Agreement and Plan of Merger between iVillage, Inc. and NBC Universal, Inc. |
$35.00 |
| This is the Agreement whereby NBC Universal acquired iVillage, Inc., dated March 3, 2006.
Format: |
AGREEMENT AND PLAN OF MERGER
by and among
iVILLAGE INC.,
NBC UNIVERSAL, INC.
and
iVILLAGE ACQUISITION CORP.
Dated as of March 3, 2006
TABLE OF CONTENTS
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1. |
THE MERGER |
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1.1 |
The Merger |
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1.2 |
Effective Time |
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1.3 |
Effects of the Merger |
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1.4 |
Closing of the Merger |
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1.5 |
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1.6 |
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1.7 |
Board of Directors |
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1.8 |
Officers |
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2. |
EFFECT OF THE MERGER ON THE CAPITAL STOCK OF THE CONSTITUENT CORPORATIONS |
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2.1 |
Conversion of Company Capital Stock |
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2.2 |
Effect on Capital Stock of Merger Sub |
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2.3 |
Appraisal Rights |
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2.4 |
Treatment of Options and Other Stock-Based Awards |
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3. |
EXCHANGE OF CERTIFICATES FOR MERGER CONSIDERATION |
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3.1 |
Parent to Make Merger Consideration Available |
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3.2 |
Exchange of Shares |
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3.3 |
Adjustments to Prevent Dilution |
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4. |
REPRESENTATIONS AND WARRANTIES OF THE COMPANY |
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4.1 |
Corporate Organization |
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4.2 |
Capitalization |
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4.3 |
Authority; No Violation |
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4.4 |
Consents and Approvals |
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4.5 |
SEC Filings |
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4.6 |
Financial Statements |
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4.7 |
Broker’s Fees |
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4.8 |
Opinion of Financial Advisor |
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4.9 |
Absence of Certain Changes or Events |
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4.10 |
Legal Proceedings |
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4.11 |
Taxes |
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4.12 |
Employee Benefit Plans |
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4.13 |
Compliance with Applicable Law |
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4.14 |
Certain Contracts |
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4.15 |
Undisclosed Liabilities |
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4.16 |
Anti-Takeover Provisions |
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4.17 |
Company Information |
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4.18 |
Title to Property |
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4.19 |
Insurance |
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4.20 |
Environmental Liability |
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4.21 |
Intellectual Property |
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4.22 |
Labor Matters |
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4.23 |
No Other Representations or Warranties |
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4.24 |
Traffic Metrics |
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4.25 |
Organizational Structure |
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5. |
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB |
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5.1 |
Corporate Organization |
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5.2 |
Authority; No Violation |
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5.3 |
Consents and Approvals |
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5.4 |
Broker’s Fees |
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5.5 |
Legal Proceedings |
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5.6 |
Financial Capability |
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5.7 |
Parent Information |
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5.8 |
No Business Activities by Merger Sub |
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5.9 |
Ownership of Company Common Stock; No Other Agreements |
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5.10 |
Acknowledgement of Parent |
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6. |
COVENANTS RELATING TO CONDUCT OF BUSINESS |
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6.1 |
Conduct of Business Prior to the Effective Time |
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6.2 |
Company Forbearances |
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6.3 |
No Fundamental Parent Changes |
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7. |
ADDITIONAL AGREEMENTS |
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7.1 |
Proxy Statement; Other Filings |
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7.2 |
Access to Information |
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7.3 |
Stockholder Meeting |
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7.4 |
Further Actions |
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7.5 |
Employees; Employee Benefit Plans |
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7.6 |
Indemnification; Directors’ and Officers’ Insurance |
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7.7 |
No Solicitation |
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7.8 |
Standstill |
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7.9 |
Section 16 Matters |
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7.10 |
Voting Agreement |
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7.11 |
Notification of Certain Matters |
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8. |
CONDITIONS PRECEDENT |
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8.1 |
Conditions to Each Party’s Obligation to Effect the Merger |
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8.2 |
Conditions to Obligations of Parent and Merger Sub |
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8.3 |
Conditions to Obligations of the Company |
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9. |
TERMINATION AND AMENDMENT |
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9.1 |
Termination |
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9.2 |
Effect of Termination |
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9.3 |
Amendment |
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9.4 |
Extension; Waiver |
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10. |
GENERAL PROVISIONS |
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10.1 |
Nonsurvival of Representations, Warranties and Agreements |
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10.2 |
Expenses |
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10.3 |
Notices |
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10.4 |
Interpretation |
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10.5 |
Counterparts; Facsimile |
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10.6 |
Entire Agreement |
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10.7 |
Specific Enforcement |
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10.8 |
Governing Law; Venue |
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10.9 |
Severability |
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10.10 |
Publicity |
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10.11 |
Assignment; Third Party Beneficiaries |
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10.12 |
Waiver of Jury Trial |
INDEX OF DEFINED TERMS
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Acquisition Proposal |
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Affiliate |
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Agreement |
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Balance Sheet Date |
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Bankruptcy and Equity Exceptions |
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Business Day |
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Capitalization Date |
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Certificate |
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Certificate of Merger |
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Closing |
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Closing Date |
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Code |
