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Title: |
Agreement and Plan of Merger |
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Entities: |
Citibank, NA; DoubleClick Inc.; NetCreations Inc.; Robertson Stephens, Inc.; Telecom Italia SpA; Cravath, Swaine & Moore LLP |
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Date: |
2000 |
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Size: |
Preview shows 16KB of 198KB total |
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Price: |
$52 |
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ID: |
#280217 |
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AGREEMENT AND PLAN OF MERGER
among
SEAT PAGINE GIALLE S.P.A.,
SOGERIM, SOCIETE ANONYME,
NICKEL ACQUISITION CORP.
and
NETCREATIONS, INC.
Dated as of December 22, 2000
================================================================================
TABLE OF CONTENTS
{PAGE}
ARTICLE I
DEFINITIONS
SECTION 1.01 Certain Defined Terms...................................... 2
ARTICLE II
THE MERGER
SECTION 2.01 The Merger................................................. 8
SECTION 2.02 Closing.................................................... 8
SECTION 2.03 Effective Time............................................. 9
SECTION 2.04 Effect of the Merger....................................... 9
SECTION 2.05 Certificate of Incorporation; Bylaws;
Directors and Officers of Surviving
Corporation................................................ 9
ARTICLE III
EFFECT OF MERGER ON CAPITAL STOCK OF
CONSTITUENT CORPORATIONS; EXCHANGE OF CERTIFICATES
SECTION 3.01 Effect on Capital Stock.................................... 10
SECTION 3.02 Exchange of Shares Other than
Treasury Shares............................................ 11
SECTION 3.03 Stock Transfer Books....................................... 15
SECTION 3.04 Options to Purchase Company Common Stock................... 15
SECTION 3.05 Employee Stock Purchase Plan............................... 16
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF COMPANY
SECTION 4.01 Organization and Qualification;
Subsidiaries............................................... 17
SECTION 4.02 Certificate of Incorporation and Bylaws.................... 17
SECTION 4.03 Capitalization............................................. 18
SECTION 4.04 Authority Relative to This Agreement....................... 19
SECTION 4.05 No Conflict; Required Filings and
Consents................................................... 20
SECTION 4.06 Permits; Compliance with Laws.............................. 20
SECTION 4.07 SEC Filings; Financial Statements.......................... 21
SECTION 4.08 Absence of Certain Changes or Events....................... 22
SECTION 4.09 Employee Benefit Plans; Labor Matters...................... 24
SECTION 4.10 [Intentionally Omitted].................................... 28
ii
{PAGE}
SECTION 4.11 Contracts.................................................. 28
SECTION 4.12 Litigation................................................. 30
SECTION 4.13 Environmental Matters...................................... 30
SECTION 4.14 Intellectual Property...................................... 31
SECTION 4.15 Taxes...................................................... 36
SECTION 4.16 Insurance.................................................. 39
SECTION 4.17 Properties................................................. 39
SECTION 4.18 [Intentionally Omitted].................................... 40
SECTION 4.19 Opinion of Financial Advisor............................... 40
SECTION 4.20 Brokers.................................................... 40
SECTION 4.21 Certain Business Practices................................. 40
SECTION 4.22 Section 912 of New York Law Not
Applicable................................................. 41
SECTION 4.23 Business Activity Restriction.............................. 41
SECTION 4.24 Privacy.................................................... 42
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF PARENT
SECTION 5.01 Organization and Qualification;
Subsidiaries............................................... 42
SECTION 5.02 Authority Relative to this Agreement....................... 43
SECTION 5.03 No Conflict; Required Filings and
Consents................................................... 44
SECTION 5.04 Financing.................................................. 44
ARTICLE VI
COVENANTS
SECTION 6.01 Conduct of Business by Company Pending
the Closing................................................ 45
SECTION 6.02 Notices of Certain Events.................................. 48
SECTION 6.03 Access to Information; Confidentiality..................... 49
SECTION 6.04 No Solicitation of Transactions............................ 49
SECTION 6.05 [Intentionally Omitted].................................... 52
SECTION 6.06 Control of Operations...................................... 52
SECTION 6.07 Further Action; Consents; Filings.......................... 52
SECTION 6.08 Additional Reports......................................... 53
SECTION 6.09 Tax Information............................................ 54
ARTICLE VII
ADDITIONAL AGREEMENTS
SECTION 7.01 Proxy Statement............................................ 54
iii
{PAGE}
SECTION 7.02 Company Shareholders' Meeting.............................. 56
SECTION 7.03 Directors' and Officers' Indemnification
and Insurance.............................................. 57
SECTION 7.04 Public Announcements....................................... 59
SECTION 7.05 Employee Benefit Matters................................... 59
SECTION 7.06 Shareholder Agreement Legend............................... 60
SECTION 7.07 Guaranty of Performance.................................... 60
ARTICLE VIII
CONDITIONS TO THE MERGER
SECTION 8.01 Conditions to the Obligations of Each
Party to Consummate the Merger............................. 60
SECTION 8.02 Conditions to the Obligations of Company................... 61
SECTION 8.03 Conditions to the Obligations of Parent
and Lux Sub................................................ 62
ARTICLE IX
TERMINATION, AMENDMENT AND WAIVER
SECTION 9.01 Termination................................................ 63
