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Title: |
Asset Purchase Agreement |
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Entities: |
Deutsche Bank Securities Inc.; LaSalle National Bank; Packaging Resources Inc |
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Date: |
2000 |
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Size: |
Preview shows 19KB of 185KB total |
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Price: |
$68 |
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ID: |
#1526156 |
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ASSET PURCHASE AGREEMENT
BY AND AMONG
HOWARD P. HOEPER,
HPH INDUSTRIES, LTD.,
PACKAGING RESOURCES GROUP, INC.,
PACKAGING RESOURCES INCORPORATED
AND
VAN LEER HOLDING INC.
DATED AS OF DECEMBER 13, 2000
--------------------------------------------------------------------------------
<PAGE>
TABLE OF CONTENTS
(Continued)
<TABLE>
<S> <C>
ARTICLE 1 DEFINITIONS.......................................................1
1.1 Previously Defined Terms..........................................1
1.2 Definitions.......................................................1
1.3 Interpretation...................................................10
ARTICLE 2 PURCHASE AND SALE, PURCHASE PRICE, ALLOCATION AND OTHER
RELATED MATTERS .................................................10
2.1 Purchase and Sale................................................10
2.2 Purchase Price...................................................10
2.3 Payment of Purchase Price........................................11
2.4 Final Net Working Capital Calculation............................11
2.5 Assumed Liabilities..............................................13
2.6 Sales and Transfer Taxes.........................................15
2.7 Allocation of Purchase Price.....................................15
2.8 Nonassignable Contracts and Nonassignable Permits................15
ARTICLE 3 CLOSING AND CLOSING DATE DELIVERIES..............................16
3.1 Closing..........................................................16
3.2 Closing Deliveries by Seller.....................................16
3.3 Closing Deliveries by Purchaser..................................17
3.4 Cooperation......................................................18
ARTICLE 4 PRE-CLOSING FILINGS..............................................18
4.1 HSR Filing.......................................................18
4.2 Other Governmental Filings.......................................18
ARTICLE 5 COVENANTS........................................................19
5.1 Alternative Transaction..........................................19
5.2 Conduct of Business Prior to Closing.............................19
5.3 Preparation for Closing..........................................19
5.4 Access to Information............................................20
5.5 Notice of Developments...........................................20
5.6 Taxes............................................................20
5.7 Corporate Name...................................................20
5.8 Employment Matters...............................................20
5.9 Aurora Supply Arbitration........................................22
ARTICLE 6 FINANCIAL STATEMENTS; DISCLOSURE LETTER..........................22
6.1 Pre-Signing Deliveries by Seller.................................22
ARTICLE 7 WARRANTIES AND REPRESENTATIONS OF SELLER.........................22
7.1 Incorporation and Qualification of Seller........................22
7.2 Authority........................................................22
7.3 No Conflict......................................................23
7.4 Consents and Approvals...........................................23
-i-
<PAGE>
7.5 Brokers..........................................................23
7.6 Financial Statements.............................................23
7.7 Absence of Changes...............................................24
7.8 Absence of Undisclosed Liabilities...............................24
7.9 Compliance with Laws.............................................25
7.10 Property, Plant and Equipment....................................25
7.11 Intellectual Property............................................27
7.12 Inventories......................................................28
7.13 Accounts Receivable..............................................28
7.14 Taxes............................................................28
7.15 Contracts........................................................29
7.16 Nature of Material Contracts.....................................30
7.17 Powers of Attorney...............................................30
7.18 Insurance and Risk Management....................................30
7.19 Litigation.......................................................30
7.20 Labor and Employment Matters.....................................31
7.21 Employee Benefit Matters.........................................31
7.22 Environmental, Health and Safety.................................33
7.23 Affiliated Transactions..........................................34
7.24 Government Contracts.............................................34
7.25 Distributors, Customers and Suppliers............................34
7.26 No Illegal Payments; Etc.........................................34
7.27 Books and Records................................................35
7.28 Title to Assets..................................................35
7.29 All Assets Used to Conduct Business..............................35
7.30 Product Warranties; Defects; Liability...........................35
7.31 Disclaimer Regarding Estimates and Projections...................35
ARTICLE 8 WARRANTIES AND REPRESENTATIONS OF PURCHASER......................36
