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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: |
Georgia-Pacific Corp.; Morgan Stanley & Co. Inc.; Goldman, Sachs & Co.; King & Spalding LLP; McDermott, Will & Emery; Simpson Thacher & Bartlett; Skadden, Arps, Slate, Meagher & Flom LLP |
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Date: |
2000 |
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Size: |
Preview shows 24KB of 227KB total |
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Price: |
$65 |
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ID: |
#367831 |
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AGREEMENT AND PLAN OF MERGER
by and among
GEORGIA-PACIFIC CORPORATION,
NORTH AMERICAN TIMBER CORP.,
NPI TIMBER, INC.
GNN TIMBER, INC.
GPW TIMBER, INC.
LRFP TIMBER, INC.
NPC TIMBER, INC.
and
PLUM CREEK TIMBER COMPANY, INC.
Dated as of July 18, 2000
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page No.
--------
ARTICLE I
DEFINITIONS
{S} {C}
Section 1.01 Definitions..................................................................... 2
ARTICLE II
SPINOFF AND THE MERGERS
Section 2.01 The Spinoff..................................................................... 11
Section 2.02 The Mergers..................................................................... 12
Section 2.03 Certificate of Incorporation of the Surviving Corporation....................... 12
Section 2.04 By-Laws of the Surviving Corporation............................................ 12
Section 2.05 Directors and Officers of the Surviving Corporation............................. 12
Section 2.06 Closing......................................................................... 12
ARTICLE III
CONVERSION OF SHARES AND RELATED MATTERS
Section 3.01 Conversion of Capital Stock..................................................... 13
Section 3.02 Exchange of Certificates........................................................ 13
Section 3.03 G-P Stock Options............................................................... 16
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF G-P
Section 4.01 Due Organization, Good Standing and Corporate Power............................. 18
Section 4.02 Authorization and Validity of Agreement......................................... 18
Section 4.03 Capitalization.................................................................. 19
Section 4.04 Consents and Approvals; No Violations........................................... 20
Section 4.05 G-P SEC Filings; Financial Statements........................................... 21
Section 4.06 No Undisclosed Liabilities...................................................... 21
Section 4.07 Information to Be Supplied...................................................... 22
Section 4.08 Absence of Certain Events....................................................... 22
Section 4.09 Litigation...................................................................... 22
Section 4.10 Title to Properties; Encumbrances............................................... 23
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
Section 4.11 Compliance with Laws............................................................... 23
Section 4.12 G-P Employee Benefit Plans......................................................... 23
Section 4.13 Employment Relations............................................................... 25
Section 4.14 Taxes.............................................................................. 26
Section 4.15 Intellectual Property.............................................................. 27
Section 4.16 Environmental Matters.............................................................. 28
Section 4.17 State Takeover Statutes............................................................ 29
Section 4.18 Voting Requirements; Board Approval; Appraisal Rights.............................. 29
Section 4.19 Opinion of Financial Advisor....................................................... 30
Section 4.20 Rights Agreement................................................................... 30
Section 4.21 Insurance.......................................................................... 30
Section 4.22 Transactions with Affiliates....................................................... 30
Section 4.23 Material Contracts................................................................. 30
Section 4.24 Redemption......................................................................... 31
Section 4.25 Policies with Respect to Allocation of Expenses.................................... 31
Section 4.26 Disclosure......................................................................... 31
Section 4.27 Broker's or Finder's Fee........................................................... 31
Section 4.28 Solvency........................................................................... 31
Section 4.29 Installment Note................................................................... 32
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF PLUM CREEK
Section 5.01 Due Organization, Good Standing and Corporate Power................................ 32
Section 5.02 Authorization and Validity of Agreement............................................ 32
Section 5.03 Capitalization..................................................................... 32
Section 5.04 Consents and Approvals; No Violations.............................................. 33
Section 5.05 Plum Creek SEC Filings; Financial Statements....................................... 34
Section 5.06 No Undisclosed Liabilities......................................................... 35
Section 5.07 Information to Be Supplied......................................................... 35
Section 5.08 Absence of Certain Events.......................................................... 35
Section 5.09 Litigation......................................................................... 36
Section 5.10 Voting Requirements; SPO Approval; Board Approval.................................. 36
Section 5.11 Title to Properties: Encumbrances.................................................. 37
