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Title: |
Agreement and Plan of Merger |
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Date: |
2005 |
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Preview shows 15KB of 252KB total |
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$98 |
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ID: |
#734471 |
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KS DRAFT
JUNE 14, 2005
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AGREEMENT AND PLAN OF MERGER
by and among
JQH ACQUISITION LLC,
JQH MERGER CORPORATION
and
JOHN Q. HAMMONS HOTELS, INC.
Dated as of June 14, 2005
--------------------------------------------------------------------------------
{PAGE}
TABLE OF CONTENTS
{TABLE}
{S} {C}
Section 1. Definitions.......................................................................... 1
Section 2. The Merger........................................................................... 12
2.1 General..................................................................... 12
2.2 Certificate of Incorporation................................................ 13
2.3 By-Laws..................................................................... 13
2.4 Directors and Officers...................................................... 13
2.5 Effect on Company Capital Stock............................................. 13
2.6 Company Stock Options....................................................... 15
2.7 Adjustment of the Merger Consideration...................................... 15
2.8 Exchange Procedures; Stock Transfer Books................................... 15
2.9 Further Assurances.......................................................... 17
Section 3. Representations and Warranties of the Company........................................ 17
3.1 Organization and Good Standing.............................................. 17
3.2 Authority; No Conflict...................................................... 18
3.3 Capitalization.............................................................. 19
3.4 SEC Reports................................................................. 21
3.5 Financial Statements........................................................ 22
3.6 Property; Sufficiency of Assets............................................. 22
3.7 Receivables................................................................. 23
3.8 Equipment; Real Property; Leaseholds........................................ 23
3.9 Intellectual Property....................................................... 25
3.10 No Undisclosed Liabilities.................................................. 26
3.11 Taxes....................................................................... 26
3.12 Employee Benefits........................................................... 29
3.13 Compliance with Legal Requirements; Governmental Authorizations............. 31
3.14 Environmental Matters....................................................... 31
3.15 Legal Proceedings........................................................... 33
3.16 Absence of Certain Changes and Events....................................... 33
3.17 Contracts; No Defaults...................................................... 35
3.18 Insurance................................................................... 37
3.19 Labor Matters............................................................... 38
3.20 Interests of Officers and Directors......................................... 38
3.21 Rights Plan; State Antitakeover Laws; DGCL.................................. 38
3.22 Certain Payments............................................................ 39
3.23 Opinion of Financial Advisor................................................ 39
3.24 Brokers..................................................................... 39
3.25 Board Recommendation........................................................ 39
3.26 Proxy Statement and Schedule 13E-3.......................................... 39
3.27 Expense Amount Escrow Agreement............................................. 40
Section 4. Representations and Warranties of Parent and Merger Sub.............................. 40
4.1 Organization and Good Standing.............................................. 40
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
4.2 Authority; No Conflict...................................................... 40
4.3 Information Supplied for Proxy Statement and Schedule 13E-3................. 41
4.4 No Undisclosed Agreements or Arrangements with any Hammons Affiliate........ 41
4.5 Fee Amount Escrow Agreement................................................. 42
4.6 Financing................................................................... 42
4.7 Hammons Agreements.......................................................... 42
Section 5. Certain Pre-Closing Covenants........................................................ 42
5.1 Access and Investigation.................................................... 42
5.2 Operation of the Business; Certain Notices; Tax Returns..................... 44
5.3 No Solicitation............................................................. 48
5.4 Financing................................................................... 49
5.5 Company Stock Options....................................................... 50
5.6 Mailing Notice.............................................................. 50
5.7 Agreements Among Parent, Merger Sub and Hammons Affiliates.................. 50
Section 6. Additional Covenants of the Parties.................................................. 50
6.1 Proxy Statement; Schedule 13E-3............................................. 50
6.2 Company Stockholders' Meeting............................................... 51
6.3 Regulatory Approvals; Consents.............................................. 52
6.4 Employee Benefits........................................................... 53
6.5 Indemnification of Officers and Directors................................... 54
6.6 Disclosure.................................................................. 55
6.7 Resignation of Officers and Directors....................................... 55
6.8 Waiver and Release.......................................................... 55
6.9 Expense Reimbursement....................................................... 55
6.10 Financing................................................................... 55
Section 7. Conditions Precedent to Obligations of Each Party.................................... 56
7.1 Stockholder Approval........................................................ 56
7.2 HSR Act..................................................................... 56
7.3 No Restraints............................................................... 56
Section 8. Conditions Precedent to Obligations of Parent and Merger Sub......................... 56
8.1 Accuracy of Representations................................................. 56
8.2 Performance of Covenants.................................................... 57
8.3 No Material Adverse Effect.................................................. 57
8.4 Consents.................................................................... 57
8.5 Agreements and Documents.................................................... 57
8.6 No Litigation............................................................... 57
8.7 Hammons Transactions........................................................ 57
8.8 Management Agreements....................................................... 57
8.9 Management Documents........................................................ 57
8.10 Company Stock Options....................................................... 58
8.11 Real Estate Documents....................................................... 58
8.12 Expense Amount.............................................................. 58
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
Section 9. Conditions Precedent to Obligation of the Company.................................... 58
9.1 Accuracy of Representations................................................. 58
9.2 Performance of Covenants.................................................... 58
9.3 Agreements and Documents.................................................... 58
9.4 No Litigation............................................................... 59
9.5 Fee Amount.................................................................. 59
Section 10. Termination.......................................................................... 59
10.1 Termination................................................................. 59
10.2 Effect of Termination....................................................... 61
10.3 Expenses; Termination Fees.................................................. 62
Section 11. Miscellaneous Provisions............................................................. 64
11.1 Amendment................................................................... 64
11.2 Waiver...................................................................... 64
11.3 No Survival................................................................. 65
11.4 Entire Agreement............................................................ 65
11.5 Execution of Agreement; Counterparts; Electronic Signatures................. 65
11.6 Governing Law............................................................... 65
11.7 Jurisdiction; Service of Process............................................ 65
11.8 WAIVER OF JURY TRIAL........................................................ 66
11.9 Schedules................................................................... 66
11.10 Assignments and Successors.................................................. 66
11.11 No Third Party Rights....................................................... 66
11.12 Notices..................................................................... 66
11.13 Cooperation................................................................. 68
11.14 Legal Representation of the Parties......................................... 68
11.15 Headings.................................................................... 68
11.16 Remedies; Specific Performance.............................................. 68
11.17 Severability................................................................ 69
11.18 Time of Essence............................................................. 69
{/TABLE}
iii
{PAGE}
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and entered
into as of June 14, 2005, by and among JQH Acquisition LLC, a Delaware limited
liability company ("Parent"), JQH Merger Corporation, a Delaware corporation and
a wholly-owned subsidiary of Parent ("Merger Sub"), and John Q. Hammons Hotels,
Inc., a Delaware corporation (the "Company").
RECITALS
Parent, Merger Sub and the Company intend to effect a merger (the
"Merger") of Merger Sub with and into the Company in accordance with this
Agreement and the General Corporation Law of the State of Delaware (the "DGCL").
Upon consummation of the Merger, Merger Sub will cease to exist, and the Company
will become a wholly-owned subsidiary of Parent.
The respective boards of directors of Parent, Merger Sub and the Company
have declared the advisability of and approved this Agreement and approved the
Merger.
The board of directors of the Company (the "Board"), based on the
unanimous recommendation of a special committee (the "Special Committee") of the
Board formed for the purpose of evaluating and negotiating the transactions
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