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Title: |
Asset Purchase Agreement |
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Entities: |
Credit Suisse First Boston LLC; J.C. Penney Co., Inc.; Davis Polk & Wardwell; Jones, Day, Reavis & Pogue; McDermott, Will & Emery |
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Date: |
2004 |
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Size: |
Preview shows 42KB of 280KB total |
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Price: |
$99 |
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ID: |
#330015 |
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Start of Preview |
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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
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 | |
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Section 1.03. Assumed Liabilities |
6 | |
|
Section 1.04. Excluded Liabilities |
7 | |
|
Section 1.05. Purchase of Southern Entity Shares |
8 | |
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Section 1.06. Financial Statements |
8 | |
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Section 1.07. Unadjusted Purchase Price |
9 | |
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Section 1.08. Conditional Purchase Price Adjustment |
9 | |
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Section 1.09. Estimated Purchase Price |
9 | |
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Section 1.10. Physical Inventory |
10 | |
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Section 1.11. Closing Working Capital Adjustment |
10 | |
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Section 1.12. Intercompany Obligations |
12 | |
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Section 1.13. Failed Landlord Consents |
13 | |
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Section 1.14. Closing |
15 | |
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Section 1.15. Deliveries At The Closing |
15 | |
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Section 1.16. Nonassignable Leases and Contracts |
18 | |
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Section 1.17. Obligation of the Purchaser to Perform |
18 | |
| ARTICLE 2 | ||
| REPRESENTATIONS AND WARRANTIES OF THE PARENT | ||
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Section 2.01. Representations and Warranties Regarding the Parent and the Sellers |
19 | |
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Section 2.02. Representations and Warranties Regarding the Southern Business |
21 | |
| ARTICLE 3 | ||
| REPRESENTATIONS AND WARRANTIES OF CVS AND THE PURCHASER | ||
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Section 3.01. Organization, Standing and Corporate Power |
36 | |
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Section 3.02. Authority of Purchaser; Noncontravention |
36 | |
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Section 3.03. Authority of CVS; Noncontravention |
37 | |
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Section 3.04. Governmental Consents and Approvals |
37 | |
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Section 3.05. Brokers |
38 | |
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Section 3.06. Financing |
38 | |
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Section 3.07. Investment Intent |
38 | |
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Section 3.08. Sophistication of the Purchaser |
38 | |
| ARTICLE 4 | ||
| COVENANTS | ||
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Section 4.01. Conduct of Business |
39 | |
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Section 4.02. Casualty; Condemnation |
44 | |
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Section 4.03. Acquisition Proposals; Inconsistent Activities |
44 | |
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Section 4.04. Access To Information; Confidentiality; Data Bridge Development |
45 | |
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Section 4.05. Reasonable Best Efforts; Regulatory Matters |
46 | |
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Section 4.06. Public Announcements |
50 | |
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Section 4.07. Further Assurances; No Hindrances |
50 | |
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Section 4.08. Notices of Certain Events |
50 | |
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Section 4.09. Notice of Possible Breach |
50 | |
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Section 4.10. Prescription Files |
51 | |
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Section 4.11. Tax Matters |
51 | |
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Section 4.12. Tax Matters Relating To The Southern Entities |
55 | |
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Section 4.13. Employee Matters |
62 | |
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Section 4.14. Guarantee Releases under Certain Contracts |
66 | |
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Section 4.15. Contractual Overpayments |
66 | |
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Section 4.16. Framework Agreement |
66 | |
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Section 4.17. Parent PBM Agreement |
67 | |
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Section 4.18. Title and Survey |
67 | |
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Section 4.19. Environmental Inspections |
68 | |
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Section 4.20. Prorations |
69 | |
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Section 4.21. Medicare And Medicaid Provider Numbers |
69 | |
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Section 4.22. Non-solicitation |
