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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: |
Dycom Industries Inc.; Wilmington Trust Co.; Shearman & Sterling; Skadden, Arps, Slate, Meagher & Flom LLP; UtiliQuest Acquisition Corp.; UtiliQuest Holdings Corp. |
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Date: |
2003 |
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Size: |
Preview shows 19KB of 215KB total |
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Price: |
$56 |
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ID: |
#252276 |
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Start of Preview |
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AGREEMENT AND PLAN OF MERGER
among
DYCOM INDUSTRIES, INC.,
UTILIQUEST ACQUISITION CORP.,
UTILIQUEST HOLDINGS CORP.
and
OCM/GFI POWER OPPORTUNITIES FUND, L.P.
Dated as of November 17, 2003
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C}
ARTICLE I
THE MERGER
SECTION 1.01. The Merger................................................. 1
SECTION 1.02. Effective Time; Closing.................................... 1
SECTION 1.03. Effect of the Merger....................................... 2
SECTION 1.04. Certificate of Incorporation; By-Laws...................... 2
SECTION 1.05. Directors.................................................. 2
ARTICLE II
CONVERSION OF SECURITIES; EXCHANGE OF CERTIFICATES
Section 2.01 Conversion of Securities................................... 2
Section 2.02 Merger Consideration....................................... 3
Section 2.03 Stock Options.............................................. 4
Section 2.04 Exchange of Certificates................................... 4
Section 2.05 Calculation of the Merger Consideration and the Per Share
Merger Consideration....................................... 5
Section 2.06 Merger Consideration Adjustment............................ 5
Section 2.07 Stock Transfer Books....................................... 7
Section 2.08 Escrow..................................................... 8
Section 2.09 Withholding................................................ 8
Section 2.10 Dissenting Shares.......................................... 8
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
Section 3.01 Organization and Qualification of the Company.............. 9
Section 3.02 Subsidiaries............................................... 9
Section 3.03 Certificate of Incorporation and By-Laws................... 10
Section 3.04 Capitalization............................................. 10
Section 3.05 Authority Relative to This Agreement....................... 11
Section 3.06 No Conflict; Required Filings and Consents................. 12
Section 3.07 Licenses and Permits....................................... 12
Section 3.08 Compliance with Law and Notices of Violation............... 13
Section 3.09 Financial Information; Books and Records; Undisclosed
Liabilities................................................ 13
Section 3.10 Absence of Certain Changes or Events....................... 14
Section 3.11 Absence of Litigation...................................... 14
Section 3.12 Employee Benefit Plans..................................... 14
Section 3.13 Labor and Employment Matters............................... 16
Section 3.14 Key Employees.............................................. 17
Section 3.15 Real Property.............................................. 17
Section 3.16 Intellectual Property...................................... 18
Section 3.17 Taxes...................................................... 20
Section 3.18 Environmental Matters...................................... 22
Section 3.19 Accounts Receivable........................................ 22
Section 3.20 Inventories................................................ 22
Section 3.21 Material Contracts......................................... 23
Section 3.22 Insurance.................................................. 24
Section 3.23 Related Party Transactions................................. 24
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
Section 3.24 Board Approval; Vote Required.............................. 24
Section 3.25 Title to Assets............................................ 25
Section 3.26 Customers.................................................. 25
Section 3.27 Brokers.................................................... 25
Section 3.28 No Other Representations or Warranties..................... 26
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
Section 4.01 Corporate Organization..................................... 26
Section 4.02 Authority Relative to This Agreement....................... 26
Section 4.03 No Conflict; Required Filings and Consents................. 26
