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Title: |
Agreement and Plan of Merger |
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Entities: |
Citibank, NA; J.P. Morgan Securities Inc.; Provide Commerce Inc; Provide Commerce, Inc.; Baker Botts |
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Date: |
2005 |
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Size: |
Preview shows 51KB of 202KB total |
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Price: |
$59 |
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ID: |
#1551295 |
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Start of Preview |
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AGREEMENT AND PLAN OF MERGER
by and among
LIBERTY MEDIA CORPORATION,
BAREFOOT ACQUISITION, INC.
and
PROVIDE COMMERCE, INC.
Dated as of December 4, 2005
TABLE OF CONTENTS
| Page | ||||
| ARTICLE I DEFINITIONS AND CONSTRUCTION | 1 | |||
|
1.1 |
Certain Definitions |
1 | ||
|
1.2 |
Additional Definitions |
7 | ||
|
1.3 |
Terms Generally |
8 | ||
| ARTICLE II THE MERGER AND RELATED MATTERS | 9 | |||
|
2.1 |
The Merger |
9 | ||
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2.2 |
Closing |
10 | ||
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2.3 |
Conversion of Securities |
11 | ||
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2.4 |
Exchange of Shares |
12 | ||
|
2.5 |
Dissenting Shares |
14 | ||
| ARTICLE III CERTAIN ACTIONS | 14 | |||
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3.1 |
Stockholder Meeting |
14 | ||
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3.2 |
Proxy Statement |
15 | ||
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3.3 |
State Takeover Statutes |
16 | ||
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3.4 |
Reasonable Best Efforts |
16 | ||
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3.5 |
Employee Matters |
17 | ||
| ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 18 | |||
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4.1 |
Organization and Qualification |
18 | ||
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4.2 |
Authorization and Validity of Agreement |
18 | ||
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4.3 |
Capitalization. |
19 | ||
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4.4 |
SEC Reports and Financial Statements; Undisclosed Liabilities |
21 | ||
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4.5 |
No Approvals or Notices Required; No Conflict with Instruments |
23 | ||
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4.6 |
Investment Securities; Assets; No Subsidiaries or Equity Affiliates |
24 | ||
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4.7 |
Absence of Certain Changes or Events |
24 | ||
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4.8 |
Proxy Statement |
24 | ||
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4.9 |
Legal Proceedings |
25 | ||
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4.10 |
Licenses; Compliance with Laws and Regulatory Requirements |
25 | ||
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4.11 |
Brokers or Finders |
26 | ||
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4.12 |
Tax Matters |
27 | ||
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4.13 |
Employee Matters |
29 | ||
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4.14 |
Fairness Opinion |
31 | ||
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4.15 |
Recommendation of the Company Board |
31 | ||
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4.16 |
Vote Required |
31 | ||
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4.17 |
Patents, Trademarks and Other Rights |
32 | ||
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4.18 |
Certain Agreements, Affiliate Transactions and Insurance |
34 | ||
|
4.19 |
Not an Investment Company |
37 | ||
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4.20 |
Takeover Statutes |
37 | ||
i
| ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT | 37 | |||
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5.1 |
Organization and Qualification |
37 | ||
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5.2 |
Authorization and Validity of Agreement |
38 | ||
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5.3 |
No Approvals or Notices Required; No Conflict with Instruments |
38 | ||
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5.4 |
Proxy Statement |
39 | ||
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5.5 |
Available Funds |
39 | ||
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5.6 |
Brokers or Finders |
39 | ||
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5.7 |
No Prior Activities |
39 | ||
| ARTICLE VI ADDITIONAL COVENANTS AND AGREEMENTS | 40 | |||
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6.1 |
Access to Information Concerning Properties and Records |
40 | ||
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6.2 |
Confidentiality |
40 | ||
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6.3 |
Public Announcements |
40 | ||
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6.4 |
Conduct of the Companys Business Pending the Effective Time |
40 | ||
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6.5 |
No Solicitation |
44 | ||
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6.6 |
Expenses |
46 | ||
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6.7 |
Actions by Merger Sub |
46 | ||
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6.8 |
Defense of Litigation |
46 | ||
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6.9 |
Indemnification of Directors and Officers |
46 | ||
| ARTICLE VII CONDITIONS PRECEDENT | 48 | |||
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7.1 |
Conditions Precedent to the Obligations of Parent, Merger Sub and the Company |
48 | ||
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7.2 |
Conditions Precedent to the Obligations of Parent and Merger Sub |
49 | ||
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7.3 |
Conditions Precedent to the Obligations of the Company |
50 | ||
| ARTICLE VIII TERMINATION | 51 | |||
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8.1 |
Termination by Mutual Consent |
51 | ||
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8.2 |
Termination by Either Parent or the Company |
51 | ||
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8.3 |
Termination by the Company |
51 | ||
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8.4 |
Termination by Parent |
52 | ||
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8.5 |
Effect of Termination and Abandonment |
52 | ||
| ARTICLE IX MISCELLANEOUS | 53 | |||
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9.1 |
No Waiver or Survival of Representations, Warranties, Covenants and Agreements |
53 | ||
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9.2 |
Notices |
54 | ||
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9.3 |
Entire Agreement |
55 | ||
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9.4 |
Assignment; Binding Effect; Benefit |
55 | ||
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9.5 |
Amendment |
55 | ||
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9.6 |
Extension; Waiver |
55 | ||
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9.7 |
Headings |
56 | ||
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9.8 |
Counterparts |
56 | ||
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9.9 |
Governing Law and Venue; Waiver of Jury Trial |
56 | ||
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9.10 |
Joint Participation in Drafting this Agreement |
57 | ||
ii
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9.11 |
Severability |
57 | ||
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9.12 |
Enforcement |
57 |
EXHIBITS
Exhibit 2.1(a) Form of Certificate of Merger
SCHEDULES
Company Disclosure Schedule
iii
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (this Agreement) is made as of this 4th day of December, 2005, by and among Liberty Media Corporation, a Delaware corporation (Parent), Barefoot Acquisition, Inc., a Delaware corporation (Merger Sub) and Provide Commerce, Inc., a Delaware corporation (the Company).