8.1 Incorporation and Qualification of Purchaser.....................36
8.2 Authority........................................................36
8.3 No Conflict......................................................36
8.4 Consents and Approvals...........................................36
8.5 Litigation.......................................................37
8.6 Brokers..........................................................37
8.7 Financial Ability................................................37
ARTICLE 9 CONDITIONS TO CLOSING APPLICABLE TO PURCHASER....................37
9.1 No Termination...................................................37
9.2 Bring-Down of Seller's Warranties................................37
9.3 Pending Actions..................................................37
9.4 Consents and Approvals...........................................38
9.5 No Material Adverse Effect.......................................38
9.6 All Necessary Documents..........................................38
9.7 Access to Facilitate Transition..................................38
9.8 Dismissal of Pending Action......................................38
9.9 HSR Act..........................................................38
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<PAGE>
9.10 Representation and Warranty Insurance............................38
9.11 Releases.........................................................38
9.12 Transfer Documents...............................................38
ARTICLE 10 CONDITIONS TO CLOSING APPLICABLE TO SELLER.......................39
10.1 No Termination...................................................39
10.2 Bring-Down of Purchaser Warranties...............................39
10.3 Pending Actions..................................................39
10.4 Consents and Approvals...........................................39
10.5 All Necessary Documents..........................................39
10.6 HSR Act..........................................................40
ARTICLE 11 INDEMNIFICATION..................................................40
11.1 Indemnification by Seller........................................40
11.2 Indemnification by Purchaser.....................................40
11.3 Third Person Claims..............................................40
11.4 Exclusive Remedy.................................................41
11.5 Monetary Limitations on Indemnification..........................42
11.6 Time Limitations on Indemnification..............................43
ARTICLE 12 TERMINATION......................................................44
12.1 Termination......................................................44
ARTICLE 13 NON-COMPETITION AND CONFIDENTIALITY..............................44
13.1 Non-competition..................................................44
13.2 Confidentiality..................................................44
13.3 Remedy...........................................................45
13.4 Confidentiality Covenant of Seller...............................45
ARTICLE 14 CERTAIN OTHER UNDERSTANDINGS.....................................46
14.1 Records..........................................................46
14.2 Further Actions..................................................47
14.3 Waiver of Bulk Sales Law.........................................47
ARTICLE 15 MISCELLANEOUS....................................................47
15.1 Costs and Expenses...............................................47
15.2 Entire Agreement.................................................47
15.3 Counterparts.....................................................47
15.4 Assignment; Successors and Assigns...............................47
15.5 Savings Clause...................................................48
15.6 Headings.........................................................48
15.7 Arbitration......................................................48
15.9 Public Announcements.............................................49
15.10 U.S. Dollars.....................................................49
15.11 Notices..........................................................49
15.12 No Third-Party Beneficiaries.....................................50
15.13 Construction.....................................................51
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<PAGE>
15.14 Waiver of Jury Trial.............................................51
</TABLE>
EXHIBITS
<TABLE>
<S> <C>
Exhibit 2.3(b)(i) Form of Working Capital Escrow Agreement
Exhibit 2.3(b)(ii) Form of Contract Escrow Agreement
Exhibit 2.7 Allocation of Purchase Price
Exhibit 3.2(a)(i) Form of Bill of Sale and Assignment
Exhibit 3.2(a)(ii) Form of IP Bill of Sale and Assignment
Exhibit 3.2(e) Form of Opinion of Winston & Strawn
Exhibit 3.2(f) Form of Acknowledgement and Release of Claims Relating to
Severance Plan
Exhibit 3.2(g) Form of Management Termination Agreement
Exhibit 3.2(h) Form of Change of Control Termination Agreement
Exhibit 3.3(c) Form of Assumption Agreement
Exhibit 3.3(g) Form of Opinion of Ropes & Gray
Exhibit 6.1(a) Financial Statements
</TABLE>
-iv-
<PAGE>
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT dated as of December 13, 2000
(as amended or modified from time to time in accordance with the terms hereof,
this "AGREEMENT") is by and among Packaging Resources Incorporated, a Delaware
corporation (together with its successors and permitted assigns, "SELLER"),
Packaging Resources Group, Inc., a Delaware corporation ("GROUP"), HPH
Industries, Ltd., a Delaware corporation ("HPH"), Howard P. Hoeper ("HOEPER"),
and Van Leer Holding Inc., a Delaware corporation (together with its successors
and permitted assigns, "PURCHASER"). References to the "COMPANY" herein shall
mean Group and Seller, individually and collectively.
