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Title: |
Sale and Purchase Agreement |
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Entities: |
ABN AMRO Bank N.V.; Chase Manhattan Bank; Lyon Investments B V; Bank of New York |
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Date: |
2001 |
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Size: |
Preview shows 8KB of 107KB total |
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Price: |
$54 |
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ID: |
#1635312 |
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<SEQUENCE>2
<FILENAME>exhibit10-1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
SALE AND PURCHASE AGREEMENT
between
DERBY NEDERLAND B.V.
(as Seller)
and
GAZELLE HOLDING B.V.
(as Purchaser)
and
THE DERBY CYCLE CORPORATION
(as Warrantor)
in relation to all shares in the capital of
KONINKLIJKE GAZELLE B.V.
(the Company)
15 June 2001
Van Doorne
De Lairessestraat 133
P.O. Box 75265
1070 AG Amsterdam
The Netherlands
<PAGE>
INDEX
CLAUSE PAGE
1 Interpretation...........................................................2
2 Sale, purchase and transfer of the Shares................................6
3 Purchase Price...........................................................7
4 Adjustment Purchase Price................................................8
5 Conditions precedent.....................................................9
6 Pre Completion and other undertakings...................................10
7 Completion..............................................................12
8 Warranties..............................................................12
9 Indemnities.............................................................15
10 Escrow Account..........................................................17
11 Settlement intercompany debt and fiscal unity matters...................17
12 Resignation of supervisory directors....................................19
13 Announcements to third parties..........................................19
14 Notices and other announcements to Parties..............................19
15 Further assurances and other provisions.................................20
16 Waiver of right to rescission...........................................20
17 Non-competition and confidentiality.....................................21
18 Binding effect; assignment and transfer of contract rights..............21
19 Partial invalidity......................................................22
20 Fees and costs..........................................................22
21 Entire Agreement........................................................22
22 Applicable law, dispute settlement and conflict of interest.............22
23 Counterparts............................................................23
<PAGE>
SCHEDULES
NUMBER
1. Accounts
2. Data Room Documents
3. Deed of Transfer
4. Disclosed Information
5. Disclosure Letter
6. Resignation Letters
7. Warranties
8. Tax indemnities
9. Escrow Agreement
10. Management Accounts
11. Draft Effective Date Balance Sheet
12. Conditions precedent Clause 5.1 (d)
<PAGE>
SALE AND PURCHASE AGREEMENT
THIS AGREEMENT is made the 15th day of June 2001 between:
(1) DERBY NEDERLAND B.V., a private company with limited liability
(BESLOTEN VENNOOTSCHAP MET BEPERKTE AANSPRAKELIJKHEID), incorporated
under the laws of The Netherlands, having its statutory seat in
Amsterdam, The Netherlands ("SELLER");
(2) GAZELLE HOLDING B.V., a private company with limited liability
(BESLOTEN VENNOOTSCHAP MET BEPERKTE AANSPRAKELIJKHEID), to be
incorporated under the laws of The Netherlands, having its statutory
seat in Utrecht ("PURCHASER"); and
(3) THE DERBY CYCLE CORPORATION, a company incorporated under the laws of
Delaware, having its statutory seat in Wilmington, Delaware, United
States of America ("WARRANTOR");
WHEREAS:
(A) Seller is the holder of all issued and paid-up shares (the "SHARES", to
be defined in more detail hereinafter) in the capital of KONINKLIJKE
GAZELLE B.V., a private company with limited liability (BESLOTEN
VENNOOTSCHAP MET BEPERKTE AANSPRAKELIJKHEID), incorporated under the
laws of The Netherlands, having its statutory seat in Dieren, The
Netherlands (the "COMPANY");
(B) Warrantor is the ultimate parent company of Seller;
(C) Seller has decided to divest the entire issued and paid-up share
capital in the Company and in regard thereto has invited interested
potential purchasers to make an offer for the purchase of the Shares;
(D) Purchaser has on 29 March 2001 submitted a non-binding preliminary
offer for the Shares on the basis of and subject to the information
contained in the Information Memorandum (as defined below), whereupon
Seller has short-listed Purchaser and has invited Purchaser to submit a
binding final offer for the Shares;
(E) Seller has caused the Company and its advisors to prepare a Data Room
(as defined below), containing certain due diligence information in
relation to the business conducted by the Company;
(F) Seller subsequently permitted Purchaser and its advisors access to the
Data Room;
(G) Purchaser was then given the opportunity to meet with the management of
the Company, visit the premises of the Company, ask questions and to
review further the Data Room information as deemed necessary;
(H) Following this procedure, Purchaser has made a final offer for the
Shares by letter dated 3 May 2001, subject to the terms and conditions
set forth therein, on the basis
<PAGE>
- 2 -
whereof Seller has selected Purchaser as a candidate to negotiate a
share purchase agreement;
(I) In respect of the acquisition contemplated by this Agreement, Purchaser
and Seller have to their mutual satisfaction finalised the consultation
process with the appropriate trade unions pursuant to the SER Merger
Code (SER-BESLUIT FUSIEGEDRAGSREGELS 1975) and the applicable
Collective Labour Agreements (COLLECTIEVE ARBEIDSOVEREENKOMSTEN) and
they have notified the SER Merger Committee (SER COMMISSIE VOOR
FUSIEAANGELEGENHEDEN);
(J) The Works Council of the Company has given a positive advice with
respect to the transactions contemplated by this Agreement;
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