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Title: |
Asset Purchase Agreement |
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Date: |
2007 |
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Size: |
Preview shows 12KB of 167KB total |
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Price: |
$47 |
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ID: |
#2866476 |
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ASSET PURCHASE AGREEMENT
by and among
OMNICARE, INC.,
STANDARD MANAGEMENT CORPORATION,
and
LONG TERM RX, INC.
Dated as of October 20, 2006
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
Article I DEFINITIONS AND DEFINED TERMS.................................. 1
Section 1.1 Definitions and Defined Terms......................... 1
Article II PURCHASE OF ASSETS.......................................... 1
Section 2.1 Purchase and Sale of Transferred Assets............... 1
Section 2.2 Excluded Assets....................................... 3
Article III ASSUMPTION OF LIABILITIES.................................... 3
Section 3.1 Assumed Liabilities................................... 3
Section 3.2 Retained Liabilities.................................. 3
Article IV PURCHASE PRICE................................................ 4
Section 4.1 Purchase Price........................................ 4
Section 4.2 Post-Closing Purchase Price Adjustment................ 4
Section 4.3 Contingent Payment.................................... 6
Section 4.4 Allocation of Consideration........................... 7
Section 4.5 Prorations............................................ 8
Section 4.6 Withholding Taxes..................................... 8
Section 4.7 Optional Consideration................................ 8
Article V CLOSING........................................................ 8
Section 5.1 Closing............................................... 8
Section 5.2 Deliveries at Closing................................. 9
Section 5.3 Conditions Precedent to Obligations of Each Party..... 11
Section 5.4 Conditions Precedent to Obligations of Purchaser...... 11
Section 5.5 Conditions Precedent to Obligations of Seller and/or
Parent................................................ 13
Article VI REPRESENTATIONS AND WARRANTIES OF SELLER AND PARENT........... 14
Section 6.1 Organization and Good Standing........................ 14
Section 6.2 Authorization and Effect of Agreement................. 14
Section 6.3 Consents and Approvals; No Violations................. 14
Section 6.4 No Third-Party Options................................ 15
Section 6.5 Permits; Compliance with Law.......................... 15
Section 6.6 Litigation............................................ 15
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
Section 6.7 Assets Necessary to Business.......................... 16
Section 6.8 Financial Statements.................................. 16
Section 6.9 Absence of Certain Changes............................ 16
Section 6.10 No Default............................................ 17
Section 6.11 Transactions with Affiliates.......................... 17
Section 6.12 Contracts............................................. 17
Section 6.13 Labor Relations....................................... 18
Section 6.14 Title to Assets....................................... 18
Section 6.15 Insurance............................................. 19
Section 6.16 Inventory............................................. 19
Section 6.17 Accounts Receivable................................... 19
Section 6.18 Product Returns and Warranties........................ 20
Section 6.19 Customers; Suppliers.................................. 20
Section 6.20 Absence of Certain Business Practices................. 20
Section 6.21 Certain Healthcare Legal Matters...................... 21
Section 6.22 Real Property......................................... 22
Section 6.23 Environmental......................................... 22
Section 6.24 No Broker............................................. 24
Section 6.25 No Misleading Statements.............................. 24
Section 6.26 Employee Benefits..................................... 24
Section 6.27 Taxes................................................. 25
Section 6.28 Proprietary Rights.................................... 26
Section 6.29 Information Technology................................ 27
Section 6.30 Solvency of Parent and Sellers........................ 28
Article VII REPRESENTATIONS AND WARRANTIES OF PURCHASER.................. 28
Section 7.1 Corporate Organization................................ 28
Section 7.2 Authorization and Effect of Agreement................. 28
Section 7.3 Consents and Approvals; No Violations................. 29
Section 7.4 No Broker............................................. 29
Article VIII COVENANTS................................................... 29