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Company |
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Company Board |
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Company Charter Documents |
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Company Common Stock |
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Company Contract |
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Company Disclosure Schedule |
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Company Domain Name |
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Company Material Adverse Effect |
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Company Option |
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Company Owned IP |
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Company Plans |
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Company Preferred Stock |
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Company Recommendation |
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Company Recommendation Change |
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Company Registered IP |
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Company Representatives |
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Company Required Vote |
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Company SEC Reports |
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Company Source Code |
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Company Stock Plans |
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Company Stockholder Meeting |
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Confidentiality Agreement |
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Continuing Employees |
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Delaware Secretary |
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DGCL |
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Dissenting Shares |
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Dissenting Stockholders |
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Effective Time |
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Employees |
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Engagement Letter |
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Environmental Laws |
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ERISA |
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Exchange Act |
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Exchange Fund |
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Fairness Opinion |
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Filed Company SEC Documents |
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Foreign Antitrust Laws |
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GAAP |
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Governmental Damages |
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Governmental Entity |
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Governmental Investigation |
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Hearst |
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HSR Act |
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Indemnified Parties |
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Intellectual Property |
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Intellectual Property License |
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Intellectual Property Rights |
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J.P. Morgan |
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Knowledge |
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Legal Proceeding |
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Liens |
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Material Trade Secrets |
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Merger |
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Merger Consideration |
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Merger Sub |
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Multiemployer Plan |
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Notice |
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Off-the-Shelf Software |
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Option Consideration |
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Other Filings |
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Parent |
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Parent Material Adverse Effect |
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Parent Plans |
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Paying Agent |
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Permits |
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Permitted Liens |
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Person |
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Policies |
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Proxy Statement |
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Restraints |
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SEC |
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Securities Act |
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Significant Subsidiary |
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Subsidiary |
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Subsidiary Documents |
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Superior Proposal |
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Surviving Company |
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Tax Return |
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Taxes |
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Termination Date |
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Termination Fee |
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Transaction Expenses |
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Voting Agreement |
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AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER, dated as of March 3, 2006 (as amended, supplemented or otherwise modified from time to time, and together with all schedules hereto, this “Agreement”), is entered into by and among NBC Universal, Inc., a Delaware corporation (“Parent”), iVillage Inc., a Delaware corporation (the “Company”), and iVillage Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”).
WHEREAS, the respective Boards of Directors of each of the Company, Parent, and Merger Sub have approved the acquisition of the Company by Parent on the terms and subject to the conditions of this Agreement;
WHEREAS, the Board of Directors of the Company has (a) determined that the Merger (as defined herein) and the other transactions contemplated hereby are fair to and advisable and in the best interests of the Company and its stockholders, (b) approved and adopted this Agreement and the transactions contemplated hereby, including the Merger, and (c) recommended that the Company’s stockholders adopt this Agreement; and
WHEREAS, the Company, Parent and Merger Sub desire to make certain representations, warranties, covenants and agreements in connection with the Merger and to prescribe certain conditions to the Merger;
NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
1. THE MERGER
1.1 The Merger. Upon the terms and subject to the conditions of this Agreement, in accordance with Section 251 of the Delaware General Corporation Law (“DGCL”), at the Effective Time (as hereinafter defined), Merger Sub shall merge with and into the Company (the “Merger”). The Company shall be the surviving corporation (hereinafter sometimes called the “Surviving Company”) of the Merger, and shall continue its corporate existence under the laws of the State of
1.2 Effective Time. The Merger shall become effective as set forth in the certificate of merger (the “Certificate of Merger”) which shall be filed with the Secretary of State of the State of Delaware (the “Delaware Secretary”) as soon as practicable on the Closing Date (as hereinafter defined). As used herein, the term “Effective Time” shall mean the date and time when the Merger becomes effective, which shall be upon the filing of the Certificate of Merger or such later time as is agreed to by the parties hereto and specified in the Certificate of Merger
1.3 Effects of the Merger. At and after the Effective Time, the Merger shall have the effects and consequences set forth in Section 259 of the DGCL.
1.4 Closing of the Merger. Upon the terms and subject to the conditions of this Agreement, the closing of the Merger (the “Closing”) will take place (a) at the offices of Orrick, Herrington & Sutcliffe LLP, 666 Fifth Avenue, New York, New York, at 8:00 a.m., Eastern time, on the date that is the second Business Day after the satisfaction or waiver of the conditions set forth in Section 8 hereof, other than conditions which by their terms are to be satisfied at the Closing, or (b) such other location, date or time as the parties may mutually agree (the “Closing Date”). For purposes of this Agreement, a “Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which the office of the Delaware Secretary is closed.
