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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Entities: |
IPC Advisors S a R L; Kaye Scholer; Kirkpatrick & Lockhart; Morgan, Lewis & Bockius |
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Date: |
2002 |
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Size: |
Preview shows 17KB of 142KB total |
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Price: |
$51 |
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ID: |
#1936140 |
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AGREEMENT AND PLAN OF MERGER
AMONG
IPC ADVISORS S.a.r.l.,
IPBC ACQUISITION CORP.
AND
BALANCED CARE CORPORATION
MAY 15, 2002
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
{S} {C}
I. DEFINITIONS.......................................................................... 1
1.01 Certain Definitions............................................. 1
II. THE MERGER........................................................................... 9
2.01 The Merger...................................................... 9
2.02 Effective Time of the Merger.................................... 9
2.03 Closing of the Merger........................................... 9
2.04 Effects of the Merger........................................... 9
2.05 Conversion of Shares........................................... 10
2.06 Closing of the Company's Transfer Books........................ 10
2.07 Exchange of Certificates....................................... 11
2.08 Stock Options.................................................. 12
2.09 Further Action................................................. 12
2.10 Subsequent Action.............................................. 12
III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY....................................... 13
3.01 Due Organization; Subsidiaries; Etc............................ 13
3.02 Capitalization................................................. 13
3.03 Authorization.................................................. 14
3.04 Reports........................................................ 14
3.05 No Undisclosed Liabilities..................................... 15
3.06 Compliance with Law; Governmental Authorizations............... 15
3.07 No Conflicts................................................... 16
3.08 Contracts...................................................... 16
3.09 Litigation..................................................... 18
3.10 Taxes.......................................................... 19
3.11 Absence of Certain Changes..................................... 19
3.12 Employee Benefit Plans......................................... 20
3.13 Intellectual Property.......................................... 21
3.14 Environmental Matters.......................................... 22
3.15 Labor Relations................................................ 23
3.16 Brokers and Finders............................................ 23
3.17 Board Recommendation........................................... 23
3.18 Fairness Opinion............................................... 24
IV. REPRESENTATIONS AND WARRANTIES OF IPC AND ACQUISITION............................... 24
4.01 Organization, Good Standing and Qualification.................. 24
4.02 Corporate Authority; Approval.................................. 24
4.03 No Conflicts................................................... 25
4.04 Financing...................................................... 25
4.05 Board Recommendation........................................... 25
{/TABLE}
i
{PAGE}
{TABLE}
{CAPTION}
Page
{S} {C}
4.06 Stockholder Consent............................................ 26
V. COVENANTS........................................................................... 26
5.01 Access......................................................... 26
5.02 Confidentiality................................................ 26
5.03 Conduct of the Business of the Company Pending the Closing
Date........................................................... 26
5.04 Conduct of Business of the Company............................. 27
5.05 Consents....................................................... 27
5.06 Stock Exchange De-listing...................................... 28
5.07 Employee Benefits.............................................. 28
5.08 Indemnification of Officers and Directors...................... 28
5.09 Compliance with Laws........................................... 29
5.10 Tax Matters.................................................... 29
5.11 Notice of Breach; Disclosure................................... 29
5.12 Closing Liabilities............................................ 30
5.13 No Solicitation................................................ 30
5.14 Additional Agreements.......................................... 31
5.15 Disclosure..................................................... 31
5.16 Proxy Statement................................................ 32
5.17 Company Stockholders' Meeting.................................. 32
VI. CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PARTIES.............................. 33
6.01 Stockholder Approval........................................... 33
6.02 Litigation..................................................... 33
VII. CONDITIONS PRECEDENT TO IPC'S AND ACQUISITION'S OBLIGATIONS......................... 33
7.01 Representations and Warranties................................. 33
7.02 Performance of Covenants....................................... 33
7.03 Notices and Consents........................................... 34
7.04 Agreements and Documents....................................... 34
7.05 Dissenting Stockholders........................................ 34
7.06 Company Warrants............................................... 34
VIII. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY.................................. 34
8.01 Representations and Warranties................................. 34
8.02 Performance of Covenants....................................... 34
8.03 Documents...................................................... 34
IX. TERMINATION......................................................................... 35
9.01 Termination.................................................... 35
9.02 Effect of Termination.......................................... 36
9.03 Expenses; Termination Fees..................................... 36
{/TABLE}
ii
{PAGE}
{TABLE}
{CAPTION}
Page
{S} {C}
X. MISCELLANEOUS....................................................................... 37
10.01 Successors..................................................... 37
10.02 Amendment...................................................... 37
10.03 Waiver......................................................... 37
10.04 Survival....................................................... 37
10.05 Entire Agreement; Counterparts................................. 38
10.06 Governing Law.................................................. 38
10.07 Disclosure Letter.............................................. 38
10.08 Assignment..................................................... 38
10.09 Notices........................................................ 38
10.10 Headings....................................................... 40
10.11 Exhibits and Schedules......................................... 40
10.12 Severability................................................... 40
10.13 No Third-Party Beneficiaries................................... 40
10.14 Pre-Closing Investment in Acquisition Corp..................... 40
{/TABLE}
EXHIBITS
Exhibit A Certificate of Merger
iii
{PAGE}
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER (this "MERGER AGREEMENT"), is
made as of May 15, 2002, by and among IPC Advisors S.a.r.l., a Luxembourg
corporation ("IPC"), IPBC Acquisition Corp., a Delaware corporation and a
newly-formed wholly-owned first tier subsidiary of IPC ("ACQUISITION"), and
Balanced Care Corporation., a Delaware corporation (the "COMPANY").
