Agreement and Plan of Merger (2007)Full Document 

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AGREEMENT AND PLAN OF MERGER

AMONG

PITNEY BOWES INC.,

MAGELLAN ACQUISITION CORP.

AND

MAPINFO CORPORATION

Dated as of March 14, 2007

 


TABLE OF CONTENTS

 

ARTICLE I    THE CASH TENDER OFFER    1

1.1

   The Offer.    1

1.2

   Company Actions.    3

1.3

   Directors.    5
ARTICLE II    THE MERGER; TOP-UP OPTION; CONVERSION OF SECURITIES    6

2.1

   The Merger    6

2.2

   Effective Time of the Merger    6

2.3

   Closing    6

2.4

   Effects of the Merger    7

2.5

   Directors of the Surviving Corporation    7

2.6

   Top-Up Option.    7

2.7

   Conversion of Capital Stock    8

2.8

   Exchange of Certificates    9

2.9

   Company Stock Plans.    11

2.10

   Dissenting Shares.    12
ARTICLE III    REPRESENTATIONS AND WARRANTIES OF THE COMPANY    12

3.1

   Organization, Standing and Power    12

3.2

   Capitalization.    14

3.3

   Subsidiaries.    15

3.4

   Authority; No Conflict; Required Filings and Consents.    16

3.5

   SEC Filings; Financial Statements; Information Provided.    18

3.6

   No Undisclosed Liabilities    20

3.7

   Absence of Certain Changes or Events    20

3.8

   Taxes.    20

3.9

   Real Property.    22

3.10

   Intellectual Property.    22

3.11

   Contracts.    24

3.12

   Litigation    25

3.13

   Environmental Matters.    25

3.14

   Employee Benefit Plans.    26

3.15

   Compliance With Laws    28

3.16

   Permits    29

3.17

   Labor Matters    29

3.18

   Insurance    29

3.19

   Opinion of Financial Advisor    30

3.20

   Section 203 of the DGCL    30

3.21

   Brokers    30

3.22

   Acquisitions and/or Divestitures    30

 

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ARTICLE IV    REPRESENTATIONS AND WARRANTIES OF THE PARENT AND PURCHASER    30

4.1

   Organization, Standing and Power    30

4.2

   Authority; No Conflict; Required Filings and Consents.    31

4.3

   Operations of Purchaser    32

4.4

   Ownership of Company Common Stock    32

4.5

   Information Provided    32

4.6

   Financing    32
ARTICLE V    CONDUCT OF BUSINESS    33

5.1

   Covenants of the Company    33

5.2

   Confidentiality    35
ARTICLE VI    ADDITIONAL AGREEMENTS    35

6.1

   No Solicitation.    35

6.2

   Proxy Statement    38

6.3

   Nasdaq Quotation    39

6.4

   Access to Information    39

6.5

   Stockholders Meeting.    39

6.6

   Legal Conditions to the Merger.    40

6.7

   Public Disclosure    41

6.8

   Indemnification.    41

6.9

   Notification of Certain Matters    43

6.10

   Employee Benefits and Service Credit    43

6.11

   Certain Severance Payments    44
ARTICLE VII    CONDITIONS TO MERGER    44

7.1

   Conditions to Each Party’s Obligation To Effect the Merger    44
ARTICLE VIII    TERMINATION AND AMENDMENT    45

8.1

   Termination    45

8.2

   Effect of Termination    46

8.3

   Fees and Expenses.    46

8.4

   Amendment    47

8.5

   Extension; Waiver    47
ARTICLE IX    MISCELLANEOUS    48

9.1

   Nonsurvival of Representations, Warranties and Agreements    48

9.2

   Notices    48

9.3

   Entire Agreement    49

9.4

   No Third Party Beneficiaries    49

9.5

   Assignment    49

 

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        9.6    Severability    49
        9.7    Counterparts and Signature    50
        9.8    Interpretation    50
        9.9    Governing Law    50
        9.10    Remedies    50
        9.11    Submission to Jurisdiction    51
        9.12    WAIVER OF JURY TRIAL    51
        9.13    Disclosure Schedules    51
        9.14    Company’s Knowledge    51

 

Annex I    Conditions to the Offer
Exhibit A    Form of Certificate of Incorporation of the Surviving Corporation
Exhibit B    Form of Bylaws of the Surviving Corporation

 

iii


TABLE OF DEFINED TERMS

 

TERMS

  

SECTION

Acceptance Time

   1.3(a)

Accredited Investor

   2.6(d)

Acquisition Proposal

   6.1(g)

Affiliate

   3.2(c)

Agreement

   Introductory Statement

Alternative Acquisition Agreement

   6.1(b)(ii)

Antitrust Laws

   6.6(b)

Bankruptcy and Equity Exception

   3.4(a)

Business Day

   2.3

Certificate

   2.8(b)

Certificate of Merger

   2.2

Closing

   2.3

Closing Date

   2.3

Code

   1.1(e)

Company

   Introductory Statement

Company Balance Sheet

   3.5(b)

Company Board

   1.2(b)

Company Common Stock

   Introductory Statement

Company Disclosure Schedule

   Article III

Company Employee Plans

   3.14(a)

Company ESPP

   2.9(d)

Company Intellectual Property

   3.10(a)

Company IP Agreements

   3.10(b)

Company Leases

   3.9(c)

Company Material Adverse Effect

   3.1

Company Material Contract

   3.11(a)

Company Material Insurance Policies

   3.18

Company Meeting

   3.4(d)

Company Permits

   3.16

Company Preferred Stock

   3.2(a)

Company SEC Reports

   3.5(a)

Company Stock Options

   2.9(a)(i)

Company Stock Plans

   2.9(a)(i)