69 | |
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Section 4.23. Monthly Financial Reports |
70 | |
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Section 4.24. Texas Certifications |
70 | |
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Section 4.25. Northern Sites |
70 | |
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Section 4.26. Insurance Claims Administration |
70 | |
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Section 4.27. Controlled Substances Inventory |
70 | |
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Section 4.28. JCP Telemarketing Agreement |
71 | |
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Section 4.29. Sharing of Net Real Estate Costs in CN States |
71 | |
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Section 4.30. EDC Licensing, Inc |
71 | |
| ARTICLE 5 | ||
| CONDITIONS PRECEDENT | ||
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Section 5.01. Conditions to Each Partys Obligation |
71 | |
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Section 5.02. Conditions to Obligations of the Parent and the Sellers |
72 | |
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Section 5.03. Conditions to Obligations of the Purchaser |
73 | |
ii
| ARTICLE 6 | ||
| TERMINATION, AMENDMENT AND WAIVER | ||
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Section 6.01. Termination |
73 | |
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Section 6.02. Effect of Termination |
74 | |
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Section 6.03. Amendment |
74 | |
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Section 6.04. Extension; Waiver |
75 | |
| ARTICLE 7 | ||
| INDEMNIFICATION | ||
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Section 7.01. Indemnification By The Parent |
75 | |
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Section 7.02. Indemnification by CVS |
76 | |
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Section 7.03. Notice And Resolution of Claims |
77 | |
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Section 7.04. Limits on Indemnification |
79 | |
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Section 7.05. Indemnity Payments |
80 | |
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Section 7.06. Coordination With Tax Covenant |
80 | |
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Section 7.07. Knowledge |
80 | |
| ARTICLE 8 | ||
| MISCELLANEOUS | ||
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Section 8.01. Reliance |
81 | |
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Section 8.02. Fees and Expenses |
81 | |
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Section 8.03. Certain Definitions |
81 | |
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Section 8.04. Notices |
93 | |
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Section 8.05. Interpretation |
95 | |
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Section 8.06. Entire Agreement; Third Party Beneficiaries |
96 | |
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Section 8.07. Governing Law; Venue |
96 | |
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Section 8.08. Assignment |
96 | |
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Section 8.09. Alternative Structure |
97 | |
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Section 8.10. Enforcement |
98 | |
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Section 8.11. Severability |
98 | |
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Section 8.12. Counterparts |
99 | |
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Section 8.13. Bulk Sales Laws |
99 | |
iii
LIST OF SCHEDULE(S) AND EXHIBITS
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Schedule A |
Working Capital Schedule | |
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Exhibit A |
Names and Jurisdictions of Incorporation of Sellers | |
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Exhibit B |
TDI Companies | |
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Exhibit C1 |
Form of Penney Transition Services Agreement | |
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Exhibit C2 |
Terms of Penney Information Technology Services Agreement | |
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Exhibit C3 |
Form of Eckerd Transition Services Agreement | |
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Exhibit D |
[Reserved] | |
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Exhibit E |
Form of Assignment and Assumption Agreement | |
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Exhibit F |
Form of Lease Assignment and Assumption Agreements | |
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Exhibit G |
Form of Management Agreement | |
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Exhibit H |
Form of DEA Power of Attorney | |
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Exhibit I |
Balance Sheet | |
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Exhibit J |
Form of Framework Agreement | |
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Exhibit K |
Related Financials | |
iv
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT, dated as of April 4, 2004 (this Agreement), is made and entered into among CVS Pharmacy, Inc., a Rhode Island corporation (the Purchaser), CVS Corporation, a Delaware corporation (CVS), J.C. Penney Company, Inc., a Delaware corporation (the Parent), and the Sellers listed on Exhibit A attached hereto (including, Eckerd Corporation, a Delaware corporation (Eckerd), Thrift Drug, Inc., a Delaware corporation (Thrift) and Genovese Drug Stores, Inc., a Delaware corporation (Genovese) collectively, the Sellers).
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