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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: |
AVI BioPharma, Inc.; eXegenics Inc.; Cooley Godward LLP; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo; ELK Acquisition, Inc. |
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Date: |
2003 |
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Size: |
Preview shows 17KB of 247KB total |
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Price: |
$67 |
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ID: |
#299317 |
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Start of Preview |
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AGREEMENT AND PLAN OF MERGER
among:
AVI BIOPHARMA, INC.,
an Oregon corporation;
ELK ACQUISITION, INC.,
a Delaware corporation; and
EXEGENICS INC.,
a Delaware corporation
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Dated as of July 16, 2003
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================================================================================
{PAGE}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
{S} {C}
SECTION 1. THE OFFER.................................................................2
1.1 Conduct of the Offer.........................................................2
1.2 Company Actions..............................................................4
1.3 Directors....................................................................6
1.4 Common Top-Up Option.........................................................7
1.5 Preferred Top-Up Option......................................................8
SECTION 2. MERGER TRANSACTION........................................................9
2.1 Merger of Acquisition Sub into the Company...................................9
2.2 Effect of the Merger.........................................................9
2.3 Closing; Effective Time......................................................9
2.4 Certificate of Incorporation and Bylaws; Directors and Officers.............10
2.5 Conversion of Shares........................................................10
2.6 Surrender of Certificates; Stock Transfer Books.............................11
2.7 Shares Subject to Appraisal Rights..........................................13
2.8 Further Action..............................................................14
SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY............................14
3.1 Subsidiaries; Due Organization; Etc.........................................14
3.2 Certificate of Incorporation and Bylaws.....................................15
3.3 Capitalization, Etc.........................................................15
3.4 SEC Filings; Financial Statements...........................................16
3.5 Absence of Changes..........................................................18
3.6 Title to Assets.............................................................19
3.7 Loans and Advances..........................................................20
3.8 Leasehold...................................................................20
3.9 Intellectual Property.......................................................20
3.10 Contracts...................................................................21
3.11 Performance of Services.....................................................23
3.12 Liabilities.................................................................23
3.13 Compliance with Legal Requirements..........................................23
3.14 Certain Business Practices..................................................23
{/Table}
i
{PAGE}
TABLE OF CONTENTS
(CONTINUED)
{Table}
{Caption}
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{S} {C}
3.15 Governmental Authorizations.................................................23
3.16 Tax Matters.................................................................24
3.17 Employee and Labor Matters; Benefit Plans...................................25
3.18 Environmental Matters.......................................................28
3.19 Insurance...................................................................29
3.20 Transactions with Affiliates................................................29
3.21 Legal Proceedings; Orders...................................................30
3.22 Authority; Inapplicability of Anti-takeover Statutes; Binding Nature of
Agreement...................................................................30
3.23 Section 203 of the DGCL Not Applicable......................................31
3.24 No Discussions..............................................................31
3.25 Intent to Tender; Vote Required.............................................31
3.26 Non-Contravention; Consents.................................................31
3.27 Fairness Opinion............................................................32
3.28 Financial Advisor...........................................................32
3.29 Rights Agreement............................................................33
3.30 Full Disclosure.............................................................33
SECTION 4. REPRESENTATIONS AND WARRANTIES OF PARENT AND ACQUISITION SUB.............33
4.1 Valid Existence.............................................................34
4.2 Capitalization..............................................................34
4.3 SEC Filings; Financial Statements...........................................34
4.4 Authority; Binding Nature of Agreement......................................34
4.5 Non-Contravention; Consents.................................................35
4.6 No Vote Required............................................................35
4.7 Disclosure..................................................................35
SECTION 5. CERTAIN COVENANTS OF THE COMPANY.........................................35
5.1 Access and Investigation....................................................35
5.2 Operation of the Company's Business.........................................36
5.3 No Solicitation.............................................................39
SECTION 6. ADDITIONAL COVENANTS OF THE PARTIES......................................41
{/Table}
ii
{PAGE}
TABLE OF CONTENTS
(CONTINUED)
{Table}
{Caption}
PAGE
{S} {C}
6.1 Stockholder Approval; Proxy Statement.......................................41
6.2 Regulatory Approvals........................................................42
6.3 Stock Options; Warrants.....................................................43
6.4 Employee Matters............................................................43
6.5 Indemnification of Executive Officers and Directors.........................43
6.6 Additional Agreements.......................................................44
6.7 Disclosure..................................................................44
6.8 Letter of the Company's Accountants.........................................45
6.9 Listing.....................................................................45
6.10 Affiliate Agreements........................................................45
6.11 Section 16 Matters..........................................................45
SECTION 7. CONDITIONS PRECEDENT TO THE MERGER.......................................46
7.1 Stockholder Approval........................................................46
7.2 No Restraints...............................................................46
7.3 Effectiveness of Registration Statement.....................................46
7.4 Consummation of Offer.......................................................46
SECTION 8. TERMINATION..............................................................46
8.1 Termination.................................................................46
8.2 Effect of Termination.......................................................49
8.3 Expenses....................................................................49
SECTION 9. MISCELLANEOUS PROVISIONS.................................................50
9.1 Amendment...................................................................50
9.2 Waiver......................................................................50
9.3 No Survival of Representations and Warranties...............................50
9.4 Entire Agreement; Counterparts..............................................50
9.5 Applicable Law; Jurisdiction................................................50
9.6 Disclosure Schedule.........................................................50
9.7 Time is of the Essence......................................................51
9.8 Assignability...............................................................51
9.9 Notices.....................................................................51
{/Table}
iii
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(CONTINUED)
{Table}
{Caption}
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{S} {C}
9.10 Cooperation.................................................................52
9.11 Severability................................................................52
9.12 Construction................................................................52
{/Table}
{PAGE}
ANNEXES
Annex I - Certain Definitions
Annex II - Conditions to the Offer
1.