Company Stockholder Approval

   3.4(a)

Company Voting Proposal

   3.4(a)

Company’s Knowledge

   9.14

Confidentiality Agreement

   5.2

Continuing Employees

   6.10

Current D&O Insurance

   6.8(c)

DGCL

   2.1

Dissenting Shares

   2.10(a)

Effective Time

   2.2

Employee Benefit Plan

   3.14(a)

 

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TERMS

  

SECTION

Environmental Law

   3.13(b)

ERISA

   3.14(a)

ERISA Affiliate

   3.14(a)

Exchange Act

   1.1(a)

Exchange Agent

   2.8(a)

Exchange Fund

   2.8(a)

GAAP

   3.5(b)

Governmental Entity

   3.4(c)

Governmental Regulations

   3.9(b)

Hazardous Substance

   3.13(c)

HSR Act

   3.4(c)

Income Tax Returns

   3.8(a)

Indemnified Parties

   6.8(a)

Independent Directors

   1.3(c)

Intellectual Property

   3.10(a)

IRS

   3.14(b)

Jefferies Broadview

   3.19

Letter of Transmittal

   1.1(c)

Liens

   3.4(b)

Maximum Premium

   6.8(c)

Merger

   Introductory Statement

Merger Consideration

   2.7 (c)

Minimum Condition

   Annex I

Offer

   Introductory Statement

Offer Consideration

   Introductory Statement

Offer Documents

   1.1(c)

Offer to Purchase

   1.1(c)

Option Consideration

   2.9(b)

Ordinary Course of Business

   3.2(e)

Outside Date

   8.1(b)

Parent

   Introductory Statement

Parent Employee Plan

   6.10

Parent Material Adverse Effect

   4.1

Person

   2.8(b)

Pre-Closing Period

   5.1

Proxy Statement

   3.4(c)

Purchaser

   Introductory Statement

Purchaser Designees

   1.3(a)

Real Estate

   3.9(a)

Reporting Tail Endorsement

   6.8(c)

Representatives

   6.1(a)

Required Company Stockholder Vote

   3.4(d)

Sarbanes-Oxley Act

   3.5(a)

Schedule 14D-9

   1.2(b)

Schedule TO

   1.1(c)

 

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TERMS

  

SECTION

SEC

   1.1(b)

Securities Act

   2.6(d)

Special Committee

   3.19

Specified Time

   6.1(a)

Subsidiary

   3.3(a)

Superior Proposal

   6.1(g)

Surviving Corporation

   2.4

Tax Returns

   3.8(a)

Taxes

   3.8(a)

Taxing Authority

   3.8(a)

Termination Fee

   8.3(b)

Third Party Intellectual Property

   3.10(b)

Top-Up Option

   2.6(a)

Top-Up Option Shares

   2.6(a)

 

vi


AGREEMENT AND PLAN OF MERGER

This Agreement and Plan of Merger (this “Agreement”) is dated as of March 14, 2007, among Pitney Bowes Inc., a Delaware corporation (the “Parent”), Magellan Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of the Parent (the “Purchaser”), and MapInfo Corporation, a Delaware corporation (the “Company”).

Introduction

This Agreement contemplates the acquisition of the Company by the Parent on the terms and subject to the conditions set forth in this Agreement. The Purchaser will make a cash tender offer (as it may be amended from time to time as permitted under this Agreement, the “Offer”) to purchase all of the issued and outstanding shares of common stock of the Company, $0.002 par value per share (the “Company Common Stock”), at a price of $20.25 per share of Company Common Stock, net to the seller in cash, without interest thereon (the “Offer Consideration”), upon the terms and subject to the conditions set forth in this Agreement. Following consummation of the Offer, the Purchaser will be merged with and into the Company, with the Company continuing as the surviving corporation in such merger (the “Merger”). As a result of the Merger, the Company will become a wholly owned subsidiary of the Parent. The Boards of Directors of each of the Parent, the Purchaser and the Company have approved and declared advisable the Offer and the Merger and adopted this Agreement.

The Parent, the Purchaser and the Company therefore agree as follows:

ARTICLE I

THE CASH TENDER OFFER

1.1 The Offer.

(a) Commencement of the Offer; Acceptance of Shares. Provided that nothing shall have occurred that, had the Offer been commenced, would give rise to a right to terminate the Offer pursuant to any of the conditions set forth in Annex I, as soon as practicable after the date of this Agreement, and in any event within seven business days of the day on which the Purchaser’s intention to make the Offer is publicly announced (which announcement will be made by the Parent on March 15, 2007), the Purchaser shall commence (within the meaning of Rule 14d-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) the Offer to purchase any and all outstanding shares of Company Common Stock at a price equal to the Offer Consideration. On the terms and subject to the prior satisfaction or waiver of the conditions of the Offer and this Agreement, the Purchaser shall accept for payment all shares of Company Common Stock validly tendered and not properly withdrawn pursuant to the Offer as soon as practicable after the expiration of the Offer and shall pay for all such shares promptly after acceptance. The obligation of the Parent and the Purchaser to commence the Offer and to accept for payment and pay for shares of Company Common Stock validly tendered in the Offer and not properly withdrawn shall be subject only to the conditions set forth in Annex I to this Agreement.


(b) Expiration Date; Extensions and Amendments; Subsequent Offering Period. The initial expiration date of the Offer shall be the 20th business day after commencement of the Offer (determined in accordance with Rules 14d-1(g)(3) and 14d-2 under the Exchange Act). The Purchaser expressly reserves the right, subject to compliance with the Exchange Act, to waive, amend or modify any term or condition of the Offer in its sole discretion; provided, however, that, without the prior written consent of the Company, the Purchaser shall not:

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