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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Entities: |
Citibank, NA; Morgan Stanley & Co. Inc.; Siemens AG; Goldman, Sachs & Co.; Shearman & Sterling; Wilson Sonsini Goodrich & Rosati |
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Date: |
2001 |
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Size: |
Preview shows 13KB of 162KB total |
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Price: |
$42 |
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ID: |
#363282 |
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AGREEMENT AND PLAN OF MERGER
Among
SIEMENS CORPORATION,
MEMPHIS ACQUISITION INC.
and
EFFICIENT NETWORKS, INC.
Dated as of February 21, 2001
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page
{S} {C}
ARTICLE I DEFINITIONS....................................................... 1
SECTION 1.01 Definitions............................................. 1
ARTICLE II THE OFFER........................................................ 5
SECTION 2.01 The Offer............................................... 5
SECTION 2.02 Company Action.......................................... 7
ARTICLE III THE MERGER...................................................... 8
SECTION 3.01 The Merger.............................................. 8
SECTION 3.02 Effective Time; Closing................................. 8
SECTION 3.03 Effect of the Merger.................................... 8
SECTION 3.04 Certificate of Incorporation; By-laws................... 9
SECTION 3.05 Directors and Officers.................................. 9
SECTION 3.06 Conversion of Securities................................ 9
SECTION 3.07 Employee Stock Options; Employee Stock Purchase Plan.... 9
SECTION 3.08 Dissenting Shares....................................... 10
SECTION 3.09 Surrender of Shares; Stock Transfer Books............... 11
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY.................... 12
SECTION 4.01 Organization and Qualification; Subsidiaries............ 12
SECTION 4.02 Certificate of Incorporation and By-laws................ 12
SECTION 4.03 Capitalization.......................................... 12
SECTION 4.04 Authority Relative to This Agreement.................... 13
SECTION 4.05 No Conflict; Required Filings and Consents.............. 13
SECTION 4.06 Permits; Compliance..................................... 14
SECTION 4.07 SEC Filings; Financial Statements....................... 15
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
SECTION 4.08 Absence of Certain Changes or Events.................... 16
SECTION 4.09 Absence of Litigation................................... 16
SECTION 4.10 Employee Benefit Plans.................................. 16
SECTION 4.11 Labor and Employment Matters............................ 18
SECTION 4.12 Offer Documents; Schedule 14D-9; Proxy Statement........ 19
SECTION 4.13 Property and Leases..................................... 19
SECTION 4.14 Intellectual Property................................... 20
SECTION 4.15 Taxes................................................... 21
SECTION 4.16 Environmental Matters................................... 21
SECTION 4.17 Material Contracts...................................... 21
SECTION 4.18 Customers and Suppliers................................. 23
SECTION 4.19 Insurance............................................... 23
SECTION 4.20 Brokers................................................. 24
ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER............ 24
SECTION 5.01 Corporate Organization.................................. 24
SECTION 5.02 Authority Relative to This Agreement.................... 24
SECTION 5.03 No Conflict; Required Filings and Consents.............. 24
SECTION 5.04 Financing............................................... 25
SECTION 5.05 Offer Documents; Proxy Statement........................ 25
SECTION 5.06 Brokers................................................. 26
ARTICLE VI CONDUCT OF BUSINESS PENDING THE MERGER........................... 26
SECTION 6.01 Conduct of Business by the Company Pending the Merger... 26
ARTICLE VII ADDITIONAL AGREEMENTS........................................... 28
SECTION 7.01 Stockholders" Meeting................................... 28
SECTION 7.02 Proxy Statement......................................... 28
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
SECTION 7.03 Company Board Representations; Section 14(f)........... 29
SECTION 7.04 Access to Information; Confidentiality.................. 29
SECTION 7.05 No Solicitation of Transactions......................... 30
SECTION 7.06 Employee Benefits Matters............................... 30
SECTION 7.07 Directors' and Officers' Indemnification and Insurance.. 31
SECTION 7.08 Notification of Certain Matters......................... 32
SECTION 7.09 Further Action; Reasonable Best Efforts................. 32
SECTION 7.10 Public Announcements.................................... 33
SECTION 7.11 Confidentiality Agreement............................... 33
SECTION 7.12 Convertible Notes....................................... 33
