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Title: |
Merger Agreement |
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Entities: |
9022-3751 Quebec Inc.; Goldman Sachs Credit Partners LP; Royal Bank of Canada; Kaye Scholer |
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Date: |
2004 |
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Size: |
Preview shows 16KB of 136KB total |
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Price: |
$63 |
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ID: |
#1994618 |
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3087052 NOVA SCOTIA COMPANY
- AND -
3087053 NOVA SCOTIA COMPANY
- AND -
9139-4460 QUEBEC INC.
- AND -
9139-7158 QUEBEC INC.
- AND -
MAAX INC.
MERGER AGREEMENT
MARCH 10, 2004
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE 1 INTERPRETATION...................................................................... 2
1.1 Definitions.................................................................... 2
1.2 Interpretation Not Affected by Headings, etc................................... 10
1.3 Currency....................................................................... 11
1.4 Number, etc.................................................................... 11
1.5 Date For Any Action............................................................ 11
1.6 Entire Agreement............................................................... 11
1.7 Knowledge...................................................................... 11
ARTICLE 2 AMALGAMATION........................................................................ 12
2.1 Terms of Amalgamation.......................................................... 12
2.2 Implementation Steps by MAAX................................................... 12
2.3 MAAX Circular.................................................................. 12
2.4 Securities and Corporate Compliance............................................ 12
2.5 Preparation of Filings......................................................... 13
ARTICLE 3 REPRESENTATIONS AND WARRANTIES...................................................... 14
3.1 Representations and Warranties of MAAX......................................... 14
3.2 Representations and Warranties of the Newco Parties............................ 14
3.3 Investigation.................................................................. 14
3.4 Survival....................................................................... 14
ARTICLE 4 REGULATORY APPROVALS................................................................ 14
4.1 Applications................................................................... 14
4.2 Obtaining of Appropriate Regulatory Approvals.................................. 15
ARTICLE 5 COVENANTS........................................................................... 15
5.1 Recommendation of Amalgamation................................................. 15
5.2 Debt Financing................................................................. 15
5.3 General........................................................................ 17
5.4 Operation of Business.......................................................... 19
5.5 Covenants of the Newco Parties................................................. 22
5.6 Covenants Regarding Non-Solicitation........................................... 23
5.7 Notice by MAAX of Superior Proposal Determination.............................. 24
5.8 Access to Information.......................................................... 25
5.9 Insurance Coverage............................................................. 26
ARTICLE 6 CONDITIONS.......................................................................... 26
6.1 Mutual Conditions Precedent.................................................... 26
6.2 Additional Conditions Precedent to the Obligations of the Newco Parties........ 27
6.3 Additional Conditions Precedent to the Obligations of MAAX..................... 29
6.4 Notice and Cure Provisions..................................................... 30
{/TABLE}
i
{PAGE}
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
Page
----
{S} {C}
6.5 Satisfaction of Conditions..................................................... 30
ARTICLE 7 AMENDMENT AND TERMINATION........................................................... 31
7.1 Amendment...................................................................... 31
7.2 Termination.................................................................... 31
7.3 Termination Fee................................................................ 33
7.4 Expenses....................................................................... 34
ARTICLE 8 GENERAL............................................................................. 34
8.1 Notices........................................................................ 34
8.2 Assignment..................................................................... 37
8.3 Cooperation / Further Assurances............................................... 37
8.4 Expenses....................................................................... 37
8.5 Public Announcements........................................................... 37
8.6 Governing Law.................................................................. 37
8.7 Forum; Jurisdiction............................................................ 38
8.8 Invalidity of Provisions....................................................... 38
8.9 Counterparts................................................................... 38
8.10 Investigation by Parties....................................................... 38
8.11 Time........................................................................... 38
8.12 Amendments..................................................................... 38
8.13 Specific Performance and other Equitable Rights................................ 38
8.14 No Third Parties Beneficiaries................................................. 38
8.15 Waiver......................................................................... 39
{/TABLE}
{PAGE}
SCHEDULES
Schedule 1.1.4 Amalgamation Agreement
Schedule 1.1.5 Appropriate Regulatory Approvals
Schedule 1.1.19 Derivative Contracts
Schedule 1.1.46 Senior Employees
Schedule 1.1.57 Third Party Consents
Schedule 3.1 Representations and Warranties of MAAX
Schedule 3.1.1(d) Collective Agreements
Schedule 3.1.3(a) Capitalization
Schedule 3.1.3(c) MAAX Options and MAAX Rights
Schedule 3.1.10 Licenses
Schedule 3.1.15 Material Contracts
Schedule 3.1.19 Encumbrances
Schedule 3.1.25 Non-Arm's Length Transactions
Schedule 3.1.27(a) Employee Plans
Schedule 3.1.28(a) Real Properties
Schedule 3.1.28(b) Leased Properties
Schedule 3.1.30 Intellectual Property Rights
Schedule 3.1.31 Insurance
Schedule 3.1.33 Product Warranties
Schedule 3.2 Representations and Warranties of the Newco Parties
iii
{PAGE}
MERGER AGREEMENT
MEMORANDUM OF AGREEMENT made as of the 10th day of March, 2004, between
3087052 NOVA SCOTIA COMPANY, a company governed under the laws of the Province
of Nova Scotia (hereinafter referred to as "NEWCO") and 3087053 NOVA SCOTIA
COMPANY, a company governed under the laws of the Province of Nova Scotia
(hereinafter referred to as "NEWCO II") and 9139-4460 QUEBEC INC., a company
governed under the laws of the Province of Quebec (hereinafter referred to as
"SUBCO") and 9139-7158 QUEBEC INC., a company governed under the laws of the
Province of Quebec (hereinafter referred to as "SUBCO II") AND MAAX INC., a
company governed under the laws of the Province of Quebec (hereinafter referred
to as "MAAX").
