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Title: |
Agreement and Plan of Merger |
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Entities: |
Amgen, Inc.; First Union National Bank; Gliatech Inc.; Guilford Pharmaceuticals Inc.; Hogan & Hartson; Jones, Day, Reavis & Pogue; St. John Development Corp. |
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Date: |
2000 |
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Size: |
Preview shows 21KB of 194KB total |
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Price: |
$66 |
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ID: |
#305777 |
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AGREEMENT AND PLAN OF MERGER
among
GUILFORD PHARMACEUTICALS INC.,
GLIATECH INC.
and
ST. JOHN DEVELOPMENT CORP.
Dated as of May 29, 2000
{PAGE} 2
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
{S} {C}
ARTICLE I THE MERGER.................................................................................2
1.1. The Merger............................................................................2
1.2. Closing...............................................................................2
1.3. Effective Time........................................................................2
ARTICLE II THE SURVIVING COMPANY.....................................................................3
2.1. Certificate of Incorporation..........................................................3
2.2. By-Laws...............................................................................3
2.3. Board of Directors....................................................................3
ARTICLE III CONVERSION OF SHARES.....................................................................3
3.1. Effect on Stock.......................................................................3
3.2. Exchange of Certificates for Shares...................................................4
3.3. Appraisal Rights......................................................................7
3.4. Adjustments to Prevent Dilution.......................................................7
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY.............................................8
4.1. Organization, Good Standing and Qualification.........................................8
4.2. Capitalization........................................................................8
4.3. Corporate Authority; Approval and Fairness............................................9
4.4. Governmental Filings; No Violations...................................................10
4.5. Company Reports; Financial Statements.................................................11
4.6. Absence of Certain Changes............................................................12
4.7. Litigation and Liabilities............................................................12
4.8. Employee Benefits.....................................................................13
4.9. Compliance with Laws; Permits.........................................................15
4.10. Takeover Statutes.....................................................................16
4.11. Environmental Matters.................................................................16
4.12. Taxes.................................................................................17
4.13 Labor Matters.........................................................................18
4.14. Intellectual Property; FDA Matters....................................................19
4.15. Title to Property.....................................................................21
4.16. Material Contracts....................................................................21
4.17. Brokers and Finders...................................................................22
4.18. Insurance.............................................................................22
4.19. Interested Party Transactions.........................................................22
4.20. Rights Plan...........................................................................22
4.21. Accounting, Tax and SEC Matters.......................................................23
ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUBSIDIARY.............................23
{/TABLE}
-i-
{PAGE} 3
{TABLE}
{S} {C}
5.1. Merger Subsidiary.....................................................................23
5.2. Organization, Good Standing and Qualification.........................................24
5.3. Capitalization........................................................................24
5.4. Authority; Approval and Fairness......................................................25
5.5. Governmental Filings; No Violations...................................................26
5.6. Parent Reports; Financial Statements..................................................27
5.7. Absence of Certain Changes............................................................28
5.8. Litigation and Liabilities............................................................28
5.9. Compliance with Laws; Permits.........................................................28
5.10. Environmental Matters.................................................................29
5.11. Taxes.................................................................................30
5.12. Intellectual Property.................................................................31
5.13. Brokers and Finders...................................................................33
5.14. Accounting and Tax Matters............................................................33
5.15. Labor Matters.........................................................................34
5.16. Title to Property.....................................................................34
5.17. Material Contracts....................................................................34
5.18. Parent Employment Arrangements........................................................35
ARTICLE VI COVENANTS.................................................................................35
6.1. Interim Operations of the Company.....................................................35
6.2. Interim Operations of Parent..........................................................37
6.3. Interim Operations of Merger Subsidiary...............................................38
6.4. Acquisition Proposals.................................................................38
