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Title: |
Asset Purchase Agreement |
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Entities: |
Credit Suisse First Boston LLC; CVS Corp.; J.C. Penney Co., Inc.; Goldman, Sachs & Co.; Davis Polk & Wardwell; Jones, Day, Reavis & Pogue; McDermott, Will & Emery; CVS Pharmacy, Inc. |
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Date: |
2004 |
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Size: |
Preview shows 8KB of 305KB total |
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Price: |
$84 |
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ID: |
#315482 |
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ASSET PURCHASE AGREEMENT
among
CVS PHARMACY, INC.
CVS CORPORATION
J.C. PENNEY COMPANY, INC. and
SELLERS LISTED ON EXHIBIT A ATTACHED HERETO
dated as of April 4, 2004
================================================================================
{PAGE}
TABLE OF CONTENTS
-----------------
PAGE
----
ARTICLE 1
PURCHASE AND SALE
Section 1.01. Purchase and Sale of Purchased Assets...........................2
Section 1.02. Excluded Assets.................................................5
Section 1.03. Assumed Liabilities.............................................6
Section 1.04. Excluded Liabilities............................................7
Section 1.05. Purchase of Southern Entity Shares..............................8
Section 1.06. Financial Statements............................................8
Section 1.07. Unadjusted Purchase Price.......................................8
Section 1.08. Conditional Purchase Price Adjustment...........................9
Section 1.09. Estimated Purchase Price........................................9
Section 1.10. Physical Inventory..............................................9
Section 1.11. Closing Working Capital Adjustment.............................10
Section 1.12. Intercompany Obligations.......................................12
Section 1.13. Failed Landlord Consents.......................................12
Section 1.14. Closing........................................................14
Section 1.15. Deliveries At The Closing......................................14
Section 1.16. Nonassignable Leases and Contracts.............................17
Section 1.17. Obligation of the Purchaser to Perform.........................18
ARTICLE 2
REPRESENTATIONS AND WARRANTIES OF THE PARENT
Section 2.01. Representations and Warranties Regarding the Parent
and the Sellers..............................................18
Section 2.02. Representations and Warranties Regarding the
Southern Business............................................20
ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF CVS AND THE PURCHASER
Section 3.01. Organization, Standing and Corporate Power.....................34
Section 3.02. Authority of Purchaser; Noncontravention.......................34
Section 3.03. Authority of CVS; Noncontravention.............................35
Section 3.04. Governmental Consents and Approvals............................36
Section 3.05. Brokers........................................................36
Section 3.06. Financing......................................................36
Section 3.07. Investment Intent..............................................36
Section 3.08. Sophistication of the Purchaser................................37
{PAGE}
ARTICLE 4
COVENANTS
Section 4.01. Conduct of Business............................................37
Section 4.02. Casualty; Condemnation.........................................42
Section 4.03. Acquisition Proposals; Inconsistent Activities.................42
Section 4.04. Access To Information; Confidentiality; Data
Bridge Development...........................................43
Section 4.05. Reasonable Best Efforts; Regulatory Matters....................44
Section 4.06. Public Announcements...........................................47
Section 4.07. Further Assurances; No Hindrances..............................48
Section 4.08. Notices of Certain Events......................................48
Section 4.09. Notice of Possible Breach......................................48
Section 4.10. Prescription Files.............................................48
Section 4.11. Tax Matters....................................................48
Section 4.12. Tax Matters Relating To The Southern Entities..................53
Section 4.13. Employee Matters...............................................59
Section 4.14. Guarantee Releases under Certain Contracts.....................63
Section 4.15. Contractual Overpayments.......................................63
Section 4.16. Framework Agreement............................................63
Section 4.17. Parent PBM Agreement...........................................64
Section 4.18. Title and Survey...............................................64
Section 4.19. Environmental Inspections......................................65
Section 4.20. Prorations.....................................................66
Section 4.21. Medicare And Medicaid Provider Numbers.........................66
Section 4.22. Non-solicitation...............................................66
Section 4.23. Monthly Financial Reports......................................67
Section 4.24. Texas Certifications...........................................67
Section 4.25. Northern Sites.................................................67
Section 4.26. Insurance Claims Administration................................67
Section 4.27. Controlled Substances Inventory................................67
Section 4.28. JCP Telemarketing Agreement....................................67
Section 4.29. Sharing of Net Real Estate Costs in CN States..................68
Section 4.30. EDC Licensing, Inc.............................................68
ARTICLE 5
CONDITIONS PRECEDENT
Section 5.01. Conditions to Each Party's Obligation..........................68
Section 5.02. Conditions to Obligations of the Parent and the Sellers........69
Section 5.03. Conditions to Obligations of the Purchaser.....................69
ARTICLE 6
TERMINATION, AMENDMENT AND WAIVER
Section 6.01. Termination....................................................70
Section 6.02. Effect of Termination..........................................71
ii
{PAGE}
Section 6.03. Amendment......................................................71
Section 6.04. Extension; Waiver..............................................71
ARTICLE 7
INDEMNIFICATION
Section 7.01. Indemnification By The Parent..................................72
Section 7.02. Indemnification by CVS.........................................73
Section 7.03. Notice And Resolution of Claims................................74
Section 7.04. Limits on Indemnification......................................75
Section 7.05. Indemnity Payments.............................................76
Section 7.06. Coordination With Tax Covenant.................................76
Section 7.07. Knowledge......................................................76
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