right to receive 1.20 (the "Exchange Ratio") shares of Common Stock,
--------------
par value $.01 per share, of Parent (the "Parent Common Stock") (collectively,
-------------------
the "Merger Consideration") upon surrender of the certificate representing such
--------------------
share of Company Common Stock in the manner provided in Section 1.7 (or in the
case of a lost, stolen, or destroyed certificate, upon delivery of an affidavit
(and bond, if required) in the manner provided in Section 1.9).

(b) Cancellation of Parent-Owned Stock. Each share of Company Common
-----------------------------------
Stock held in the treasury of the Company or owned by Merger Sub, Parent, or any
direct or indirect wholly owned subsidiary of Parent or of the Company
immediately prior to the Effective Time shall be canceled and extinguished
without any conversion thereof.

(c) Dissenting Shares. Notwithstanding anything in this Agreement to
-----------------
the contrary, shares of Company Common Stock that have not been voted for
adoption of this Agreement and with respect to which appraisal rights shall have
been properly perfected in accordance with Section 262 of the DGCL (the "Company
-------
Dissenting Shares") shall not be converted into the right to receive the Merger
------------------
Consideration in accordance with this Agreement, at or after the Effective Time,
unless and until the holder of such Company Dissenting Shares withdraws its

 

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