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Agreement and Plan of Merger

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Title:

Agreement and Plan of Merger

Entities:

Date:

2008

Size:

Preview shows 43KB of 281KB total

Price:

$89

ID:

#3290120

► Plans ► Agreements ► Agreements & Plans of Merger

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AGREEMENT AND PLAN OF MERGER

by and among

KAR HOLDINGS II, LLC

(?Buyer?)

KAR HOLDINGS, INC.,

a wholly owned subsidiary of Buyer

(?Holdings?)

KAR ACQUISITION, INC.,

a wholly owned subsidiary of Holdings

(?Merger Sub?)

and

ADESA, INC.

Dated as of

December 22, 2006

Table of Contents


			Page
ARTICLE I DEFINITIONS AND TERMS			2

	Section 1.1	Definitions	2
	Section 1.2	Other Terms	19
	Section 1.3	Other Definitional Provisions	19

ARTICLE II THE MERGER			20

	Section 2.1	The Merger	20
	Section 2.2	The Closing	20
	Section 2.3	Effective Time	21
	Section 2.4	Effect of Merger	21
	Section 2.5	Procedure for Payment	25
	Section 2.6	No Further Transfers of Company Common Stock	27
	Section 2.7	Lost, Stolen or Destroyed Certificates	27
	Section 2.8	Further Action	28

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY			28

	Section 3.1	Due Organization of Company	28
	Section 3.2	Capitalization	29
	Section 3.3	Due Authorization of Transaction; Binding Obligation	30
	Section 3.4	Non-Contravention	31
	Section 3.5	Government Approvals, Consents and Filings	31
	Section 3.6	Litigation	32
	Section 3.7	Brokers? Fees	32
	Section 3.8	Reports and Financial Information; No Unknown Liabilities	32
	Section 3.9	Absence of Certain Changes or Events	33
	Section 3.10	Taxes	34
	Section 3.11	Employee Matters	35
	Section 3.12	Material Contracts	37
	Section 3.13	Customer Contracts	39
	Section 3.14	Regulatory Compliance	40
	Section 3.15	Title to Properties; Etc.	41
	Section 3.16	Intellectual Property	42
	Section 3.17	Environmental Matters	43
	Section 3.18	Labor Matters	44
	Section 3.19	Opinion of Financial Advisor	44
	Section 3.20	State Takeover Statutes	45
	Section 3.21	Insurance	45
	Section 3.22	Interested Party Transactions	45
	Section 3.23	Allete Spin-off	45
	Section 3.24	Proxy Statement	46


	Section 3.25	No Other Representations or Warranties	46

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER PARTIES			47

	Section 4.1	Due Incorporation	47
	Section 4.2	Due Authorization of Transaction; Binding Obligation	47
	Section 4.3	Non-Contravention	48
	Section 4.4	Government Approvals, Consents, and Filings	48
	Section 4.5	Litigation	49
	Section 4.6	Performance	49
	Section 4.7	Financing	49
	Section 4.8	Capitalization of Buyer, Holdings and Merger Sub	50
	Section 4.9	Finder?s Fees; Brokers	50
	Section 4.10	Information Supplied	50
	Section 4.11	Other Agreements	51
	Section 4.12	No Other Representations or Warranties	51

ARTICLE V CONDUCT OF BUSINESS PENDING THE MERGER			51

	Section 5.1	Conduct of Business of the Company Pending the Merger	51
	Section 5.2	Compensation Plans	55
	Section 5.3	No Solicitation	56
	Section 5.4	Conduct of Business by Buyer Parties Pending the Merger	58

ARTICLE VI ADDITIONAL AGREEMENTS			58

	Section 6.1	Stockholder Approvals	58
	Section 6.2	Proxy Statement	59
	Section 6.3	Access to Information; Confidentiality	60
	Section 6.4	Consents; Approvals	61
	Section 6.5	Notification of Certain Matters	62
	Section 6.6	Further Assurances	63
	Section 6.7	Public Announcements	63
	Section 6.8	Taxes	63
	Section 6.9	Director and Officer Liability	64
	Section 6.10	Action by Buyer and Company?s Boards	66
	Section 6.11	Employee Benefits	67
	Section 6.12	No Solicitation of Employees Prior to Close	69
	Section 6.13	Financing	69
	Section 6.14	No Acquisition of Shares	72
	Section 6.15	Merger Sub and Holdings	72
	Section 6.16	Third Party Consents	72
	Section 6.17	Stockholder Litigation	73
	Section 6.18	Existing Indebtedness

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