SECTION 9.02 Effect of Termination...................................... 67
SECTION 9.03 Amendment.................................................. 67
SECTION 9.04 Waiver..................................................... 67
SECTION 9.05 Termination Fee; Expenses.................................. 68
ARTICLE X
GENERAL PROVISIONS
SECTION 10.01 Non-Survival of Representations and
Warranties................................................. 69
SECTION 10.02 Notices.................................................... 70
SECTION 10.03 Severability............................................... 71
SECTION 10.04 Assignment; Binding Effect; Benefit........................ 71
SECTION 10.05 Incorporation of Exhibits.................................. 72
SECTION 10.06 Governing Law.............................................. 72
SECTION 10.07 Waiver of Jury Trial....................................... 72
SECTION 10.08 Headings; Interpretation................................... 72
SECTION 10.09 Counterparts............................................... 73
SECTION 10.10 Entire Agreement........................................... 73
SECTION 10.11 Enforcement................................................ 73
ANNEXES
ANNEX A Form of Shareholders' Agreement
iv
{PAGE}
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER, dated as of December 22, 2000
(as amended, supplemented or otherwise modified from time to time, this
"Agreement"), among SEAT PAGINE GIALLE S.P.A. ("Parent"), a limited company
organized under the laws of the Republic of Italy and a majority owned
subsidiary of Telecom Italia S.p.A., a limited company organized under the laws
of the Republic of Italy, SOGERIM, SOCIETE ANONYME ("Lux Sub"), a Luxembourg
corporation and a wholly owned subsidiary of Telecom Italia S.p.A., NICKEL
ACQUISITION CORP., a New York corporation and a direct wholly owned subsidiary
of Lux Sub ("Merger Sub"), and NETCREATIONS, INC., a New York corporation
("Company"):
W I T N E S S E T H:
WHEREAS, the respective boards of directors of Parent, Lux Sub
and Company have each determined that it is advisable and in the best interests
of their respective companies and shareholders to enter into a business
combination by means of the merger of Merger Sub with and into Company (the
"Merger") and have approved and adopted this Agreement; and
WHEREAS, concurrently with the execution of this Agreement and
as an inducement to Parent to enter into this Agreement, certain shareholders of
Company have entered into a shareholders' agreement (the "Shareholders'
Agreement") in the form attached hereto as Annex A.
NOW, THEREFORE, in consideration of the foregoing and the
representations, warranties, covenants and agreements set forth herein, and
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.01 Certain Defined Terms
Unless the context otherwise requires, the following terms,
when used in this Agreement, shall have the respective meanings specified below
(such meanings to be equally applicable to the singular and plural forms of the
terms defined):
"Affiliate" shall mean, with respect to any person, any other
person that controls, is controlled by or is under common control with the first
person.
{PAGE}
"Business Day" shall mean any day on which the principal
offices of the SEC in Washington, D.C. are open to accept filings, or, in the
case of determining a date when any payment is due, any day on which banks are
not required or authorized by Law or executive order to close in New York.
"Code" shall mean the Internal Revenue Code of 1986, as
amended, together with the rules and regulations promulgated thereunder.
"Company Disclosure Schedule" shall mean the disclosure
schedule delivered by Company to Parent prior to the execution of this Agreement
and forming a part hereof.
"Company Material Adverse Effect" shall mean any change in or
effect on the business of Company that, individually or in the aggregate (taking
into account all other such changes or effects), is, or is reasonably likely to
be, materially adverse to the business, assets, liabilities, financial condition
or results of operations of Company, taken as a whole, except to the extent any
such change or effect results from or is attributable to (i) changes in general
economic conditions or changes affecting the industry generally in which Company
operates (provided that such changes do not affect Company in a materially
disproportionate manner) or (ii)(A) any litigation or loss of current or
prospective customers, employees or revenues as to which Company furnishes
reasonable evidence that it occurred primarily from the announcement of Company
entering into this Agreement or (B) any claim or litigation as a result of the
determination by the Company's board of directors that the proposal for the
Merger is a "Superior Proposal" within the meaning of the Company's prior merger
agreement with DoubleClick, Inc. ("DoubleClick"), dated as of October 2, 2000
(the "DoubleClick Merger Agreement") or alleging breach of the DoubleClick
Merger Agreement or arising as a result of the termination of the DoubleClick
Merger Agreement or the entry by the Company into this Merger Agreement or (C)
the payment by the Company of any termination fees or expenses pursuant to the
DoubleClick Merger Agreement; provided, however, that in no event shall (x) a
decrease in the trading price of Company Common Stock or litigation relating
thereto, (y) any matter publicly disclosed in a Company Report (as defined in
Section 4.07) or otherwise, in any case prior to the date hereof, or (z) the
termination of any agreement listed on Schedule I to the Company Disclosure
Schedule, be considered a Company Material Adverse Effect.
2
{PAGE}
"Company Stock Plan" shall mean Company's 1999 Employee Stock
Option Plan, as amended.
"Company Stock Purchase Plan" shall mean Company's 2000
Employee Stock Purchase Plan.
"Company Shareholders' Meeting" shall mean the special meeting
of Company shareholders to consider approval of this Agreement and the Merger.
"Competing Transaction" shall mean any of the following
involving Company (other than the Merger):
(i) any merger, consolidation, share exchange, business
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