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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: |
CEMEX S.A. de C.V.; Goldman, Sachs & Co.; LeBoeuf, Lamb, Greene & MacRae LLP; Skadden, Arps, Slate, Meagher & Flom LLP |
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Date: |
2002 |
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Size: |
Preview shows 15KB of 222KB total |
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Price: |
$69 |
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ID: |
#419568 |
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AGREEMENT AND PLAN OF MERGER
BY AND AMONG
CEMEX, S.A. de C.V.
TRICEM ACQUISITION, CORP.
AND
PUERTO RICAN CEMENT COMPANY, INC.
DATED AS OF
June 11, 2002
Table of Contents
Article I
Definitions
Section 1.1 Definitions ................................................. 1
Article II
The Offer
Section 2.1 The Offer ................................................... 8
Section 2.2 Company Action .............................................. 11
Section 2.3 Directors ................................................... 12
Section 2.4 Merger Without Meeting of Shareholders ...................... 14
Article III
The Merger And Related Matters
Section 3.1 The Merger .................................................. 14
Section 3.2 Certificate of Incorporation of the Surviving Corporation ... 14
Section 3.3 By-Laws of the Surviving Corporation ........................ 14
Section 3.4 Directors and Officers of the Surviving Corporation ......... 15
Section 3.5 Closing ..................................................... 15
Section 3.6 Subsequent Actions .......................................... 15
Article IV
Conversion Of Securities
1 of 56
{PAGE}
Section 4.1 Conversion of Capital Stock ................................. 15
Section 4.2 Exchange of Certificates .................................... 16
Section 4.3 Appraisal Rights ............................................ 17
Section 4.4 Lost, Stolen or Destroyed Certificates ...................... 18
Article V
Disclosure Schedules; Standards
For Representations And Warranties
Section 5.1 Disclosure Schedules ........................................ 18
Section 5.2 Standards ................................................... 18
Article VI
Representations And Warranties Of The Company
Section 6.1 Due Organization, Good Standing and Power ................... 19
Section 6.2 Authorization and Validity of Agreement ..................... 19
Section 6.3 Capitalization .............................................. 20
Section 6.4 Consents and Approvals; No Violations ....................... 21
Section 6.5 Company Reports and Financial Statements .................... 22
Section 6.6 Information to Be Supplied .................................. 23
Section 6.7 Absence of Certain Events ................................... 23
Section 6.8 Litigation .................................................. 23
Section 6.9 Title to Properties; Encumbrances; Leases ................... 24
Section 6.10 Compliance with Laws ........................................ 24
Section 6.11 Employee Benefit Plans ...................................... 25
Section 6.12 Books and Records ........................................... 27
Section 6.13 Taxes ....................................................... 27
Section 6.14 Intellectual Property ....................................... 29
Section 6.15 Brokers; Schedule of Fees and Expenses ...................... 29
Section 6.16 Environmental Matters ....................................... 29
Section 6.17 Takeover Statutes ........................................... 31
Section 6.18 Voting Requirements; Board Approval ......................... 31
Section 6.19 Opinion of Financial Advisor ................................ 32
Section 6.20 Contracts ................................................... 32
Section 6.21 Plants and Equipment ........................................ 33
Section 6.22 Labor and Employment Matters ................................ 33
Section 6.23 Certain Contracts ........................................... 33
Section 6.24 Insurance ................................................... 34
Section 6.25 Certain Actions.............................................. 34
Section 6.26 Ponce Loans and Loan Commitments ............................ 34
Article VII
Representations And Warranties Of Parent And Purchaser
Section 7.1 Due Organization; Good Standing ............................. 36
Section 7.2 Authorization and Validity of Agreement ..................... 36
Section 7.3 Consents and Approvals; No Violations ....................... 37
Section 7.4 Information to Be Supplied .................................. 37
Section 7.5 Broker's or Finder's Fee .................................... 38
Section 7.6 Ownership of Capital Stock .................................. 38
Section 7.7 No Prior Activities ......................................... 38
Section 7.8 Sufficient Funds ............................................ 38
Article VIII
Covenants
Section 8.1 Access to Information Concerning Properties and Records ..... 38
Section 8.2 Conduct of the Business of the Company Pending the Closing
Date ........................................................ 39
Section 8.3 Company Shareholder Meeting; Preparation of Proxy Statement . 43
Section 8.4 Reasonable Best Efforts; Notification ....................... 44
Section 8.5 No Solicitation ............................................. 45
Section 8.6 Antitrust Laws .............................................. 48
Section 8.7 Indemnification; Directors' and Officers' Insurance ......... 48
Section 8.8 Public Announcements ........................................ 49