R E C I T A L S:
----------------
A. Seller is in the business of manufacturing and supplying rigid
plastic food packaging and rigid plastic beverage cups (the "BUSINESS").
B. Purchaser desires to acquire from Seller, and Seller desires to
sell to Purchaser, the Business and substantially all of Seller's assets on the
terms and subject to the conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the representations, warranties,
covenants and agreements hereinafter set forth, the parties hereto hereby
covenant and agree as follows:
ARTICLE 1
DEFINITIONS
-----------
1.1 PREVIOUSLY DEFINED TERMS. Each term defined in the first paragraph and
Recitals of this Agreement shall have the meaning set forth above whenever used
herein, unless otherwise expressly provided or unless the context clearly
requires otherwise.
1.2 DEFINITIONS. In addition to the terms defined in the first paragraph
and Recitals of this Agreement, whenever used herein, the following terms shall
have the meanings set forth below unless otherwise expressly provided or unless
the context clearly requires otherwise:
"ADJUSTMENT REPORT" shall have the meaning set forth in SECTION
2.4(c).
"AFFILIATE" has the meaning set forth in Rule 12b-2 of the regulations
promulgated under the Securities Exchange Act of 1934.
"AFFILIATED GROUP" means any affiliated group within the meaning of
Section 1504(a) of the Code or any similar group defined under a similar
provision of state, local or foreign law.
"AGREEMENT" shall have the meaning set forth in the Introduction
hereto.
"ALTERNATIVE TRANSACTION" shall have the meaning set forth in SECTION
5.1.
<PAGE>
"ASSUMED LIABILITIES" shall have the meaning set forth in SECTION
2.5(a).
"ASSUMPTION AGREEMENT" means the Assumption Agreement to be executed
by and between Purchaser and Seller on the Closing Date, substantially in
the form attached hereto as EXHIBIT 3.3(c).
"BILL OF SALE AND ASSIGNMENT" means the Bill of Sale and Assignment
substantially in the form attached hereto as EXHIBIT 3.2(a)(i).
"BUSINESS" has the meaning set forth in the Recitals to this
Agreement.
"BUSINESS DAY" means any day of the year on which banks are not
required or authorized to be closed in Chicago, Illinois.
"CASH" means cash and cash equivalents (including marketable
securities and short term investments) calculated in accordance with GAAP.
"CERCLA" shall have the meaning set forth in the definition of
"Environmental Laws."
"CHEMICAL SUBSTANCE" means (i) petroleum or any fraction thereof; (ii)
asbestos or asbestos-containing material; (iii) polychlorinated biphenyl;
(iv) chlorofluoracarbons; and (v) pollutant, contaminant, substance or
waste, which is identified or regulated as hazardous or toxic under any
Environmental Law or Safety Law, as now in effect.
"CLOSING" shall have the meaning set forth in SECTION 3.1.
"CLOSING DATE" shall have the meaning set forth in SECTION 3.1.
"CLOSING PAYMENT" shall have the meaning set forth in SECTION 2.3(b).
"CLOSING PURCHASE PRICE" shall have the meaning set forth in SECTION
2.3(a).
"CODE" means the Internal Revenue Code of 1986, as amended.
"COMPANY" shall have the meaning set forth in the Recitals hereto.
"CONTRACT ESCROW DEPOSIT" shall have the meaning set forth in SECTION
2.3(b).
"CONTRACT ESCROW AGREEMENT" means the Contract Escrow Agreement
substantially in the form attached hereto as EXHIBIT 2.3(b)(ii).
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