{PAGE}
EXHIBITS
Exhibit A - Form of Certificate of Incorporation of the Surviving Corporation
Exhibit B - Form of Affiliate Agreement
2.
{PAGE}
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and
entered into as of July 16, 2003, by and among: AVI BIOPHARMA, INC., an Oregon
corporation ("Parent"); ELK ACQUISITION, INC., a Delaware corporation and a
wholly owned subsidiary of Parent ("Acquisition Sub"); and EXEGENICS INC., a
Delaware corporation (the "Company"). Certain capitalized terms used in this
Agreement are defined in Annex I.
RECITALS
A. The boards of directors of Parent, Acquisition Sub and the Company
have determined that it is in the best interests of their respective
stockholders to effectuate a business combination upon the terms and subject to
the conditions set forth in this Agreement.
B. In furtherance of the contemplated business combination involving
Parent, Acquisition Sub and the Company, it is proposed: (a) that Acquisition
Sub make an exchange offer in which (i) each of the issued and outstanding
shares of Company Common Stock (together with any associated Rights) may be
exchanged for a fraction of a share of Parent Common Stock equal to the Common
Exchange Ratio, upon the terms and subject to the conditions set forth in this
Agreement, and (ii) each of the issued and outstanding shares of Company
Preferred Stock may be exchanged for a fraction of a share of Parent Common
Stock equal to the Preferred Exchange Ratio, upon the terms and subject to the
conditions set forth in this Agreement (such exchange offer, as it may be
amended from time to time, being referred to in this Agreement as the "Offer");
and (b) that, after acquiring shares of Company Capital Stock pursuant to the
Offer, Acquisition Sub merge with and into the Company upon the terms and
subject to the conditions set forth in this Agreement (the merger of Acquisition
Sub with and into the Company being referred to in this Agreement as the
"Merger").
C. The board of directors of the Company has: (i) unanimously
determined that this Agreement and the transactions contemplated hereby,
including the Offer and the Merger, are fair to and in the best interests of the
holders of Company Common Stock and Company Preferred Stock; and (ii)
unanimously resolved to recommend that the stockholders of the Company accept
the Offer, tender their shares of Company Capital Stock pursuant to the Offer
and (if required by applicable law in order to consummate the Merger) adopt this
Agreement.
D. In order to induce Parent and Acquisition Sub to enter into this
Agreement and to consummate the transactions contemplated hereby, concurrently
with the execution and delivery of this Agreement, certain stockholders of the
Company are executing Stockholder Agreements in favor of Parent and Acquisition
Sub (the "Stockholder Agreements").
1.
{PAGE}
AGREEMENT
The parties to this Agreement, intending to be legally bound, agree as
follows:
SECTION 1. THE OFFER
1.1 CONDUCT OF THE OFFER.
(a) Parent shall use commercially reasonable efforts
to cause Acquisition Sub to commence (within the meaning of Rule 14d-2 under the
Exchange Act) the Offer within six business days after the date of this
Agreement); provided, however, that Acquisition Sub shall not be required to
commence the Offer if (i) any of the conditions set forth in clauses "(a),"
"(b)," "(c)," "(i)," "(j)," "(k)," "(l)," "(m)," "(n)" or "(o)" of Annex II
shall not have been satisfied, or (ii) an event shall have occurred or a
circumstance shall exist that, in the reasonable judgment of Parent, would make
any of the conditions set forth in Annex II incapable of being satisfied prior
to the expiration date of the Offer.
(b) The obligation of Acquisition Sub to accept for
exchange, and to exchange or deliver any consideration for, any shares of
Company Capital Stock validly tendered (and not withdrawn) pursuant to the Offer
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