Section 4.04 No Vote Required........................................... 27
Section 4.05 Operations of Merger Sub................................... 27
Section 4.06 Financing.................................................. 27
Section 4.07 Brokers.................................................... 27
ARTICLE V
CONDUCT OF BUSINESS PENDING THE MERGER
Section 5.01 Conduct of Business by the Company Pending the Merger...... 28
ARTICLE VI
ADDITIONAL AGREEMENTS
Section 6.01 Access to Information; Confidentiality..................... 30
Section 6.02 No Solicitation of Transactions............................ 31
Section 6.03 Further Action; Commercially Reasonable Efforts............ 31
Section 6.04 Obligations of Merger Sub.................................. 32
Section 6.05 Public Announcements....................................... 32
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
Section 6.06 Closing Date Debt.......................................... 33
Section 6.07 UQ Acquisition Claims...................................... 33
Section 6.08 Termination of Enumerated Related Party Agreements
and Other Contracts........................................ 34
Section 6.09 Settlement Agreement and Mutual Release.................... 34
Section 6.10 Estoppel Certificates...................................... 35
ARTICLE VII
CONDITIONS TO THE MERGER
Section 7.01 Conditions to the Obligations of Parent and Merger Sub..... 35
Section 7.02 Conditions to the Obligations of GFI and the Company....... 36
ARTICLE VIII
TERMINATION, AMENDMENT AND WAIVER
Section 8.01 Termination................................................ 37
Section 8.02 Effect of Termination...................................... 38
Section 8.03 Expenses................................................... 38
ARTICLE IX
INDEMNIFICATION
Section 9.01 Survival of Representations, Warranties and Covenants...... 39
Section 9.02 Indemnification of Parent Indemnified Parties.............. 39
Section 9.03 Indemnification by Parent.................................. 40
Section 9.04 Limits on Indemnification.................................. 40
Section 9.05 Indemnification Procedures................................. 41
Section 9.06 Delivery and Release of Indemnity Escrow................... 42
Section 9.07 No Right of Contribution................................... 43
{/TABLE}
iv
{PAGE}
{TABLE}
{S} {C}
Section 9.08 Exclusive Remedy........................................... 43
Section 9.09 Losses Net of Insurance, Tax Benefits...................... 43
Section 9.10 No Consequential Damages................................... 44
Section 9.11 Subrogation of Rights...................................... 44
Section 9.12 Tax Matters................................................ 45
Section 9.13 Stockholder Representative................................. 49
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01 Notices.................................................... 49
Section 10.02 Certain Definitions........................................ 50
Section 10.03 Severability............................................... 60
Section 10.04 Entire Agreement; Assignment............................... 61
Section 10.05 Parties in Interest........................................ 61
Section 10.06 Arbitration; Legal Proceedings............................. 61
Section 10.07 Specific Performance....................................... 62
Section 10.08 Amendment.................................................. 62
Section 10.09 Waiver..................................................... 62
Section 10.10 Headings................................................... 63
Section 10.11 Pronouns................................................... 63
Section 10.12 Counterparts............................................... 63
{/TABLE}
EXHIBITS
Exhibit 2.05 - Calculation of Closing Date Debt
Exhibit 2.06(a) - Form of Statement of Working Capital and Working Capital
Calculation Procedures
Exhibit 2.08 - Form of Escrow Agreement
Exhibit 6.06 - List of Capital Leases
Exhibit 6.08 - Enumerated Contracts for Termination
Exhibit 6.10 - List of Leased Properties Requiring Estoppel Certificates
v
{PAGE}
Exhibit 7.01(h) - Form of Non-Disclosure Agreement
SCHEDULES
Schedule I - List of Persons Deemed to Have Knowledge of the Company
vi
{PAGE}
AGREEMENT AND PLAN OF MERGER, dated as of November 17, 2003
(this "Agreement"), among Dycom Industries, Inc., a Florida corporation
("Parent"), UtiliQuest Acquisition Corp., a Delaware corporation and a wholly
owned subsidiary of Parent ("Merger Sub"), UtiliQuest Holdings Corp., a Delaware
corporation (the "Company"), and OCM/GFI Power Opportunities Fund, L.P., a
Delaware limited partnership ("GFI").
