|
|
|
|
Document Preview Asset Purchase Agreement [Amended and Restated 2003] |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Asset Purchase Agreement [Amended and Restated 2003] |
|||
|
Entities: |
Banc of America Securities LLC; Cambrex Corp.; HEICO Corp.; Kirkland & Ellis; Milbank, Tweed, Hadley & McCloy; Rutherford Acquisition Corp. |
|||
|
Date: |
2003 |
|||
|
Size: |
Preview shows 20KB of 302KB total |
|||
|
Price: |
$54 |
|||
|
ID: |
#298622 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
AMENDED AND RESTATED ASSET PURCHASE AGREEMENT
dated as of
October 17, 2003
between
RUTHERFORD ACQUISITION CORP
and
CAMBREX CORPORATION
AND
THE SELLERS LISTED HEREIN
RELATING TO THE
RUTHERFORD CHEMICALS BUSINESS
OF
CAMBREX CORPORATION
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I DEFINITIONS..................................................................... 2
SECTION 1.01. Definitions........................................................ 2
ARTICLE II PURCHASE AND SALE.............................................................. 14
SECTION 2.01. Purchase and Sale.................................................. 14
SECTION 2.02. Excluded Assets.................................................... 14
SECTION 2.03. Assumed Liabilities................................................ 14
SECTION 2.04. Excluded Liabilities............................................... 14
SECTION 2.05. Assignment of Contracts and Rights................................. 14
SECTION 2.06. Purchase Price..................................................... 14
SECTION 2.07. Closing............................................................ 15
SECTION 2.08. Working Capital Adjustment......................................... 15
SECTION 2.09. Cash/Debt Adjustment............................................... 17
SECTION 2.10. Prorations......................................................... 18
SECTION 2.11. Additional Payments................................................ 18
ARTICLE III REPRESENTATIONS AND WARRANTIES OF CAMBREX..................................... 21
SECTION 3.01. Corporate Existence and Power...................................... 21
SECTION 3.02. Corporate Authorization............................................ 21
SECTION 3.03. Governmental Authorization......................................... 22
SECTION 3.04. Noncontravention................................................... 22
SECTION 3.05. Required Consents.................................................. 22
SECTION 3.06. Acquired Subsidiary................................................ 22
SECTION 3.07. Litigation......................................................... 23
SECTION 3.08. Compliance with Laws and Court Orders.............................. 23
SECTION 3.09. Financial Statements; Undisclosed Liabilities...................... 24
SECTION 3.10. Product Liability.................................................. 24
SECTION 3.11. Business Contracts................................................. 24
SECTION 3.12. Real Property...................................................... 26
SECTION 3.14. Insurance Coverage................................................. 29
SECTION 3.15. Employees.......................................................... 29
SECTION 3.16. Employee Benefit Plans............................................. 31
SECTION 3.17. Labor Matters...................................................... 34
SECTION 3.18. Environmental Matters.............................................. 35
SECTION 3.19. Sufficiency of Assets; Personal Property........................... 37
SECTION 3.20. Guarantees......................................................... 37
SECTION 3.21. Notes and Accounts Receivable...................................... 37
SECTION 3.22. Inventory.......................................................... 38
SECTION 3.23. Affiliate Transactions............................................. 38
SECTION 3.24. Customers and Suppliers............................................ 38
SECTION 3.25. Absence of Certain Changes......................................... 39
SECTION 3.26. Product Warranties, Defects and Liabilities........................ 40
SECTION 3.27. Names and Locations................................................ 40
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
SECTION 3.28. Bank Accounts...................................................... 40
SECTION 3.29. Finders' Fees...................................................... 41
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER........................................ 41
SECTION 4.01. Corporate Existence and Power...................................... 41
SECTION 4.02. Corporate Authorization............................................ 41
SECTION 4.03. Governmental Authorization......................................... 41
SECTION 4.04. Noncontravention................................................... 41
SECTION 4.05. Required Consents.................................................. 42
SECTION 4.06. Litigation......................................................... 42
SECTION 4.07. Financing.......................................................... 42
SECTION 4.08. Finders' Fees...................................................... 42