Section 8.1 Conduct of Business................................... 29
Section 8.2 Access................................................ 31
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
Section 8.3 Notification.......................................... 31
Section 8.4 No Inconsistent Action................................ 31
Section 8.5 Reasonable Best Efforts............................... 31
Section 8.6 Further Assurances.................................... 32
Section 8.7 Transfer Taxes........................................ 32
Section 8.8 Release of Liens...................................... 33
Section 8.9 Consents to Transferred Assets........................ 33
Section 8.10 Employment Matters.................................... 33
Section 8.11 Bulk Sales Laws....................................... 34
Section 8.12 No Solicitation....................................... 34
Section 8.13 Confidentiality....................................... 34
Section 8.14 No Solicitation of Employees.......................... 34
Section 8.15 Non-Competition....................................... 35
Section 8.16 Collection of Accounts Receivable..................... 35
Section 8.17 Post-Closing Agreements............................... 35
Section 8.18 Change of Name........................................ 36
Section 8.19 Payment of Indebtedness............................... 36
Section 8.20 Satisfaction of Leases................................ 36
Article IX TERMINATION................................................... 36
Section 9.1 Termination........................................... 36
Section 9.2 Procedure and Effect of Termination................... 37
Article X SURVIVAL; INDEMNIFICATION...................................... 38
Section 10.1 Survival of Indemnification Rights.................... 38
Section 10.2 Indemnification Obligations of Seller and Parent...... 38
Section 10.3 Indemnification Obligations of Purchaser.............. 39
Section 10.4 Indemnification Procedure............................. 40
Section 10.5 Calculation of Indemnity Payments..................... 40
Section 10.6 Tax Treatment of Indemnification...................... 41
Section 10.7 Relation of Indemnity to Holdback Payment............. 41
Section 10.8 Exclusive Remedy...................................... 41
Article XI MISCELLANEOUS PROVISIONS...................................... 41
Section 11.1 Notices............................................... 41
Section 11.2 Expenses.............................................. 42
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
Section 11.3 Successors and Assigns................................ 42
Section 11.4 Extension; Waiver..................................... 43
Section 11.5 Entire Agreement; Disclosure Schedules................ 43
Section 11.6 Amendments, Supplements, Etc.......................... 43
Section 11.7 Applicable Law; Waiver of Jury Trial.................. 43
Section 11.8 Actions by Seller or Parent........................... 43
Section 11.9 Execution in Counterparts............................. 44
Section 11.10 Titles and Headings................................... 44
Section 11.11 Invalid Provisions.................................... 44
Section 11.12 Publicity............................................. 44
Section 11.13 Specific Performance.................................. 44
Section 11.14 No Third-Party Beneficiaries.......................... 44
{/TABLE}
Exhibits
Exhibit A -- Definitions and Defined Terms
Exhibit B -- Form of Bill of Sale
Exhibit C -- Form of Assignment and Assumption Agreement
Exhibit D -- Form of Power of Attorney
Exhibit E -- Form of Pharmacy Letter
Exhibit F -- Form of Trademark Assignment Agreement
Exhibit G -- Form of Domain Name Assignment Agreement
Schedule 1 -- Contingent Facilities
iv
{PAGE}
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered
into as of October 20, 2006 by and among Omnicare, Inc., a Delaware
corporation ("Purchaser"), Standard Management Corporation, an Indiana
corporation ("Parent"), and Long Term Rx, Inc., an Indiana corporation
("Seller").
RECITALS:
WHEREAS, Seller is engaged in the business of providing (i)
pharmaceutical products, including, without limitation, prescription and
non-prescription drugs, infusion medication and related medical products and
pharmacy-related services, including, without limitation, consultant
pharmacists, services to nursing homes, assisted living facilities and other
long-term care facilities (collectively, "Facilities") and (ii) durable medical
equipment and respiratory equipment and supplies to Facilities and the retail
public (collectively, the "Business"); and
WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to
purchase, certain of the rights, properties and assets relating to the Business.
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