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Title: |
Acquisition Agreement |
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Date: |
2002 |
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Preview shows 13KB of 248KB total |
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$56 |
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3 acquisitionagree.txt
ACQUISITION AGREEMENT
FOR
LEE ENTERPRISES, INCORPORATED,
HOWARD PUBLICATIONS, INC.
AND
HOWARD ENERGY CO., INC.
February 11, 2002
ACQUISITION AGREEMENT
FOR
LEE ENTERPRISES, INCORPORATED,
HOWARD PUBLICATIONS, INC.
AND
HOWARD ENERGY CO., INC.
TABLE OF CONTENTS
-----------------
Section Page
------- ----
ARTICLE 1
DEFINITIONS
1.1. Certain Definitions..........................................
1.2. Certain Additional Definitions...............................
ARTICLE 2
PURCHASE AND SALE
2.1. The Stock Purchase and HPI Redemption........................
2.2. Consideration for HPI Common Stock...........................
2.3. Escrow.......................................................
2.4. Cash Amount and Capital Expenditure Adjustment...............
2.5. Further Assurances...........................................
ARTICLE 3
THE CLOSING
3.1. The Closing..................................................
3.2. Closing Deliveries of the HPI Stockholders...................
3.3. Closing Deliveries of the Purchaser..........................
3.4. Closing Deliveries of HPI....................................
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE HPI INDEMNIFYING STOCKHOLDERS
4.1. Organization.................................................
4.2. Authority and No Violation; Ownership........................
4.3. Capitalization, Subsidiaries and Charter.....................
4.4. Government Consents..........................................
4.5. Tangible Property............................................
4.6. Intellectual Property and Proprietary Rights.................
4.7. Acquired Companies' Contracts................................
4.8. Licenses.....................................................
4.9. Employees....................................................
4.10. Employee Benefit Plans.......................................
4.11. Sufficiency of Assets........................................
4.12. Financial Statements.........................................
4.13. No Undisclosed Liabilities...................................
4.14. Litigation; Governmental Orders..............................
4.15. Compliance with Laws.........................................
4.16. Environmental Matters........................................
4.17. Insurance....................................................
4.18. Transactions with Affiliates.................................
4.19. Taxes........................................................
4.20. Labor Controversies..........................................
4.21. Inventories; Receivables; Payables...........................
4.22. Advertisers and Suppliers....................................
4.23. Brokers......................................................
4.24. Full Disclosure..............................................
ARTICLE 5
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
5.1. Organization.................................................
5.2. Authority....................................................
5.3. No Violation.................................................
5.4. Governmental Consents........................................
5.5. Brokers......................................................
5.6. Funding......................................................
5.7. Investment Representation; Business Investigation............
ARTICLE 6
COVENANTS AND AGREEMENTS
6.1. Conduct of Business..........................................
6.2. Access and Information.......................................
6.3. Confidentiality..............................................
6.4. Further Actions..............................................
6.5. Fulfillment of Conditions by the HPI Stockholders, HEC and
the Acquired Companies.....................................