1.5 Certificate of Incorporation. At the Effective Time, subject to Section 7.6(c), the certificate of incorporation of the Company shall be amended and restated in its entirety to be identical to the certificate of incorporation of Merger Sub, as in effect immediately prior to the Effective Time, except that the name of the Surviving Company shall be “iVillage Inc.,” until thereafter amended as provided therein or in accordance with applicable law.
1.6 Bylaws. The bylaws of Merger Sub, as in effect immediately prior to the Effective Time, subject to Section 7.6(c), shall be the bylaws of the Surviving Company, until thereafter amended as provided therein or in accordance with applicable law.
1.7 Board of Directors. The directors of Merger Sub immediately prior to the Effective Time shall be the directors of the Surviving Company, each to hold office in accordance with the certificate of incorporation and bylaws of the Surviving Company and applicable law, until their respective successors are duly elected or appointed (as the case may be) and qualified.
1.8 Officers. The officers of the Company immediately prior to the Effective Time shall be the officers of the Surviving Company until their respective successors are duly appointed and qualified or their earlier death, resignation or removal in accordance with the certificate of incorporation and bylaws of the Surviving Company.
2. EFFECT OF THE MERGER ON THE CAPITAL STOCK OF THE CONSTITUENT CORPORATIONS
2.1 Conversion of Company Capital Stock. At the Effective Time, by virtue of the Merger and without any action on the part of Parent, the Company or the holder of any of the shares of Company Common Stock:
(a) All shares of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”) owned by the Company (including treasury shares), Merger Sub or Parent (other than shares in trust accounts, managed accounts and the like or shares held in satisfaction of a debt previously contracted) automatically shall be cancelled and retired and shall not represent capital stock of the Surviving Company and shall not be exchanged for the Merger Consideration (as defined below); and
(b) Each outstanding share of Company Common Stock (other than those cancelled pursuant to Section 2.1(a) and Dissenting Shares (as defined below)) shall be converted into and become the right to receive an amount in cash, without interest, equal to $8.50 (the “Merger Consideration”).
2.2 Effect on Capital Stock of Merger Sub. At and after the Effective Time, each share of common stock, par value $0.01, per share, of Merger Sub issued and outstanding immediately prior to the Effective Time shall be converted into and become one (1) validly issued, fully paid and nonassessable share of common stock, par value $0.01 per share, of the Surviving Company and constitute the only outstanding shares of capital stock of the Surviving Company and shall not be effected by the Merger.
2.3 Appraisal Rights. Notwithstanding anything in this Agreement to the contrary, shares of Company Common Stock that are issued and outstanding immediately prior to the Effective Time and that are held by a stockholder who did not vote in favor of the Merger (or consent thereto in writing) and who is entitled to demand and properly demands appraisal of such shares pursuant to, and who complies in all respects with, the provisions of Section 262 of the DGCL (the “Dissenting Stockholders”), shall not be converted into or be exchangeable for the right to receive the Merger Consideration (the “Dissenting Shares”), but instead such holder shall be entitled to payment of the fair value of such shares in accordance with the provisions of Section 262 of the DGCL (and at the Effective Time, such Dissenting Shares shall no longer be outstanding and shall automatically be canceled and shall cease to exist, and such holder shall cease to have any rights with respect thereto, except the right to receive the fair value of such Dissenting Shares in accordance with the provisions of Section 262 of the DGCL), unless and until such holder shall have failed to perfect or shall have effectively withdrawn or lost rights to appraisal under the DGCL. If any Dissenting Stockholder shall have failed to perfect or shall have effectively withdrawn or lost such right, such holder’s shares of Company Common Stock shall thereupon be treated as if they had been converted into and become exchangeable for the right to receive, as of the Effective Time, the Merger Consideration for each such share of Company Common Stock, in accordance with Section 2.1(b), without any interest thereon. The Company shall give Parent (i) prompt notice of any written demands for appraisal of any shares of Company Common Stock, attempted withdrawals of such demands and any other instruments served pursuant to the DGCL and received by the Company relating to stockholders’ rights of appraisal, and (ii) the right to direct all negotiations and proceedings with respect to demands for appraisal under the DGCL. The Company shall not, except with the prior written consent of Parent, voluntarily make any payment with respect to, or settle, or offer or agree to settle, any such demand for payment. Any portion of the Merger Consideration made available to the Paying Agent pursuant to Section 3.1 to pay for shares of Company Common Stock for which appraisal rights have been perfected shall be returned to Parent upon demand ...
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