ARTICLE V COVENANTS OF CAMBREX AND SELLERS................................................ 42
SECTION 5.01. Conduct of the Rutherford Chemicals Business....................... 42
SECTION 5.02. Access to Information.............................................. 44
SECTION 5.03. Notices of Certain Events.......................................... 44
SECTION 5.04. Resignations....................................................... 44
SECTION 5.05. Affiliate Transactions............................................. 44
SECTION 5.06. Third Party Consents............................................... 44
SECTION 5.07 Non-Compete and Confidentiality Agreements......................... 45
SECTION 5.08. Exclusivity........................................................ 46
SECTION 5.09. Title Insurance and Surveys........................................ 47
SECTION 5.10. CasChem Collective Bargaining Agreement............................ 47
SECTION 5.11. Fulfillment of Obligations......................................... 47
SECTION 5.12. Payroll............................................................ 48
SECTION 5.13. Renaissance ERP Software........................................... 48
SECTION 5.14. Confidentiality Agreements......................................... 48
ARTICLE VI COVENANTS OF BUYER............................................................. 48
SECTION 6.01. Use of Names and Trademarks........................................ 48
SECTION 6.02. Transfer of Environmental Licenses................................. 49
SECTION 6.03. Post-Closing Environmental Operating Costs......................... 49
SECTION 6.04. Other Post-Closing Environmental Matters........................... 49
SECTION 6.05. Fulfillment of Obligations......................................... 50
SECTION 6.06. Financing.......................................................... 50
ARTICLE VII COVENANTS OF BUYER AND SELLERS................................................ 50
SECTION 7.01. Further Assurances; Post-Closing Access............................ 50
SECTION 7.02. HSR Filing and Certain Other Filings............................... 51
SECTION 7.03. Public Announcements............................................... 52
SECTION 7.04. WARN Act........................................................... 52
SECTION 7.05. Transition Services................................................ 52
SECTION 7.06. Supply Agreements.................................................. 52
SECTION 7.07. Sellers' Retained Remediation Activities........................... 52
SECTION 7.08. Other Remediation Activities....................................... 56
SECTION 7.09. Bulk Sales Laws.................................................... 58
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
SECTION 7.10. MACT Test.......................................................... 58
SECTION 7.11. Apportionment of Remediation Costs................................. 59
SECTION 7.12. Third Party Recoveries............................................. 59
ARTICLE VIII TAX MATTERS.................................................................. 60
SECTION 8.01. Definitions........................................................ 60
SECTION 8.02. Tax Representations................................................ 61
SECTION 8.03. Purchase Price Allocation; Tax Covenants........................... 62
SECTION 8.04. Tax Sharing........................................................ 64
SECTION 8.05. Cooperation on Tax Matters......................................... 64
SECTION 8.06. Indemnification by Sellers......................................... 65
SECTION 8.07. Survival........................................................... 66
SECTION 8.08. Exclusivity........................................................ 66
ARTICLE IX EMPLOYEE BENEFITS.............................................................. 66
SECTION 9.01. Employees and Offers of Employment................................. 66
SECTION 9.02. Sellers Plans...................................................... 68
SECTION 9.03. Bonuses............................................................ 69
SECTION 9.04. Third Party Beneficiaries.......................................... 69
SECTION 9.05. Medical Continuation Benefits...................................... 69
ARTICLE X CONDITIONS TO CLOSING........................................................... 70
SECTION 10.01. Conditions to Obligations of Buyer and Sellers.................... 70
SECTION 10.02. Conditions to Obligation of Buyer................................. 70
SECTION 10.03. Conditions to Obligation of Sellers............................... 72
ARTICLE XI SURVIVAL; NO OTHER REPRESENTATIONS............................................. 72
SECTION 11.01. Survival.......................................................... 72
SECTION 11.02. No Other Representations.......................................... 73
SECTION 11.03. Seller Disclosure Schedule........................................ 73
ARTICLE XII INDEMNIFICATION............................................................... 74
SECTION 12.01. Indemnification................................................... 74