2 of 56
{PAGE}
Section 8.9 Employee Benefits Plans ..................................... 50
Section 8.10 Availability of Sufficient Funds ............................ 51
Article IX
Conditions To The Merger
Section 9.1 Conditions to Obligations of Each Party ..................... 51
Article X
Termination And Abandonment
Section 10.1 Termination ................................................. 52
Section 10.2 Effect of Termination ....................................... 54
Section 10.3 Payment of Certain Fees ..................................... 54
Article XI
Miscellaneous
Section 11.1 Representations and Warranties .............................. 55
Section 11.2 Extension; Waiver ........................................... 55
Section 11.3 Notices ..................................................... 56
Section 11.4 Entire Agreement ............................................ 57
Section 11.5 Binding Effect; Benefit; Assignment ......................... 57
Section 11.6 Amendment and Modification .................................. 57
Section 11.7 Further Actions ............................................. 58
Section 11.8 Interpretation .............................................. 58
Section 11.9 Enforcement ................................................. 58
Section 11.10 Fees and Expenses ........................................... 59
Section 11.11 Counterparts ................................................ 59
Section 11.12 Applicable Law .............................................. 59
Section 11.13 Severability ................................................ 59
Section 11.14 Waiver of Jury Trial ........................................ 59
Section 11.15 Time ........................................................ 59
Section 11.16 Effect on Confidentiality Agreement ......................... 59
Annex I - Certain Conditions of the Offer
Exhibit A - Form of Transaction Support Agreement
3 of 56
{PAGE}
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER, dated as of June 11, 2002 (this "AGREEMENT"),
by and among Cemex, S.A. de C.V., a Mexico corporation ("PARENT"), Tricem
Acquisition, Corp., a Puerto Rico corporation and an indirect subsidiary of
Parent ("PURCHASER"), and Puerto Rican Cement Company, Inc., a Puerto Rico
corporation (the "COMPANY").
WHEREAS, the Boards of Directors of each of Purchaser and the Company have
determined that it is advisable and in the best interests of each corporation
and its respective shareholders to consummate the acquisition of the Company by
Purchaser, upon the terms and subject to the conditions set forth herein;
WHEREAS, in furtherance thereof, it is proposed that Purchaser make a cash
tender offer to acquire all shares of the issued and outstanding common stock,
U.S. $1.00 par value, of the Company (the "COMPANY COMMON STOCK") for U.S.
$35.00 per share, net to the seller in cash;
WHEREAS, Parent, Purchaser and certain holders of Company Common Stock are
contemporaneously with the execution of this Agreement entering into separate
Transaction Support Agreements, the form of which is attached hereto as
Exhibit A (collectively, the "TRANSACTION SUPPORT AGREEMENTS"); and
WHEREAS, also in furtherance of such acquisition, the Boards of Directors
of each of Purchaser and the Company have approved this Agreement and the
transactions contemplated hereby, including the merger of Purchaser with and
into the Company, with the Company as the surviving corporation, following the
Offer (as hereinafter defined) and the Board of Directors of the Company has
also taken such action as is necessary to render inapplicable to this Agreement
and the Transaction Support Agreements and the transactions contemplated hereby
and thereby the provisions of Article TENTH of the Company's Certificate of
Incorporation.
NOW THEREFORE, in consideration of the mutual covenants, representations,
warranties and agreements herein contained, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1 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).
"ACQUISITION AGREEMENT" shall have the meaning set forth in Section 8.5(b).
"AFFILIATE" of any Person shall mean any other 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.
"AGREEMENT" shall have the meaning set forth in the preamble hereto.
"ANTITRUST AUTHORITIES" shall have the meaning set forth in Section 8.6(d).
"ANTITRUST LAW" shall have the meaning set forth in Section 8.6(d).
"BALANCE SHEET" means the audited balance sheet of the Company and its
consolidated Subsidiaries as of December 31, 2001.
"BANCO POPULAR LOAN AGREEMENTS" means that certain U.S. $5.9 million Credit
Agreement between the Company and Banco Popular de Puerto Rico, dated December
28, 2001 and that certain U.S. $15.6 million Credit Agreement between the
Company and Banco Popular de Puerto Rico, dated August 10, 2001.
"BUSINESS DAY" means any day other than a Saturday, Sunday or a federal
holiday, and shall consist of the time period from 12:01 a.m. through 12:00
midnight Eastern time.
"CERTIFICATE OF MERGER" shall have the meaning set forth in Section 3.1(b).
"CERTIFICATES" shall have the meaning set forth in Section 4.2(b).
"CLEANUP" shall have the meaning set forth in Section 6.16.
"CLOSING" shall have the meaning set forth in Section 3.5.
4 of 56
{PAGE}
"CLOSING DATE" shall have the meaning set forth in Section 3.5.
"CODE" shall mean the Internal Revenue Code of 1986, as may be amended from
time to time.
"COMPANY" shall have the meaning set forth in the preamble hereto.
"COMPANY BENEFIT PLANS" shall have the meaning set forth in Section
6.11(a).
"COMPANY'S BOARD OF DIRECTORS" shall have the meaning set forth in Section
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