WHEREAS, it is proposed that Acquisition acquire all of the
issued and outstanding shares of Common Stock, par value $0.001 per share, of
the Company (the "COMMON SHARES"), other than Common Shares beneficially owned
by IPC or Acquisition (references to IPC shall, where the context so requires,
be deemed to refer to Acquisition as well);
WHEREAS, the Company, IPC and Acquisition desire to make certain
representations, warranties, covenants and agreements in connection with this
Agreement;
WHEREAS, the Board of Directors of the Company (the "COMPANY
BOARD"), a special committee of disinterested directors of the Company Board
(the "Special Committee") and the Boards of Directors of Acquisition and IPC
have (i) determined that it is advisable and in the best interests of their
respective stockholders for Acquisition to merge with and into the Company, with
the result that the Company shall be the surviving corporation and shall become
a wholly-owned subsidiary of IPC (the "MERGER"), all upon the terms and
conditions set forth herein and in accordance with the provisions of the
Delaware General Corporation Law (the "DGCL"), and (ii) approved and adopted
this Merger Agreement and the transactions contemplated hereby; and
WHEREAS, the Merger requires the favorable vote of the holders of
a majority of the outstanding Common Shares entitled to vote for the approval
thereof (the "Company Stockholder Approval") and the Consent of IPC, as sole
stockholder of Acquisition; and
WHEREAS, IPC, as the sole stockholder of Acquisition, has
consented to the Merger and the Company's Board has recommended the adoption of
this Merger Agreement and the transactions contemplated hereby by the
stockholders of the Company;
NOW, THEREFORE, in consideration of the mutual covenants set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:
I. DEFINITIONS.
1.01 Certain Definitions. For purposes of this Merger Agreement, the
following terms shall have the following meanings:
"ACQUIRED CORPORATIONS" shall mean the Company, together with each of
its Subsidiaries.
{PAGE}
"ACQUISITION" shall have the meaning set forth in the introductory
paragraph of this Merger Agreement.
"AFFILIATE" of any Person shall mean a Person which, directly or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, such Person. For the purposes of this definition,
"control", as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of that Person.
"AMEX" shall mean The American Stock Exchange LLC.
"APPROVAL DATE" shall have the meaning set forth in Section 3.17(a).
"BENEFIT PLANS" shall mean the benefits plans set forth in Section
3.12.
"CERTIFICATE OF MERGER" shall have the meaning set forth in Section
2.02.
"CLOSING" shall have the meaning set forth in Section 2.03.
"CLOSING DATE" shall have the meaning set forth in Section 2.03.
"COBRA" shall have the meaning set forth in Section 3.12(e).
"CODE" shall mean the Internal Revenue Code of 1986, as amended, and
the rules and regulations promulgated thereunder.
"COMPANY" shall have the meaning set forth in the introductory
paragraph to this Merger Agreement.
"COMPANY ACQUISITION PROPOSAL" shall mean any offer, proposal, inquiry
or indication of interest (other than an offer, proposal, inquiry or indication
of interest by IPC) contemplating or otherwise relating to any Company
Acquisition Transaction.
"COMPANY ACQUISITION TRANSACTION" shall mean any transaction or series
of transactions involving:
(a) any merger, consolidation, share exchange, business combination,
issuance of securities, acquisition of securities, tender offer, exchange offer
or other similar transaction (i) in which the Company or any other Acquired
Corporation is a constituent corporation, (ii) in which a Person or "group" (as
defined in the Exchange Act and the rules promulgated thereunder) of Persons
directly or indirectly acquires beneficial or record ownership of securities
representing more than 20% of the outstanding securities of any class of voting
securities of the Company or another Acquired Corporation, or (iii) in which the
Company or an Acquired Corporation issues securities representing more than 20%
of the outstanding securities of any class of voting securities of the Company
or such Acquired Corporation;
2
{PAGE}
(b) any sale, lease, exchange, transfer, license, acquisition or
disposition of any business or businesses or assets that constitute or account
for 20% or more of the consolidated net revenues, net income or assets of the
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