WHEREAS, the parties are entering into this Agreement to provide for the terms and conditions upon which the Company will be acquired by Parent by means of a merger of Merger Sub, a newly formed, wholly owned Subsidiary of Parent, with and into the Company (the Merger);
WHEREAS the respective Boards of Directors of Parent, Sub and the Company have approved and declared advisable this Agreement and the Merger on the terms and subject to the conditions set forth in this Agreement; and
WHEREAS, Parent, Merger Sub and the Company desire to make certain representations, warranties, covenants and agreements in connection with the Merger and also to prescribe various conditions to the Merger.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants, representations, warranties and agreements contained herein, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS AND CONSTRUCTION
1.1 Certain Definitions. As used in this Agreement, the following terms shall have the following meanings unless the context otherwise requires:
An Affiliate of any Person shall mean any other Person that, directly or indirectly, controls or is controlled by or is under common control with such Person. A Person shall be deemed to control, be controlled by or be under common control with any other Person if such other Person possesses, directly or indirectly, power to direct or cause the direction of the management or policies of such Person whether through the ownership of voting securities or partnership interests, by contract or otherwise.
Agreement shall mean this Agreement and Plan of Merger, including all Exhibits and Schedules hereto.
Alternative Proposal shall mean (A) any proposal (whether or not in writing and whether or not delivered to the Companys stockholders generally), other than as contemplated by this Agreement or otherwise proposed by Parent or Merger Sub, regarding (i) a merger, consolidation, tender offer, share exchange or other business combination or similar transaction involving the Company, (ii) the issuance by the Company of any equity interest in or any voting securities of the Company which constitutes 20% or more of the total of such equity interests or
voting securities of the Company, (iii) the acquisition in any manner, directly or indirectly, of 20% or more of the assets of the Company, (iv) the acquisition by any Person of beneficial ownership or a right to acquire beneficial ownership of, or the formation of any group (as defined under Section 13(d) of the Exchange Act and the rules and regulations thereunder) which beneficially owns, or has the right to acquire beneficial ownership of, 20% or more of the then outstanding shares of capital stock of the Company or (v) any transaction the effect of which would be reasonably likely to prohibit, restrict or delay the consummation of the Merger or any of the other transactions contemplated by this Agreement; or (B) the occurrence of any of the transactions described in clauses (i) (v) of (A) above or any public announcement of a proposal, plan or intention to do any of the foregoing or any agreement to engage in any of the foregoing.
Change of Control shall mean any (i) change in the direct or indirect record or beneficial ownership of any of the equity securities of the Company or any of its Subsidiaries, (ii) merger, consolidation, statutory share exchange or other transaction involving the Company or any of its Subsidiaries or (iii) change in the composition of the board of directors or other governing body of the Company or any of its Subsidiaries.
Change of Control Covenant shall mean any covenant, agreement or other provision pursuant to which the occurrence or existence of a Change of Control would result in a violation or breach of, constitute (with or without due notice or lapse of time or both) or permit any Person to declare a default or event of default under, give rise to any right of termination, cancellation, amendment, acceleration, repurchase, prepayment or repayment or to increased payments under, give rise to or accelerate any material obligation (including any obligation to, or to offer to, repurchase, prepay, repay or make increased payments) or result in the loss or modification of any material right or benefit under, or result in any Restriction or give any Person the right to obtain any Restriction on any capital stock or other securities or ownership interests pursuant to, or result in any Lien or give any Person the right to obtain any Lien on any material asset pursuant to, any Contract to which the Company is or becomes a party or to which the Company or any of its assets are or become subject or bound.
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