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Title: |
Agreement and Plan of Merger |
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Date: |
2004 |
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Preview shows 20KB of 284KB total |
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$98 |
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ID: |
#856808 |
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AGREEMENT AND PLAN OF MERGER
By and Among
DIGITAS INC.
DIGITAS ACQUISITION CORP.
and
MODEM MEDIA, INC.
Dated as of July 15, 2004
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE I - THE MERGER..........................................................................................1
1.1 The Merger......................................................................................1
1.2 Effective Time..................................................................................1
1.3 Closing.........................................................................................2
1.4 Effects of the Merger...........................................................................2
1.5 Certificate of Incorporation and Bylaws.........................................................2
1.6 Directors and Officers..........................................................................2
1.7 Tax Consequences................................................................................2
ARTICLE II - EFFECT OF THE MERGER ON THE SELLER CAPITAL STOCK; EXCHANGE OF SHARES...............................2
2.1 Conversion of Capital Stock.....................................................................2
2.2 Exchange of Certificates........................................................................5
2.3 Dissenters' Rights..............................................................................8
ARTICLE III - REPRESENTATIONS AND WARRANTIES OF THE BUYER AND MERGER SUB........................................8
3.1 Corporate Organization..........................................................................8
3.2 Capitalization..................................................................................9
3.3 Authority; No Violation........................................................................10
3.4 Consents and Approvals.........................................................................11
3.5 Financial Statements...........................................................................12
3.6 Broker's Fees..................................................................................12
3.7 Absence of Certain Changes or Events...........................................................12
3.8 Legal Proceedings..............................................................................13
3.9 Reports........................................................................................13
3.10 Absence of Undisclosed Liabilities.............................................................14
3.11 Compliance with Applicable Laws and Reporting Requirements.....................................14
3.12 Taxes and Tax Returns..........................................................................14
3.13 Employee Benefit Programs......................................................................16
3.14 Labor and Employment Matters...................................................................18
3.15 Material Contracts.............................................................................18
3.16 Properties.....................................................................................19
3.17 Environmental Liability........................................................................20
3.18 Intellectual Property..........................................................................21
3.19 Customers and Key Employees....................................................................23
3.20 Transactions with Affiliates...................................................................23
3.21 Insurance......................................................................................24
3.22 Joint Proxy Statement/Prospectus; the Buyer Information........................................24
ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF THE SELLER......................................................24
4.1 Corporate Organization.........................................................................24
i
</TABLE>
<PAGE>
<TABLE>
<S> <C>
4.2 Capitalization.................................................................................25
4.3 Authority; No Violation........................................................................27
4.4 Consents and Approvals.........................................................................28
4.5 Financial Statements...........................................................................28
4.6 Broker's Fees..................................................................................29
4.7 Absence of Certain Changes or Events...........................................................29
4.8 Legal Proceedings..............................................................................29
4.9 Reports........................................................................................29
4.10 Absence of Undisclosed Liabilities.............................................................30
4.11 Compliance with Applicable Laws and Reporting Requirements.....................................30
4.12 Taxes and Tax Returns..........................................................................31
4.13 Employee Benefit Programs......................................................................32
4.14 Labor and Employment Matters...................................................................35
4.15 Material Contracts.............................................................................36
4.16 Properties.....................................................................................37
4.17 Environmental Liability........................................................................38
4.18 State Takeover Laws; Stockholder Rights Agreement..............................................38
4.19 Intellectual Property..........................................................................38
4.20 Customers and Key Employees....................................................................40
4.21 Transactions with Affiliates...................................................................40
4.22 Insurance......................................................................................41
4.23 Opinion of Financial Advisor...................................................................41
4.24 Joint Proxy Statement/Prospectus; the Seller Information.......................................41
ARTICLE V - COVENANTS RELATING TO CONDUCT OF BUSINESS..........................................................41
5.1 Covenants of Seller............................................................................41
5.2 Covenants of Buyer.............................................................................44
5.3 Transition Matters.............................................................................45
ARTICLE VI - ADDITIONAL AGREEMENTS.............................................................................45
6.1 Registration Statement; Joint Proxy Statement/Prospectus.......................................45
6.2 Seller Stockholders' Meeting...................................................................47
6.3 Buyer Stockholders' Meeting....................................................................48
6.4 Third Party Consents and Regulatory Approvals..................................................48
6.5 No Solicitation................................................................................49
6.6 Access to Information..........................................................................52
6.7 Employment and Benefit Matters.................................................................52
6.8 Directors' and Officers' Indemnification and Insurance.........................................54
6.9 Additional Agreements..........................................................................55
6.10 Advice of Changes..............................................................................55
6.11 Current Information............................................................................55
6.12 Section 16 Matters.............................................................................56
6.13 Listing Application............................................................................56
6.14 Affiliates of the Seller.......................................................................57
6.15 Certain Tax Matters............................................................................57
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C>
6.16 Certain Actions and Proceedings................................................................57
6.17 Seller Rights Plan.............................................................................57
ARTICLE VII - CONDITIONS PRECEDENT.............................................................................58
7.1 Conditions to Each Party's Obligations To Effect the Merger....................................58
7.2 Conditions to the Obligations of the Buyer.....................................................58
7.3 Conditions to the Obligations of the Seller....................................................59
ARTICLE VIII - TERMINATION, AMENDMENT AND WAIVER...............................................................60
8.1 Termination....................................................................................60
8.2 Effect of Termination..........................................................................61
8.3 Amendment......................................................................................63
8.4 Extension; Waiver..............................................................................63
ARTICLE IX - MISCELLANEOUS.....................................................................................64
9.1 Nonsurvival of Representations, Warranties and Agreements......................................64
9.2 Expenses.......................................................................................64
9.3 Notices........................................................................................64
9.4 Interpretation.................................................................................65
9.5 Counterparts...................................................................................65
9.6 Entire Agreement...............................................................................65
9.7 Governing Law; Jurisdiction and Venue..........................................................65
9.8 Severability...................................................................................66
9.9 Publicity......................................................................................66
9.10 Assignment; Reliance of Other Parties..........................................................66
9.11 Specific Performance...........................................................................66
9.12 Definitions....................................................................................66
</TABLE>
EXHIBITS
Exhibit A - Amendment to the Seller Rights Agreement
Exhibit B - Form of Affiliate Letters
iii
<PAGE>
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER (the "Agreement"), dated as of July 15,
2004, by and among Digitas Inc., a Delaware corporation (the "Buyer"), Digitas
Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of the
Buyer ("Merger Sub"), and Modem Media, Inc., a Delaware corporation (the
"Seller").