Section 5.12 Compliance with Laws............................................................... 37
Section 5.13 Material Contracts................................................................. 37
Section 5.14 Environmental Matters.............................................................. 38
Section 5.15 Taxes.............................................................................. 38
Section 5.16 Tax Comfort........................................................................ 39
Section 5.17 Transactions with Affiliates....................................................... 39
Section 5.18 Insurance.......................................................................... 40
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
Section 5.19 Employment Relations............................................................... 40
Section 5.20 Plum Creek Employee Benefit Plans.................................................. 42
Section 5.21 Broker's or Finder's Fee........................................................... 42
ARTICLE VI
COVENANTS
Section 6.01 Access to Information Concerning Properties and Records............................ 42
Section 6.02 Confidentiality.................................................................... 43
Section 6.03 Conduct of the Business of G-P Pending the Effective Time.......................... 43
Section 6.04 Conduct of the Business of Plum Creek Pending the Effective Time................... 46
Section 6.05 Conduct of the Business of G-P After the Notice of Redemption Date................. 48
Section 6.06 Method of Allocating the Assets and Liabilities of the Timber Group................ 48
Section 6.07 Shareholders' Meetings............................................................. 48
Section 6.08 Preparation of Joint Proxy Statement/Prospectus; Registration Statement............ 49
Section 6.09 Commercially Reasonable Efforts.................................................... 50
Section 6.10 Board Recommendations.............................................................. 50
Section 6.11 No Solicitation.................................................................... 51
Section 6.12 Notification of Certain Matters.................................................... 53
Section 6.13 Public Announcements............................................................... 53
Section 6.14 NYSE and PE Listing................................................................ 53
Section 6.15 Coordination of Dividends.......................................................... 53
Section 6.16 Separation Agreement............................................................... 54
Section 6.17 Ancillary Contracts................................................................ 54
Section 6.18 Affiliates......................................................................... 54
Section 6.19 Method of Effecting the Merger..................................................... 54
Section 6.20 Timber Agreements.................................................................. 54
ARTICLE VII
CONDITIONS TO THE NOTICE OF REDEMPTION AND MERGERS
Section 7.01 Conditions to the Notice of Redemption............................................. 54
Section 7.02 Conditions of Plum Creek........................................................... 55
Section 7.03 Conditions to Obligations of G-P................................................... 57
Section 7.04 Conditions to Obligations of Plum Creek to Effect the Merger....................... 58
Section 7.05 Conditions to Obligations of G-P to Effect the Mergers............................. 59
ARTICLE VIII
TERMINATION AND ABANDONMENT
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
Section 8.01 Termination........................................................................ 59
Section 8.02 Effect of Termination.............................................................. 62
ARTICLE IX
MISCELLANEOUS
Section 9.01 Fees and Expenses.................................................................. 63
Section 9.02 Survival of Representations and Warranties......................................... 63
Section 9.03 Notices............................................................................ 64
Section 9.04 Entire Agreement................................................................... 65
Section 9.05 Binding Effect; Benefit; Assignment................................................ 65
Section 9.06 Amendment and Modification......................................................... 65
Section 9.07 Further Actions.................................................................... 65
Section 9.08 Headings........................................................................... 65
Section 9.09 Enforcement........................................................................ 65
Section 9.10 Counterparts....................................................................... 65
Section 9.11 Applicable Law..................................................................... 66
Section 9.12 Severability....................................................................... 66
Section 9.13 Waiver of Jury Trial............................................................... 66
{/TABLE}
Exhibit A Human Resources Agreement
Exhibit B Noncompete Agreement
Exhibit C Tax Matters Agreement
Exhibit D-1 Master Timber Agreement
Exhibit D-2 Master Stumpage Agreement
Exhibit D-3 Security Agreement
Exhibit E Transition Services Agreement
Exhibit F Amended Certificate of Incorporation
Exhibit G Form of G-P Legal Opinions
Exhibit H Form of Plum Creek Legal Opinions
{PAGE}
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER, dated as of July 18, 2000 (this "Agreement"),
by and among Plum Creek Timber Company, Inc., a Delaware corporation ("Plum
Creek"), Georgia-Pacific Corporation, a Georgia corporation ("G-P"), and North
American Timber Corp., NPI Timber, Inc., GNN Timber, Inc., GPW Timber, Inc.,
LRFP Timber, Inc., and NPC Timber, Inc., each a Delaware corporation and a
wholly owned subsidiary of G-P (each a "Spinco" and, collectively, the
"Spincos").
