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Title: |
Merger Agreement |
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Entities: |
First National Bank of Boston; Fleet National Bank; Safety Insurance Group, Inc.; Tucker Anthony Inc.; Mayer, Brown, Rowe & Maw |
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Date: |
2002 |
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Size: |
Preview shows 19KB of 183KB total |
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Price: |
$70 |
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ID: |
#348369 |
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MERGER AGREEMENT
BY AND AMONG
SAFETY HOLDINGS, INC.,
SAFETY ACQUISITION, INC.,
THOMAS BLACK CORPORATION
AND
THE SHAREHOLDERS OF
THOMAS BLACK CORPORATION
DATED AS OF MAY 31, 2001
{Page}
TABLE OF CONTENTS
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ARTICLE I
DEFINITIONS
{S} {C} {C}
1.01 Definitions.........................................................1
1.02 Interpretation......................................................8
1.03 Accounting Conventions..............................................9
1.04 Business Days.......................................................9
ARTICLE II
THE MERGER
2.01 The Merger..........................................................9
2.02 Time and Place of Closing..........................................11
2.03 Directors..........................................................12
2.04 Officers...........................................................12
2.05 Certificate of Incorporation and By-Laws...........................12
ARTICLE III
REPRESENTATIONS AND WARRANTIES
RELATING TO THE COMPANY AND SUBSIDIARIES
3.01 Corporate Organization; Etc........................................12
3.02 Capitalization.....................................................13
3.03 Authority Relative to this Agreement...............................13
3.04 Consents and Approvals; No Violations..............................13
3.06 Financial Statements...............................................14
3.07 Absence of Certain Changes.........................................15
3.08 Compliance with Law................................................15
3.09 Contracts and Commitments..........................................15
3.10 No Undisclosed Liabilities.........................................16
3.11 No Default.........................................................16
3.12 Litigation........................................................16
3.13 Taxes..............................................................16
3.14 Brokers and Finders................................................17
3.15 Title to Properties................................................17
3.16 Intellectual Property..............................................18
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3.17 Insurance..........................................................19
3.18 Environmental Matters..............................................19
3.19 Employee Benefit Plans.............................................20
3.20 Insurance Business.................................................21
3.21 Real Property......................................................24
3.22 Permits............................................................24
3.23 Reinsurance........................................................24
3.24 No Other Agreements to Sell the Business...........................25
3.25 Accuracy of Information............................................25
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
OF THE PURCHASER AND ACQUISITION
4.01 Organization.......................................................26
4.02 Authority Relative to this Agreement...............................26
4.03 Consents and Approvals; No Violation...............................27
4.04 Litigation.........................................................27
4.05 Brokers and Finders................................................27
4.06 Purchaser's Acknowledgments........................................28
ARTICLE V
COVENANTS OF THE PARTIES
5.01 Conduct of Business................................................28
5.02 Access to Information..............................................30
5.03 Further Assurances.................................................30
5.04 Filings............................................................31
5.05 Public Announcements...............................................31
5.06 Fees and Expenses..................................................31
5.07 Disclosure Supplements............................................31
5.08 Employee Benefit Matters...........................................32
5.09 Exclusivity........................................................33
5.10 Financing Commitments..............................................34
5.11 Appointment of Shareholder Representative..........................34
{/Table}
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5.12 Termination of Certain Agreements..................................35
5.13 Meeting of Shareholders............................................35