WHEREAS, the boards of directors of each of the Buyer, Merger Sub and
the Seller have declared that it is advisable and in the best interests of
their respective stockholders to consummate, and have approved this Agreement
and the transactions provided for herein, pursuant to which, subject to the
terms and conditions set forth herein, Merger Sub will merge with and into the
Seller (the "Merger");
WHEREAS, concurrently with the execution and delivery of this
Agreement, as a condition and inducement to the Buyer's willingness to enter
into this Agreement, the Buyer and each member of the Seller's board of
directors and certain executive officers of the Seller are entering into
stockholder voting agreements dated as of the date hereof (the "Buyer's
Stockholder Voting Agreements"); and
WHEREAS, concurrently with the execution and delivery of this
Agreement, as a condition and inducement to the Seller's willingness to enter
into this Agreement, the Seller and each member of the Buyer's board of
directors and certain executive officers of the Buyer are entering into
stockholder voting agreements dated as of the date hereof (the "Seller's
Stockholder Voting Agreements"); and
WHEREAS, the parties desire to make certain representations,
warranties and agreements in connection with the Merger and to prescribe
certain conditions to the Merger;
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants, representations, warranties and agreements contained herein, and
intending to be legally bound hereby, the parties agree as follows:
ARTICLE I - THE MERGER
1.1 The Merger. Subject to the terms and conditions of this Agreement,
in accordance with the Delaware General Corporation Law (the "DGCL"), at the
Effective Time, Merger Sub shall merge with and into the Seller. The Seller
shall be the surviving corporation (the "Surviving Corporation") in the Merger,
and shall continue its corporate existence under the laws of the State of
Delaware. Upon consummation of the Merger, the separate corporate existence of
Merger Sub shall terminate.
1.2 Effective Time. The Merger shall become effective as set forth in
the certificate of merger (the "Certificate of Merger") that shall be filed
with the Secretary of State of the State of Delaware on or before the Closing
Date. The term "Effective Time" shall be the date and time when the Merger
becomes effective as set forth in the Certificate of Merger.
<PAGE>
1.3 Closing. Subject to the terms and conditions of this Agreement,
the closing of the Merger (the "Closing") will take place at 10:00 a.m., local
time, on a date (the "Closing Date") and at a place to be specified by the
parties, which shall be no later than five (5) business days after the
satisfaction or waiver (subject to applicable law) of the latest to occur of
the conditions set forth in Article VII (other than those conditions that
relate to action to be taken at the Closing), unless extended by mutual
agreement of the parties.
1.4 Effects of the Merger. At and after the Effective Time, the Merger
shall have the effects set forth in Section 259 of the DGCL.
1.5 Certificate of Incorporation and Bylaws. The Certificate of
Incorporation of Merger Sub, as in effect immediately prior to the Effective
Time, shall be the Certificate of Incorporation of the Surviving Corporation,
until thereafter amended as provided therein and in accordance with applicable
law. The Bylaws of Merger Sub, as in effect immediately prior to the Effective
Time, shall be the Bylaws of the Surviving Corporation, until thereafter
amended as provided therein and in accordance with applicable law.
1.6 Directors and Officers. The directors and officers of the Merger
Sub immediately prior to the Effective Time shall become the directors and
officers, respectively, of the Surviving Corporation, each to hold office in
accordance with the Certificate of Incorporation and Bylaws of the Surviving
Corporation. In addition, Joseph R. Zimmel (or, if he is not available to
serve, another individual who is reasonably acceptable to the Buyer) shall be
appointed and become a member of the board of directors of the Buyer effective
immediately following the Effective Time, with a term expiring in 2007 and
otherwise to hold office in accordance with the Certificate of Incorporation
and Bylaws of the Buyer.
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