6.5. Information Supplied..................................................................39
6.6. Stockholders Meetings.................................................................40
6.7. Filings; Other Actions; Notification..................................................41
6.8. Taxation and Accounting...............................................................42
6.9. Access................................................................................42
6.10. Affiliates............................................................................43
6.11. Publicity.............................................................................44
6.12. Benefits..............................................................................44
6.13. Expenses..............................................................................46
6.14. Indemnification; Directors' and Officers' Insurance...................................46
6.15. Other Actions by the Company and Parent...............................................48
6.16 Board of Directors....................................................................49
ARTICLE VII CONDITIONS...............................................................................49
7.1. Conditions to Each Party's Obligation to Effect the Merger............................49
7.2. Conditions to Obligations of Parent and Merger Subsidiary.............................50
7.3. Conditions to Obligation of the Company...............................................51
ARTICLE VIII TERMINATION.............................................................................52
8.1. Termination by Mutual Consent.........................................................52
{/TABLE}
-ii-
{PAGE} 4
{TABLE}
{S} {C}
8.2. Termination by Either Parent or the Company...........................................52
8.3. Termination by the Company............................................................53
8.4. Termination by Parent.................................................................53
8.5. Effect of Termination and Abandonment.................................................54
ARTICLE IX MISCELLANEOUS AND GENERAL.................................................................55
9.1. Survival..............................................................................55
9.2. Modification or Amendment.............................................................56
9.3. Waiver of Conditions..................................................................56
9.4. Counterparts..........................................................................56
9.5. Governing Law; Waiver of Jury Trial...................................................56
9.6. Notices...............................................................................57
9.7. Entire Agreement; No Other Representations............................................58
9.8. No Third Party Beneficiaries..........................................................58
9.9. Severability..........................................................................58
9.10. Interpretation........................................................................58
9.11. Assignment............................................................................59
9.12. Definitions...........................................................................59
{/TABLE}
-iii-
{PAGE} 5
AGREEMENT AND PLAN OF MERGER
----------------------------
THIS AGREEMENT AND PLAN OF MERGER (hereinafter called this
"Agreement"), dated as of May 29, 2000 among Guilford Pharmaceuticals Inc., a
Delaware corporation (the "Company"), Gliatech Inc., a Delaware corporation
("Parent"), and St. John Development Corp., a Delaware corporation ("Merger
Subsidiary").
RECITALS
--------
WHEREAS, the respective boards of directors of each of Parent,
the Company, and the Merger Subsidiary, have adopted this Agreement and
determined that the merger of the Merger Subsidiary with and into the Company
(the "Merger") upon the terms and subject to the conditions set forth in this
Agreement is advisable and have approved the Merger;
WHEREAS, in order to induce Parent and Merger Subsidiary to
enter into this Agreement, concurrently herewith certain officers and each of
the directors of the Company are entering into stockholder agreements with
Parent (the "Stockholder Agreements"), pursuant to which, among other things,
each such person agrees to vote as a stockholder in favor of this Agreement and
the Merger and against any competing proposals;
WHEREAS, it is intended that, for federal income tax purposes,
the Merger shall qualify as a reorganization under the provisions of Section
368(a) of the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder (the "Code");
WHEREAS, for financial accounting purposes, it is intended
that the Merger shall be accounted for as a "pooling-of-interests;" and
WHEREAS, the Company, Parent and Merger Subsidiary desire to
make certain representations, warranties, covenants and agreements in connection
with this Agreement.
NOW, THEREFORE, in consideration of the premises, and of the
representations, warranties, covenants and agreements contained herein, the
parties hereto agree as follows:
{PAGE} 6
ARTICLE I
THE MERGER
1.1. THE MERGER.
Upon the terms and subject to the conditions set forth in this
Agreement, at the Effective Time (as defined in Section 1.3) the Merger
Subsidiary shall be merged with and into the Company and the separate corporate
existence of the Merger Subsidiary shall thereupon cease. The Company shall be
the surviving company in the Merger (sometimes hereinafter referred to as the
"Surviving Company"), and the separate legal existence of the Company with all
its rights, privileges, immunities, powers and franchises shall continue
unaffected by the Merger. The Merger shall have the effects specified in the
Delaware General Corporation Law, as amended (the "DGCL").
1.2. CLOSING.
The closing of the Merger (the "Closing") shall take place (i)
at the offices of Hogan & Hartson LLP, 111 South Calvert Street, Baltimore,
Maryland 21202 at 9:00 A.M. not later than the second business day after the day
on which the last to be fulfilled or waived of the conditions set forth in
Article VII (other than those conditions that by their nature are to be
satisfied at the Closing, but subject to the fulfillment or waiver of those
conditions) shall be satisfied or waived in accordance with this Agreement or
(ii) at such other place and time and/or on such other date as the Company and
Parent may agree (the "Closing Date").
