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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: |
Connetics Corp.; Deutsche Bank Securities Inc.; Deutsche Bank Trust Company Americas; Goldman, Sachs & Co.; Willkie Farr & Gallagher |
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Date: |
2006 |
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Size: |
Preview shows 12KB of 215KB total |
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Price: |
$67 |
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ID: |
#2577845 |
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AGREEMENT AND PLAN OF MERGER
among:
STIEFEL LABORATORIES, INC.,
a Delaware corporation;
CLEAR ACQUISITION SUB, INC.,
a Delaware corporation; and
CONNETICS CORPORATION,
a Delaware corporation
---------------------------
Dated as of October 22, 2006
---------------------------
================================================================================
{PAGE}
TABLE OF CONTENTS
Page
----
SECTION 1. DESCRIPTION OF TRANSACTION.......................................1
1.1 Merger of Merger Sub into the Company............................1
1.2 Effects of the Merger............................................1
1.3 Closing; Effective Time..........................................1
1.4 Certificate of Incorporation and Bylaws; Directors and Officers..2
1.5 Conversion of Shares, Options, and Warrants......................2
1.6 Payment Fund.....................................................4
1.7 Payment Procedures...............................................4
1.8 Termination of Payment Fund......................................4
1.9 Closing of the Company's Transfer Books..........................5
1.10 Lost Certificates................................................5
1.11 Withholding Rights...............................................5
1.12 Further Action...................................................5
SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY....................6
2.1 Subsidiaries; Due Organization...................................6
2.2 Capitalization, Etc..............................................6
2.3 SEC Filings; Financial Statements................................8
2.4 Absence of Changes..............................................10
2.5 Title to Assets.................................................11
2.6 Real Property; Leasehold........................................12
2.7 Intellectual Property...........................................12
2.8 Contracts.......................................................13
2.9 Compliance with Legal Requirements..............................16
2.10 Certain Business Practices......................................16
2.11 Governmental Authorizations.....................................16
2.12 Tax Matters.....................................................16
2.13 Employee and Labor Matters; Benefit Plans.......................18
2.14 Transactions with Affiliates....................................19
2.15 Legal Proceedings; Orders.......................................20
2.16 Regulatory Matters..............................................20
2.17 Insurance.......................................................21
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2.18 Authority.......................................................21
2.19 Non-Contravention; Consents.....................................22
2.20 Information Supplied............................................23
2.21 Fairness Opinion................................................23
2.22 Financial Advisor...............................................23
2.23 Delaware Section 203............................................23
2.24 Company Rights Agreement........................................24
2.25 Environmental Compliance........................................24
SECTION 3. REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB.........24
3.1 Due Organization................................................24
3.2 Compliance with Legal Requirements..............................25
3.3 Legal Proceedings...............................................25
3.4 Authority.......................................................25
3.5 Non-Contravention; Consents.....................................25
3.6 Information Supplied............................................26
3.7 Ownership of Company Common Stock...............................26
3.8 No Prior Merger Sub Operations..................................27
3.9 Sufficient Funds................................................27
3.10 Investigation...................................................27
SECTION 4. CERTAIN COVENANTS OF THE PARTIES................................27
4.1 Access and Investigation........................................27
4.2 Operations Before Closing.......................................28
4.3 No Solicitation.................................................32
SECTION 5. ADDITIONAL COVENANTS OF THE PARTIES.............................34
5.1 Company Proxy Statement.........................................34
5.2 Company Stockholders' Meeting...................................35
5.3 Stock Options and Company ESPP..................................36
5.4 Employee Benefits...............................................38
5.5 Indemnification of Officers and Directors.......................39
5.6 Regulatory Approvals and Related Matters........................40
5.7 Confidentiality; Disclosure.....................................42
{PAGE}
TABLE OF CONTENTS
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5.8 Section 16 Matters..............................................42
5.9 Convertible Notes...............................................42
SECTION 6. CONDITIONS PRECEDENT TO OBLIGATIONS OF PARENT AND MERGER SUB....42
6.1 Accuracy of Company Representations.............................42
6.2 Performance of Covenants........................................43
6.3 Company Stockholder Approval....................................43
6.4 Company Officers' Certificate...................................43
6.5 HSR Waiting Period..............................................43
6.6 No Restraints...................................................43
6.7 No Company MAE..................................................43
SECTION 7. CONDITIONS PRECEDENT TO OBLIGATION OF THE COMPANY...............43
7.1 Accuracy of Parent and Merger Sub Representations...............43
7.2 Performance of Covenants........................................44
7.3 Company Stockholder Approval....................................44
7.4 Parent Officer's Certificate....................................44
7.5 HSR Waiting Period..............................................44
7.6 No Restraints...................................................44
SECTION 8. TERMINATION.....................................................44
8.1 Termination.....................................................44
8.2 Effect of Termination...........................................46
8.3 Expenses........................................................46
8.4 Termination Fee.................................................46
SECTION 9. MISCELLANEOUS PROVISIONS........................................47
9.1 Amendment.......................................................48
9.2 Extension; Waiver...............................................48
9.3 No Survival of Representations and Warranties...................48
9.4 Entire Agreement; Counterparts; Exchanges by Facsimile or
Electronic Delivery.............................................48
9.5 Applicable Law; Jurisdiction....................................49
9.6 Attorneys' Fees.................................................49
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9.7 Assignability; No Third Party Rights............................49
9.8 Notices.........................................................49
9.9 Severability....................................................50
9.10 Construction....................................................50
EXHIBITS
Exhibit A - Certain Definitions
{PAGE}
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER ("Agreement") is made and entered into as
of October 22, 2006, by and among: Stiefel Laboratories, Inc., a Delaware
corporation ("Parent"); Clear Acquisition Sub, Inc., a Delaware corporation and
a wholly-owned subsidiary of Parent ("Merger Sub"); and Connetics Corporation, a
Delaware corporation (the "Company"). Certain capitalized terms used in this
Agreement are defined in Exhibit A.
RECITALS
A. Parent, Merger Sub and the Company intend to effect a merger of Merger
Sub with and into the Company in accordance with this Agreement and the DGCL
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