ARTICLE VIII CONDITIONS TO THE MERGER....................................... 33
SECTION 8.01 Conditions to the Merger................................ 33
ARTICLE IX TERMINATION, AMENDMENT AND WAIVER................................ 34
SECTION 9.01 Termination............................................. 34
SECTION 9.02 Effect of Termination................................... 35
SECTION 9.03 Fees.................................................... 35
SECTION 9.04 Amendment.............................................. 36
SECTION 9.05 Waiver................................................. 36
ARTICLE X GENERAL PROVISIONS................................................ 36
SECTION 10.01 Notices................................................. 36
SECTION 10.02 Severability............................................ 37
SECTION 10.03 Entire Agreement; Assignment........................... 37
SECTION 10.04 Parties in Interest..................................... 37
SECTION 10.05 Specific Performance.................................... 37
SECTION 10.06 Governing Law........................................... 37
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
SECTION 10.07 Waiver of Jury Trial.................................... 38
SECTION 10.08 Headings................................................ 38
SECTION 10.09 Counterparts............................................ 38
Annex A Conditions to the Offer
Schedule 3.05 Initial Directors of the Surviving Corporation
{/TABLE}
iv
{PAGE}
AGREEMENT AND PLAN OF MERGER, dated as of February 21, 2001 (this
"Agreement"), among SIEMENS CORPORATION, a Delaware corporation ("Parent"),
--------- ------
MEMPHIS ACQUISITION INC., a Delaware corporation and a wholly owned subsidiary
of Parent ("Purchaser"), and EFFICIENT NETWORKS, INC., a Delaware corporation
---------
(the "Company").
-------
WHEREAS, the Boards of Directors of Parent, Purchaser and the Company
have each determined that it is in the best interests of their respective
stockholders for Parent to acquire the Company upon the terms and subject to the
conditions set forth herein;
WHEREAS, in furtherance of such acquisition, Purchaser shall make a
cash tender offer (the "Offer") to acquire all the shares of common stock, par
-----
value $0.001 per share, of the Company ("Shares") that are issued and
------
outstanding for $23.50 per Share (such amount, or any greater amount per Share
paid pursuant to the Offer, being the "Per Share Amount"), net to the seller in
----------------
cash, upon the terms and subject to the conditions of this Agreement and the
Offer;
WHEREAS, the Board of Directors of the Company (the "Board") has
-----
unanimously approved the making of the Offer and resolved to recommend that
holders of Shares tender their Shares pursuant to the Offer (with Mr. Anthony T.
Maher abstaining); and
WHEREAS, also in furtherance of such acquisition, the Boards of
Directors of Parent, Purchaser and the Company have each approved this Agreement
and declared its advisability and approved the merger (the "Merger") of
------
Purchaser with and into the Company in accordance with the General Corporation
Law of the State of Delaware ("Delaware Law"), following the consummation of the
------------
Offer and upon the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, Parent, Purchaser and the Company hereby agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.01 Definitions. (a) For purposes of this Agreement:
-----------
"Acquisition Proposal" means (i) any proposal or offer from any person
--------------------
relating to any direct or indirect acquisition of (A) all or a substantial
part of the assets of the Company or of any Material Subsidiary or (B) more
than 20% of any class of equity securities of the Company or of any
Material Subsidiary; (ii) any tender offer or exchange offer, as defined
pursuant to the Exchange Act, that, if consummated, would result in any
person beneficially owning 20% or more of any class of equity securities of
the Company or any Material Subsidiary; or (iii) any merger, consolidation,
business combination, sale of all or a substantial part of the assets,
recapitalization, liquidation, dissolution or similar transaction involving
the Company or any Material Subsidiary other than the Transactions.
{PAGE}
"affiliate" of a specified person means a person who, directly or
---------
indirectly through one or more intermediaries, controls, is controlled by, or is
under common control with, such specified person.
"beneficial owner", with respect to any Shares, has the meaning
----------------
ascribed to such term under Rule 13d-3(a) of the Exchange Act.
"business day" means any day on which the principal offices of the SEC
------------
in Washington, D.C. are open to accept filings; or, in the case of determining a
date when any payment is due, any day (other than a Saturday or Sunday) on which
banks are not required or authorized to close in the City of New York.
"Company Software" means Software (i) material to the operation of the
----------------
business of the Company or a Subsidiary and (ii) owned or exclusively licensed
by the Company or any Subsidiary.
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