5.14 Shareholders/Voting Arrangement....................................35
5.15 Proxy Statement....................................................35
5.16 Assignment.........................................................36
ARTICLE VI
CLOSING CONDITIONS
6.01 Conditions to the Obligations of the Company and the Shareholders
to Effect the Transactions Contemplated Hereby.....................36
6.02 Conditions to the Obligations of the Purchaser and Acquisition
to Effect the Transactions Contemplated Hereby.....................37
ARTICLE VII
TERMINATION AND ABANDONMENT
7.01 Termination........................................................39
7.02 Procedure and Effect of Termination................................39
ARTICLE VIII
INDEMNIFICATION
8.01 Survival, Representations and Warranties...........................40
8.02 Indemnification Obligation of the Shareholders.....................40
8.03 Indemnification Obligation of Purchaser............................41
8.04 Indemnification Procedures.........................................41
8.05 Payment............................................................42
8.06 Adjustment to Indemnities..........................................42
8.07 Payment of Taxes ..................................................43
ARTICLE IX
MISCELLANEOUS PROVISIONS
9.01 Amendment and Modification.........................................45
9.02 Waiver of Compliance; Consents.....................................45
9.03 Notices............................................................45
9.04 Assignment.........................................................46
9.05 Jurisdiction; Forum................................................46
9.06 Governing Law......................................................47
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9.07 Counterparts.......................................................47
9.08 Interpretation.....................................................47
9.09 Entire Agreement...................................................47
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MERGER AGREEMENT
THIS MERGER AGREEMENT is made as of this 31st day of May, 2001, by and
among Safety Holdings, Inc., a Delaware corporation (the "PURCHASER"), Safety
Acquisition, Inc., a Delaware corporation and first-tier, wholly-owned
subsidiary of the Purchaser ("ACQUISITION"), Thomas Black Corporation, a
Massachusetts corporation (the "COMPANY"), and the holders of Company Capital
Stock (the "SHAREHOLDERS").
WHEREAS, upon the terms and subject to the conditions of this Agreement and
in the related Certificate of Merger attached as EXHIBIT A hereto (the
"CERTIFICATE OF MERGER"), and in accordance with the Massachusetts Business
Corporation Law ("MBCL") and the Delaware General Corporation Law ("DGCL"),
Acquisition will be merged with and into the Company (the "MERGER") with the
Company being the surviving corporation (the "SURVIVING CORPORATION");
WHEREAS, the Surviving Corporation will be a corporation organized under
the DGCL pursuant to Section 78 of the MBCL, and Section 252 of the DGCL; and
WHEREAS, the parties to this Agreement desire for Acquisition and the
Company to engage in, and the boards of directors of the Purchaser, Acquisition,
and the Company have approved and adopted this Agreement and have approved, the
Merger and other transactions contemplated hereby.
NOW, THEREFORE, in consideration of the premises, covenants and agreements
set forth in this Agreement and for other good and valuable consideration, the
receipt and legal sufficiency of which are hereby acknowledged, and intending to
be legally bound, the parties agree as follows:
ARTICLE I
DEFINITIONS
1.01 DEFINITIONS. The terms defined in this SECTION 1.01, whenever used
herein, shall have the following meanings for all purposes of this Agreement.
"Accounting Referee" means KPMG LLP.
"Acquisition" shall have the meaning set forth in the preamble hereof.
"Acquisition Proposal" shall have the meaning set forth in SECTION 5.09
hereof.
"Affiliate" means, with respect to any Person, any other Person who
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person. The term "control"
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise, and the terms
"controlled" and "controlling" have meanings correlative thereto.
{Page}
"Affiliate Contracts" shall mean any Contract between the Company or any of
its Subsidiaries, on the one hand, and any Affiliate or Associate of the Company
or any of its Subsidiaries, on the other hand. For clarity, the term "Affiliate
Contracts" shall not include Contracts solely between the Company and any
Subsidiaries or solely between or among Subsidiaries.
"Agency Agreements" shall have the meaning set forth in SECTION 3.20(b)
hereof.
"Agreement" means this Merger Agreement, including all exhibits and
schedules hereto, as it and they may be amended from time to time in accordance
herewith.
"Associate" shall have the meaning given to such term in Rule 12b-2 under
the Securities Exchange Act of 1934, as in effect as of the date of this
Agreement.
"Audited Financial Statements" shall have the meaning set forth in
SECTION 3.06 hereof.