WHEREAS, upon the terms and subject to the conditions of this
Agreement and in accordance with the General Corporation Law of the State of
Delaware (the "DGCL"), Parent and the Company will enter into a business
combination transaction pursuant to which Merger Sub will merge with and into
the Company with the Company being the surviving corporation (the "Merger");
WHEREAS, this Agreement and the Merger have been adopted and
approved by the respective boards of directors of Parent, Merger Sub and the
Company;
WHEREAS, this Agreement and the Merger have been duly adopted
and approved by the holders of a majority of the outstanding shares of common
stock of the Company entitled to vote; and
WHEREAS, on or prior to the Closing, Parent, the
Representative and Wilmington Trust Company, or another mutually acceptable
escrow agent (the "Escrow Agent"), shall execute an escrow agreement (the
"Escrow Agreement") substantially in the form of Exhibit 2.08 hereof;
NOW, THEREFORE, in consideration of the foregoing and the
mutual covenants and agreements herein contained, and intending to be legally
bound hereby, Parent, Merger Sub, GFI and the Company hereby agree as follows:
ARTICLE I
THE MERGER
SECTION 1.01. The Merger. Upon the terms and subject to the
conditions set forth in this Agreement, and in accordance with the DGCL, at the
Effective Time (as defined in Section 1.02), Merger Sub shall be merged with and
into the Company. As a result of the Merger, the separate corporate existence of
Merger Sub shall cease and the Company shall continue as the surviving
corporation of the Merger (the "Surviving Corporation").
SECTION 1.02. Effective Time; Closing. As promptly as
practicable after the satisfaction or waiver of the conditions set forth in
Article VII (other than those conditions that by their nature are to be
performed at Closing), but in no event later than two (2) Business Days after
such satisfaction or waiver, the parties hereto shall cause the Merger to be
consummated by filing a certificate of merger (the "Certificate of Merger") with
the Secretary of State of the State of Delaware, in such form as is required by,
and executed in accordance with, the relevant provisions of the DGCL (the date
and time of such filing of the Certificate of Merger (or such later time as may
be agreed by each of the parties hereto and specified in the Certificate of
Merger) being the "Effective Time"). Contemporaneously with the filing of the
Certificate of Merger, a closing (the "Closing") shall be held at the offices of
Shearman & Sterling LLP, 599
{PAGE}
Lexington Avenue, New York, New York 10022, or such other place as the parties
shall agree. The date the Closing occurs shall be referred to herein as the
"Closing Date".
SECTION 1.03. Effect of the Merger. At the Effective Time, the
effect of the Merger shall be as provided in this Agreement, the Certificate of
Merger and the applicable provisions of the DGCL. Without limiting the
generality of the foregoing, and subject thereto, at the Effective Time, all the
property, rights, privileges, powers and franchises of the Company and Merger
Sub shall vest in the Surviving Corporation, and all debts, liabilities,
obligations, restrictions, disabilities and duties of each of the Company and
Merger Sub shall become the debts, liabilities, obligations, restrictions,
disabilities and duties of the Surviving Corporation.
SECTION 1.04. Certificate of Incorporation; By-Laws.
(a) At the Effective Time, the Certificate of
Incorporation of Merger Sub, as in effect immediately prior to the Effective
Time, shall be the Certificate of Incorporation of the Surviving Corporation
until thereafter amended as provided by Law and such Certificate of
Incorporation; provided, however, that, at the Effective Time, Article I of the
Certificate of Incorporation of the Surviving Corporation shall be amended to
read as follows: "The name of the corporation is UtiliQuest Holdings Corp.".
(b) At the Effective Time, the By-Laws of Merger Sub,
as in effect immediately prior to the Effective Time, shall be the By-Laws of
the Surviving Corporation until thereafter amended as provided by Law, the
Certificate of Incorporation of the Surviving Corporation and such By-Laws.
SECTION 1.05. Directors. The directors of Merger Sub
immediately prior to the Effective Time shall be the initial directors of the
Surviving Corporation, each to hold office in accordance with the Certificate of
Incorporation and By-Laws of the Surviving Corporation, and the officers of the
Company immediately prior to the Effective Time shall be the initial officers of
the Surviving Corporation, in each case until their respective successors are
duly elected or appointed and qualified or until their earlier death resignation
or approval.
ARTICLE II
CONVERSION OF SECURITIES; EXCHANGE OF CERTIFICATES
Section 2.01 Conversion of Securities. At the Effective Time,
by virtue of the Merger and without any action on the part of Merger Sub, the
Company or the holders of any of the following securities:
(a) each share of common stock, par value $0.001 per
share, of the Company (the "Company Common Stock") issued and outstanding
immediately prior to the Effective Time (each a "Share" and collectively, the
"Shares" and each holder of Shares, a
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