WHEREAS Newco was incorporated under the Companies Act (Nova Scotia) on
March 5, 2004;
WHEREAS Newco II was incorporated under the Companies Act (Nova Scotia)
on March 5, 2004 and is a wholly-owned Subsidiary of Newco;
WHEREAS Subco was incorporated under Part IA of the Companies Act
(Quebec) by certificate of incorporation dated February 27, 2004 and is a
wholly-owned Subsidiary of Newco II;
WHEREAS Subco II was incorporated under Part IA of the Companies Act
(Quebec) by certificate of incorporation dated March 5, 2004 and is a
wholly-owned Subsidiary of Newco;
WHEREAS MAAX was amalgamated under Part IA of the Companies Act
(Quebec) by certificate of amalgamation dated August 1, 1990;
WHEREAS Newco, Newco II, Subco, Subco II and MAAX wish to enter into a
merger agreement providing for the amalgamation of Subco, Subco II and MAAX
under Part IA of the Companies Act (Quebec) on and subject to the terms and
conditions of this Agreement, the result of which shall be the acquisition of
control of MAAX and its subsidiaries;
WHEREAS, as a result of such amalgamation, Newco II will hold all of
the issued and outstanding common shares in the share capital of the company
resulting from the amalgamation;
WHEREAS, Newco II covenants and agrees to issue to Newco, upon such
amalgamation, and Newco agrees to receive, additional shares in the share
capital of Newco II in consideration for the cancellation of all common shares
and redeemable preferred shares of Subco II held by Newco;
NOW THEREFORE this Agreement witnesses that, in consideration of the
respective covenants and agreements herein contained, the parties hereto
covenant and agree as follows:
{PAGE}
ARTICLE 1
INTERPRETATION
1.1 DEFINITIONS. In this Agreement, unless there is something in the
subject matter or context inconsistent therewith, the following terms shall have
the following meanings, respectively:
1.1.1 "AFFILIATES" has the meaning ascribed thereto in the
Securities Act;
1.1.2 "AMALCO" means the company resulting from the Amalgamation;
1.1.3 "AMALGAMATION" means an amalgamation between Subco, Subco II
and MAAX under Part IA of the Companies Act giving effect to the transactions
described in the Amalgamation Agreement;
1.1.4 "AMALGAMATION AGREEMENT" means the agreement between Subco,
Subco II, Newco II and MAAX dated the date hereof in relation to the
transactions contemplated hereby attached hereto as Schedule 1.1.4;
1.1.5 "APPROPRIATE REGULATORY APPROVALS" (individually, an
"APPROPRIATE REGULATORY APPROVAL") means those sanctions, rulings, consents,
orders, exemptions, permits, declarations, filings and other approvals
(including the lapse, without objection, of a prescribed time under a statute,
rule or regulation that states that a transaction may be implemented if a
prescribed time lapses following the giving of notice without an objection being
made) of Governmental Entities, regulatory agencies or self-regulatory
organizations, as set out on Schedule 1.1.5 hereto;
1.1.6 "ARTICLES OF AMALGAMATION" means the articles confirming the
Amalgamation required under the Companies Act to be filed with the Enterprise
Registrar;
1.1.7 "BOARD OF DIRECTORS" means the board of directors of MAAX;
1.1.8 "BUSINESS DAY" means any day, other than a Saturday, Sunday or
a statutory holiday in the Province of Quebec, the Province of Ontario or in the
State of Massachusetts, on which banks are open for business in the City of
Montreal, the City of Toronto and the City of Boston;
1.1.9 "CAPITAL LEASE" means any lease of any property (whether real,
personal or mixed) by MAAX or any of its Subsidiaries as lessee that, in
accordance with GAAP, either would be required to be classified and accounted
for as a capital lease on a balance sheet of such Person or would otherwise be
disclosed as such in a note to such balance sheet;
1.1.10 "CAPITALIZED LEASE OBLIGATIONS" means, as of any date, the
amount of the obligation of MAAX or any of its Subsidiaries as lessee under a
Capital Lease that, in accordance with GAAP, would appear on a balance sheet of
such lessee in respect of such Capital Lease or otherwise be disclosed as such
in a note to such balance sheet;
1.1.11 "CERTIFICATE OF AMALGAMATION" means the certificate issued by
the Enterprise Registrar attesting to the Amalgamation pursuant to Section
123.119 of the Companies Act;
2
{PAGE}
1.1.12 "CIRCULAR" means the notice of the MAAX Meeting and
accompanying management information circular in the French and English
languages, including all schedules thereto, to be prepared and sent by MAAX to
Shareholders in connection with the MAAX Meeting;
1.1.13 "CLAIMS" includes claims, demands, accusations, notices,
proceedings, complaints, actions, suits, causes of action, assessments or
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