"Breach" shall have the meaning set forth in SECTION 5.07 hereof.
"Business Day" means any day on which banking institutions are not required
or authorized to close in Boston, Massachusetts or New York, New York.
"Certificate of Merger" shall have the meaning set forth in the recitals
hereof.
"Closing" shall have the meaning set forth in SECTION 2.02 hereof.
"Closing Audit" shall mean the statement of the Post-Closing Adjustment
Consideration of the Company.
"Closing Date" shall have the meaning set forth in SECTION 2.02 hereof.
"Code" means the Internal Revenue Code of 1986, as amended.
"Company" shall have the meaning set forth in the preamble hereof.
"Company Actuarial Analyses" shall have the meaning set forth in SECTION
3.20(i) hereof.
"Company Capital Stock" shall have the meaning set forth in SECTION 2.01(c)
hereof.
"Company Expenses" shall have the meaning set forth in Section 5.06 hereof.
"Company Group" shall have the meaning set forth in SECTION 5.09 hereof.
"Company Identified Other IP" shall have the meaning set forth in
SECTION 3.16(a) hereof.
"Company Indemnified Parties" shall have the meaning set forth in
SECTION 5.08(b) hereof.
"Company IP" shall have the meaning set forth in SECTION 3.16(a) hereof.
2
{Page}
"Company Marks" shall have the meaning set forth in SECTION 3.16(a) hereof.
"Company Patents" shall have the meaning set forth in SECTION 3.16(a)
hereof.
"Company Registered Copyrights" shall have the meaning set forth in SECTION
3.16(a) hereof.
"Company's Knowledge" means the actual knowledge as of the date hereof of
Richard B. Simches, David F. Brussard and William J. Begley, Jr., Chairman,
President, and Chief Financial Officer of the Company, respectively, without any
investigation or inquiry.
"Consolidated After Tax Net Income" shall mean, for any period, the net
earnings (or Loss) after Taxes of the Company and its Subsidiaries on a
consolidated basis for such period taken as a single accounting period
determined in conformity with GAAP; PROVIDED, HOWEVER that Consolidated After
Tax Net Income will not include any deduction or addition for a gain resulting
from the revaluation of the ESOP, contributions by the Company to the XSOP, any
breakage or similar fee incurred by the ESOP in connection with a buyout of the
swap related to the ESOP Note or the fees and expenses paid or payable by the
Company to Tucker Anthony Incorporated in connection with this Agreement and the
transactions contemplated hereby.
"Contract" shall mean any contract, agreement, indenture, note, bond, loan,
instrument, lease, conditional sale contract, mortgage, license, franchise,
insurance policy, commitment or other arrangement or agreement, whether written
or oral.
"Debt" means any amount owed (including accrued and unpaid interest
thereon) by the Company or its Subsidiaries in respect of (i) borrowed money or
(ii) capitalized lease obligations.
"DGCL" shall have the meaning set forth in the recitals hereof.
"Disclosure Date" shall have the meaning set forth in SECTION 5.07 hereof.
"Disclosure Schedule" shall mean the Disclosure Schedule delivered by the
Company to the Purchaser concurrently with and as an integral part of this
Agreement.
"Dissenting Shares" shall have the meaning set forth in SECTION 2.01(f)
hereof.
"Division" shall have the meaning set forth in SECTION 3.05 hereof.
"Effective Time" shall have the meaning set forth in SECTION 2.01(b)
hereof.
"Encumbrance" shall mean any claim, lien, pledge, option, charge, easement,
deed of trust, security interest, mortgage, right-of-way, encroachment,
encumbrance, restriction on transfer (such as a right of first refusal or other
similar rights but not including any restrictions on transfer arising under
federal or state securities laws), defect of title or other similar right of any
third party whether voluntarily incurred or arising by operation of law, and
includes any agreement to give any of the foregoing in the future, and any
contingent sale or other title retention agreement or lease in the nature
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