WHEREAS, G-P and each of the Spincos below are parties to a Separation
Agreement (as defined below), pursuant to which the Spincos own or shall own all
of the assets and have assumed all of the liabilities (whether accrued,
absolute, contingent or otherwise) of G-P's Timber Group (as defined below)
prior to the Redemption (as defined below);
WHEREAS, immediately prior to the Effective Time (as defined below), G-P
shall redeem all of the outstanding shares of Timber Group Common Stock (as
defined below) in exchange for all of the outstanding shares of each Spinco by
delivery of one unit (a "Unit"), consisting of one share of common stock of each
Spinco, for each share of Timber Group Common Stock outstanding (the
"Redemption");
WHEREAS, pursuant to the Redemption, each option to purchase one share of
Timber Group Common Stock shall be converted into an option to purchase one Unit
on the terms described herein;
WHEREAS, each of the Board of Directors of Plum Creek, G-P and each of the
Spincos, has approved and declared advisable the merger of each of the Spincos
with and into Plum Creek (each, a "Merger" and collectively, the "Mergers"),
with Plum Creek as the surviving corporation, in each case, upon the terms and
subject to the conditions set forth in this Agreement and in accordance with the
General Corporation Law of the State of Delaware (the "DGCL");
WHEREAS, pursuant to resolutions duly adopted, each of the Board of
Directors of Plum Creek, G-P and each of the Spincos has approved and adopted
this Agreement and the transactions contemplated hereby; and
WHEREAS, pursuant to resolutions duly adopted, G-P, as the sole
stockholder of each of the Spincos, has approved and adopted this Agreement and
the transactions contemplated hereby.
{PAGE}
WHEREAS, as a condition to, and in connection with the execution of this
Agreement, SPO (as defined below) has entered into a Voting Agreement and
Consent with Plum Creek and G-P dated as of the date hereof (the "Voting
Agreement").
NOW THEREFORE, in consideration of the foregoing premises and of the mutual
covenants, representations, warranties and agreements herein contained, the
parties hereto, intending to be legally bound hereby, agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01 Definitions. When used in this Agreement, the following
-----------
terms shall have the respective meanings specified therefor below (such meanings
to be equally applicable to both the singular and plural forms of the terms
defined).
"Affiliate" of any Person shall mean any Person directly or indirectly
controlling, controlled by, or under common control with, such Person; provided
that, for the purposes of this definition, "control" (including with correlative
meanings, the terms "controlled by" and "under common control with"), as used
with respect to any Person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities or partnership
interests, by contract or otherwise.
"Affiliated Entity" shall mean any corporation or other entity in which G-P
or Plum Creek or any of its respective Subsidiaries owns capital stock, a
limited partnership interest or other security which constitutes at least 10% of
all of such outstanding securities or class of securities.
Agreement" shall have the meaning set forth in the preamble hereto.
"Allocation Policies" shall have the meaning set forth in Section 4.25.