6.6. Fulfillment of Conditions by the Purchaser...................
6.7. Publicity....................................................
6.8. Transaction Costs............................................
6.9. Employees and Employee Benefit Matters.......................
6.10. Interdivisional Agreements...................................
6.11. Schedules....................................................
6.12. Retention of and Access to Records...........................
6.13. Tax Matters..................................................
6.14. Interim Financial Statements.................................
6.15. Audited Financial Statements.................................
6.16. No Solicitation..............................................
6.17. Investments..................................................
6.18. Certain Assets...............................................
6.19. Discharge of HPI Excluded Liabilities........................
6.20. Sioux City...................................................
6.21. Additional Covenants of the HPI Stockholders and HEC.........
6.22. Advertising Contracts........................................
ARTICLE 7
CLOSING CONDITIONS
7.1. Conditions to Obligations of the Purchaser...................
7.2. Conditions to Obligations of the HPI Stockholders............
ARTICLE 8
INDEMNIFICATION
8.1. Obligations of the HPI Stockholders and HEC..................
8.2. Obligations of the Purchaser.................................
8.3. Procedure for Indemnification................................
8.4. Sole Remedy..................................................
8.5. Limitations on Indemnification; Exclusive Remedy.............
8.6. Survival.....................................................
ARTICLE 9
TERMINATION
9.1. Termination..................................................
9.2. Effect of Termination........................................
ARTICLE 10
MISCELLANEOUS
10.1. Notices......................................................
10.2. Actions of the HPI Stockholders Representative...............
10.3. Amendments and Waiver........................................
10.4. Assignment...................................................
10.5. Entire Agreement.............................................
10.6. Representations and Warranties Complete......................
10.7. Third Party Beneficiaries....................................
10.8. Governing Law................................................
10.9. Jurisdiction.................................................
10.10. WAIVER OF JURY TRIAL.........................................
10.11. Neutral Construction.........................................
10.12. Severability.................................................
10.13. Headings; Interpretation; Schedules and Exhibits.............
10.14. Counterparts.................................................
10.15. Cooperation..................................................
10.16. Specific Performance.........................................
ACQUISITION AGREEMENT
THIS ACQUISITION AGREEMENT (this "Agreement") is made and entered into
as of February 11, 2002 by and among Lee Enterprises, Incorporated, a Delaware
corporation ("Lee" or the "Purchaser"), Howard Publications, Inc., a Delaware
corporation ("HPI"), Howard Energy Co., Inc., a Delaware corporation ("HEC"),
and those persons named in Schedule I attached hereto (the "HPI Stockholders"
and, each individually, an "HPI Stockholder").
WITNESSETH:
WHEREAS, the HPI Stockholders own all of the issued and outstanding
shares of capital stock of HPI;
WHEREAS, HPI owns and operates, directly or through wholly-owned
subsidiaries, the publications listed in Schedule II attached hereto and owns
7,200 Class A non-voting shares of Sioux City Newspapers, Inc., an Iowa
corporation ("Sioux City") and 7,500 Class B voting shares of Sioux City, which
publishes the Sioux City Journal (each an "Acquired Publication" and,
collectively, the "Acquired Publications") (each of HPI, its subsidiaries listed
in Schedule II and Sioux City, an "Acquired Company" and, collectively, the
"Acquired Companies");
WHEREAS, the Purchaser desires to acquire from the HPI Stockholders,
and the HPI Stockholders desire to sell to the Purchaser, certain of the issued
and outstanding shares of capital stock of HPI owned by them and specified as
Purchased HPI Stock in Schedule III attached hereto, upon the terms and subject
to the conditions set forth herein; and
WHEREAS, contemporaneously with the closing of the Stock Purchase (as
hereinafter defined), HPI desires to redeem from the HPI Stockholders the
remainder of the issued and outstanding shares of capital stock of HPI owned by
them and specified as Redeemed HPI Stock in Schedule III attached hereto in
consideration for the delivery by HPI of all of the issued and outstanding
shares of HEC, which such HPI Stockholders agree to accept in exchange for the
capital stock of HPI so redeemed, all upon the terms and subject to the
conditions set forth herein.
AGREEMENT
NOW THEREFORE, in consideration of the foregoing premises, the mutual
covenants, promises and agreements hereinafter set forth, the mutual benefits to
be gained by the performance of such covenants, promises and agreements, and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged and accepted, the parties hereto hereby agree as follows:
ARTICLE 1
DEFINITIONS
1.1. Certain Definitions. For all purposes of and under this Agreement,
the following terms shall have the respective meanings set forth below:
(1) "Acquired Company" or "Acquired Companies" has the meaning
specified in the second recital of this Agreement.
(2) "Acquired Publication" or "Acquired Publications" has the meaning
specified in the second recital of this Agreement.
(3) "Acquisition Transaction" has the meaning specified in Section
6.16.
(4) "Action" means any claim, written demand, action, suit or
proceeding, arbitral action, governmental inquiry or criminal prosecution by or
before any Governmental Authority.
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