1.3. EFFECTIVE TIME.
As soon as practicable following the Closing, the Company,
Merger Subsidiary and Parent will cause a Certificate of Merger (the
"Certificate of Merger") to be executed, acknowledged and filed with and
accepted for record by the Delaware Secretary of State (the "Secretary") as
provided in Section 251 of the DGCL. The Merger shall become effective at the
time the Certificate of Merger is filed with the Secretary or at such later time
agreed by the Company and Parent and established under the Certificate of
Merger, not to exceed 30 days after the Certificate of Merger is filed with the
Secretary (the "Effective Time").
-2-
{PAGE} 7
ARTICLE II
THE SURVIVING COMPANY
2.1. CERTIFICATE OF INCORPORATION.
The certificate of incorporation of the Company in effect at
the Effective Time shall be the certificate of incorporation (the "Certificate
of Incorporation") of the Surviving Company, provided that immediately after the
Effective Time the Certificate of Incorporation shall be amended to read in its
entirety like the certificate of incorporation of the Merger Subsidiary as in
effect immediately prior to the Effective Time, except that Article 1. of such
certificate of incorporation shall be amended in its entirety to read as
follows: "The name of the corporation is Gliatech Inc. (the "Corporation")."
2.2. BY-LAWS.
The by-laws of Merger Subsidiary in effect at the Effective
Time, shall be adopted as the by-laws of the Surviving Company (the "By-Laws"),
until thereafter amended as provided therein or by applicable law.
2.3. BOARD OF DIRECTORS.
The Board of Directors of Merger Subsidiary at the Effective
Time shall, from and after the Effective Time, be the Board of Directors of the
Surviving Company until their successors have been duly elected or appointed and
qualified or until their earlier death, resignation or removal in accordance
with the Certificate of Incorporation and the By-Laws.
ARTICLE III
CONVERSION OF SHARES
3.1. EFFECT ON STOCK.
At the Effective Time, as a result of the Merger and without
any action on the part of the holder of any stock of the Company:
(a) MERGER CONSIDERATION. Each share of Common Stock, $0.01
par value per share, of the Company ("Company Common Stock") (each a "Share" or,
collectively, the "Shares") issued and outstanding immediately prior to the
Effective Time (other than shares to be cancelled pursuant to Section 3.1(b)
hereof) shall be converted into, and become exchangeable for the right to
receive consideration (the "Merger Consideration"), consisting of 1.38 shares
(the "Exchange Ratio") of Common Stock, $0.01 par value per share, of Parent
(the "Parent Common Stock") (including any related Rights issued pursuant to the
Rights Agreement (the "Parent Rights Agreement") dated September 26,
-3-
{PAGE} 8
1995, as amended, between Parent and American Stock Transfer and Trust Company).
At the Effective Time, all Shares shall no longer be
outstanding and shall be canceled and retired and shall cease to exist, and each
certificate (a "Certificate") formerly representing any of such Shares shall
thereafter represent only the right to receive the Merger Consideration, cash in
lieu of fractional shares pursuant to SECTION 3.2(e), if any, and any
distribution or dividend pursuant to SECTION 3.2(c).
(b) CANCELLATION OF SHARES. Each Share issued and outstanding
immediately prior to the Effective Time and owned by Parent or owned by the
Company or any direct or indirect Subsidiary of the Company (in each case other
than Shares that are owned on behalf of third parties), shall, by virtue of the
Merger and without any action on the part of the holder thereof, cease to be
outstanding and shall be canceled and retired without payment of any
consideration therefor.
(c) MERGER SUBSIDIARY. At the Effective Time, each share of
common stock of Merger Subsidiary issued and outstanding immediately prior to
the Effective Time shall be converted into one share of common stock of the
Surviving Company.
3.2. EXCHANGE OF CERTIFICATES FOR SHARES.
(a) EXCHANGE AGENT. Not later than the Effective Time, Parent
shall deposit, or shall cause to be deposited, with American Stock Transfer &
Trust Co. or another entity selected by Parent prior to the Effective Time with
the Company's approval, which shall not be unreasonably withheld (the "Exchange
Agent"), for the benefit of the holders of Shares, certificates representing the
shares of Parent Common Stock and, after the Effective Time, if applicable, any
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