SECTION 12.03. Calculation of Damages............................................ 76
SECTION 12.04. Exclusive Remedy.................................................. 77
ARTICLE XIII TERMINATION.................................................................. 77
SECTION 13.01. Grounds for Termination........................................... 77
SECTION 13.02. Effect of Termination............................................. 77
ARTICLE XIV MISCELLANEOUS................................................................. 78
SECTION 14.01. Notices........................................................... 78
SECTION 14.02. Amendments and Waivers............................................ 79
SECTION 14.03. Expenses.......................................................... 79
SECTION 14.04. Successors and Assigns............................................ 79
SECTION 14.05. Governing Law..................................................... 80
SECTION 14.06. Jurisdiction...................................................... 80
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
SECTION 14.07. WAIVER OF JURY TRIAL.............................................. 80
SECTION 14.08. Counterparts; Third Party Beneficiaries........................... 80
SECTION 14.09. Entire Agreement.................................................. 80
SECTION 14.10. Captions.......................................................... 80
{/TABLE}
Annexes
Annex A Assumed Liabilities
Annex B Excluded Assets
Annex C Excluded Liabilities
Annex D Sellers' Knowledge
Annex E Rutherford Products Catalog
Annex F Purchased Assets
Annex G Form of Supply Agreements
Annex H Form of Transition Services Agreement
Annex I Designated Areas and Designated Environmental Concerns
- Heico Map 1
- Heico Map 2
- Nepera Map
- Zeeland Map 1
- Zeeland Map 2
- Seal Sands Map
Annex J Stamp Duty Agreement
Annex K Subordinated Note
iv
{PAGE}
EXECUTION COPY
AMENDED AND RESTATED ASSET PURCHASE AGREEMENT
The parties hereto previously entered into an Asset Purchase Agreement,
dated as of August 7, 2003 (the "Existing Agreement"). Pursuant to Section 14.02
of the Existing Agreement, the undersigned wish to amend and restate the
Existing Agreement in its entirety as set forth below. The parties to this
Agreement agree that the Existing Agreement is hereby amended and restated in
its entirety as follows:
AMENDED AND RESTATED ASSET PURCHASE AGREEMENT dated as of October 17,
2003 (this "Agreement") among Rutherford Acquisition Corp., a Delaware
corporation ("Buyer"), Cambrex Corporation, a Delaware corporation ("Cambrex"),
Cambrex Limited, a company organized under the Laws of the United Kingdom
("Cambrex Limited"), CasChem, Inc., a Delaware corporation ("CasChem"), Nepera,
Inc., a New York corporation ("Nepera"), Nepcam, Inc., a New York corporation
("Nepcam"), and Zeeland Chemicals, Inc., a Michigan corporation ("Zeeland" and,
together with Cambrex Limited, CasChem, Nepera and Nepcam, the "Sellers", and
each individually, a "Seller").
W I T N E S S E T H :
WHEREAS, Rutherford Chemicals, Inc., a Delaware corporation
("Rutherford"), is a wholly-owned Subsidiary of Cambrex;
WHEREAS, CasChem, a wholly-owned Subsidiary of Rutherford,
owns and operates a manufacturing facility in Bayonne, New Jersey which
manufactures refined castor oil, castor oil derivatives and related products
(together with the real property owned by CasChem on which such facility is
located, the "Bayonne Facility");
WHEREAS, CasChem, through its Heico Chemicals, Inc. division, owns and
operates a manufacturing facility in Delaware Water Gap, Pennsylvania which
manufactures a variety of ASAs and high purity organic and inorganic salts (the
"Heico Facility");
WHEREAS, Nepera, a wholly-owned Subsidiary of Rutherford, owns
and operates a manufacturing facility in Harriman, New York which manufactures
pyridine and derivatives and Vitamin B3 (together with the real property owned
by Nepera on which such facility is located, the "Harriman Facility");
WHEREAS, Nepcam, a wholly-owned Subsidiary of Nepera which
operates from the Harriman Facility, markets chromium picolinate, zinc
picolinate and manganese picolinate, that is produced by Zeeland;
WHEREAS, Zeeland, a wholly-owned Subsidiary of Rutherford,
owns and operates a manufacturing facility in Zeeland, Michigan which
manufactures a range of advanced intermediates for the pharmaceutical, personal
care and imaging industries (the "Zeeland Facility");
WHEREAS, Cambrex Limited, a Subsidiary of Cambrex, owns 100%
of the capital stock of Seal Sands Chemicals Limited (company registration
number 2864354), a
{PAGE}
company organized under the Laws of the United Kingdom (the "Acquired
Subsidiary"), which owns and operates a manufacturing facility in Middlesbrough,
United Kingdom which manufactures monomers and performance enhancers for the
plastics and polymer markets (together with the real property owned by the
Acquired Subsidiary on which such facility is located, the "Seal Sands
Facility");
WHEREAS, the shares held by Cambrex Limited in the Acquired
Subsidiary constitute a substantial shareholding in a trading company for the
purposes of Schedule 7AC Taxation of Chargeable Gains Act 1992 and have been
|
End of Preview |
Home Intelligence Services Subscriptions News About Us