"Ancillary Contracts" shall mean the (i) Timber Group Timber Agreements;
(ii) Tax Matters Agreement; (iii) Human Resources Agreement; (iv) Transition
Services Agreements; (v) Noncompete Agreement and (vi) Voting Agreement.
"Business Day" means a day other than a Saturday, a Sunday or a day on
which banks in New York, New York are permitted or required to close.
"Certificate" shall have the meaning set forth in Section 3.02.
"Certificates of Merger" shall have the meaning set forth in Section
2.02(a).
{PAGE}
"Closing" shall have the meaning set forth in Section 2.06.
"Closing Date" shall have the meaning set forth in Section 2.06.
"Code" shall mean the Internal Revenue Code of 1986, as amended.
"Contracts" shall have the meaning set forth in Section 4.04.
"DGCL" shall have the meaning set forth in the fourth recital hereto.
"Effective Time" shall have the meaning set forth in Section 2.02(a).
"Environmental Claim" shall mean any claim, action, cause of action,
investigation or notice by any Person or entity alleging potential liability
(including, without limitation, potential liability for investigatory costs,
cleanup costs, governmental response costs, natural resources damages, property
damages, personal injuries, or penalties) arising out of, based on or resulting
from (a) the presence, or release into the environment, of any Material of
Environmental Concern at any location, whether or not owned or operated by G-P
or Plum Creek, as the case may be, or (b) circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law.
"Environmental Laws" shall mean any applicable Federal, state, local
and foreign laws and regulations, including common law, relating to pollution or
protection of human health or the environment, including, without limitation,
ambient air, surface water, ground water, land surface or subsurface strata, and
natural resources, and including, without limitation, laws and regulations
relating to emissions, discharges, releases or threatened releases of Materials
of Environmental Concern, or otherwise relating to the manufacture, generation,
processing, distribution, use, treatment, storage, disposal, transport or
handling of Materials of Environmental Concern, or the preservation of the
environment or mitigation of adverse effects thereon and each law and regulation
with regard to record keeping, notification, disclosure, and reporting
requirements respecting Materials of Environmental Concern.
"ERISA" shall have the meaning set forth in Section 4.12(a).
"ERISA Affiliate" shall have the meaning set forth in Section 4.12(a).
"ERISA Plans" shall have the meaning set forth in Section 4.12(a).
"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.
"Exchange Agent" shall have the meaning set forth in Section 3.02(a).
{PAGE}
"Exchange Fund" shall have the meaning set forth in Section 3.02(b).
"Exchange Ratio" shall have the meaning set forth in Section 3.01(a).
"Fort Bragg Note" shall have the meaning set forth in Section 6.03(d)(x).
"GAAP" shall mean generally accepted accounting principles of the United
States of America, as in effect from time to time.
"GCC" shall mean the Georgia Business Corporation Code.
"Georgia-Pacific Group" shall mean, as of any date:
(a) the interest of G-P or any of its subsidiaries on such date in all of
the assets, liabilities and businesses of G-P or any of its subsidiaries (and
any successor companies), other than any assets, liabilities and businesses
attributed in accordance with Articles of Incorporation of G-P to the Timber
Group;
(b) all properties and assets transferred to the Georgia-Pacific Group
from the Timber Group pursuant to transactions in the ordinary course of
business of both the Georgia-Pacific Group and the Timber Group or otherwise as
the Board of Directors of G-P may have directed as permitted by the Articles of
Incorporation of G-P; and
(c) the interest of G-P or any of its subsidiaries in any business or
asset acquired and any liabilities assumed by G-P or any of its subsidiaries
outside the ordinary course of business and attributed to the Georgia-Pacific
Group, as determined by the Board of Directors of G-P.
"Georgia-Pacific Group Common Stock" shall mean the Georgia-Pacific
Corporation-Georgia-Pacific Group Common Stock, par value $0.80 per share.
"Governmental Authority" shall have the meaning set forth in Section 4.04.
"G-P" shall have the meaning set forth in the preamble hereto.
"G-P Acquisition Transaction" shall have the meaning set forth in Section
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