Exhibit 2.1
AMENDMENT XX. 0
Xxxxxxxxx Xx. 0 (this "Amendment"), dated February 5, 2003, effective
upon approval by the board of directors of Xxxxxx'x Grand Ice Cream, Inc.
("Dreyer's"), to the Agreement and Plan of Merger and Contribution, dated as of
June 16, 2002, as amended on October 25, 2002 (the "Merger Agreement"), by and
among Dreyer's, New December, Inc. ("New Dreyer's"), December Merger Sub, Inc.
("Merger Sub"), Nestle Holdings, Inc. ("Nestle") and NICC Holdings, Inc.
("Contributing Sub"). All capitalized terms not otherwise defined herein shall
have the meanings ascribed to them in the Merger Agreement.
WHEREAS, Dreyer's, New Dreyer's, Merger Sub, Nestle and Contributing
Sub (together, the "Parties") have heretofore executed and entered into the
Merger Agreement;
WHEREAS, pursuant to Section 11.8 of the Merger Agreement, the Parties
may amend the Merger Agreement by a written instrument executed by each of them;
and
WHEREAS, the parties wish to amend the Merger Agreement as set forth
below;
NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements set forth herein, the parties hereto agree as follows:
1. The Table of Contents of the Merger Agreement is hereby amended and
replaced in its entirety with Attachment A.
2. The seventh WHEREAS clause in the preamble of the Merger Agreement
is hereby amended by replacing "New December" with "New Dreyer's."
3. The table in Section 1.1(b) of the Merger Agreement is hereby
amended and replaced in its entirety with the table in Attachment B.
4. Section 2.6 of the Merger Agreement is hereby amended by adding the
phrase", except that Article I of the certificate of incorporation shall
provide that the name of the surviving corporation is `Xxxxxx'x Grand Ice Cream,
Inc.' " at the end of the first sentence thereof.
5. Section 3.2(a) of the Merger Agreement is hereby amended by
replacing "December" with "Dreyer's."
6. Section 3.3 of the Merger Agreement is hereby amended by replacing
"November Disclosure Schedule" with "Nestle Disclosure Schedule."
7. Section 4.18(f) of the Merger Agreement is hereby amended by
replacing "Article III" with "Article IV" in the second line thereof.
8. Section 4.19(d) of the Merger Agreement is hereby amended by
replacing "December" with "Dreyer's" in the second sentence.
9. Section 10.1 of the Merger Agreement is hereby amended by adding
the phrase "that termination" after the phrase "provided, further."
10. Section 11.8 of the Merger Agreement is hereby amended by
replacing it in its entirety with the following:
This Agreement may in accordance with this Section 11.8 be amended by
the parties hereto, by action taken or authorized by their respective
boards of directors, at any time prior to the Effective Time and, to
the fullest extent permitted by law, after the Effective Time (and the
parties hereto expressly contemplate that this Agreement can be
amended after the Effective Time), whether before or after the
Dreyer's Stockholders Approval, but, after any such approval, no
amendment shall be made which by law requires further approval by
stockholders without such further approval. This Agreement may not be
modified or amended except by an instrument or instruments in writing
signed by the party against whom enforcement of any such modification
or amendment is sought. Any party hereto may, only by an instrument in
writing, waive compliance by another party hereto with any term or
provision of this Agreement on the part of such other party hereto to
be performed or complied with. The waiver by any party hereto of a
breach of any term or provision of this Agreement shall not be
construed as a waiver of any subsequent breach. Any written action
pursuant to this Section 11.8 taken by New Dreyer's following the
Effective Time shall, in addition to any other approvals required by
applicable law, be authorized by a majority of the non-Nestle nominees
of the New Dreyer's board of directors.
Exhibit B: Form of Certificate of Restated Certificate of Incorporation of New
December, Inc.
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11. Article FIFTH(b)(ii) of Exhibit B to the Merger Agreement is
hereby amended by deleting the word "combination" appearing after the
parenthetical therein.
12. Article FIFTH(c)(ii) of Exhibit B to the Merger Agreement is
hereby amended by adding the phrase ", out of funds legally available therefor,"
after the phrase "require the Corporation to redeem" in the third line thereof.
13. Article FIFTH(c)(v) of Exhibit B to the Merger Agreement is hereby
amended by (i) deleting the phrase ", including distributions and pursuant to
stock splits or divisions of stock of the Corporation" from the second sentence
thereof and (ii) replacing the period at the end thereof with the following: ",
unless the affirmative vote of the holders of 80% of the outstanding shares of
Class A Common Stock and 80% of the outstanding shares of Class B Common Stock
is obtained to do otherwise."
14. Article FIFTH(c)(vi) of Exhibit B to the Merger Agreement is
hereby amended by adding the following phrase after the phrase "in any such
case," in the first sentence thereof: "unless the affirmative vote of the
holders of 80% of the outstanding shares of Class A Common Stock is obtained to
do otherwise,".
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15. Article FIFTH(c)(vii) of Exhibit B to the Merger Agreement is
hereby amended by replacing the phrase "Callable Putable Common Stock" in
subpart (ii) with the phrase "Class A Callable Putable Common Stock".
Exhibit C: Form of By-Laws of New December, Inc.
------------------------------------------------
16. Section 2.4 of Exhibit C to the Merger Agreement is hereby amended
by replacing the phrase "between November, a Delaware corporation" with "among
Nestle S.A., a corporation organized under the laws of Switzerland, Nestle
Holdings, Inc., a Delaware corporation,".
17. Section 3.6 of Exhibit C to the Merger Agreement is hereby amended
by replacing "though" with "through" in the penultimate sentence thereof.
18. Section 3.14(b) of Exhibit C to the Merger Agreement is hereby
amended by deleting the second instance of "; special meetings of committees may
also be called by resolution of the Board."
Exhibit D: Form of Governance Agreement
---------------------------------------
19. The Table of Contents of Exhibit D to the Merger Agreement is
hereby amended by replacing "Article III" before "Restrictions on Transfer of
Common Stock" with "Article IV.
20. The first clause in the preamble of Exhibit D to the Merger
Agreement is hereby amended by adding "(the "Agreement")" immediately after
"This Governance Agreement."
21. The first WHEREAS clause of Exhibit D to the Merger Agreement is
hereby amended by replacing "[ ], a Delaware corporation (prior to the Effective
Time, known as Xxxxxx'x Grand Ice Cream, Inc.)" with "Xxxxxx'x Grand Ice Cream,
Inc., a Delaware corporation."
22. Section 1.02 of Exhibit D to the Merger Agreement is hereby
amended by deleting the word "for" immediately after the second parenthetical
clause.
23. Section 2.02 of Exhibit D to the Merger Agreement is hereby
amended by deleting the first occurrence of the phrase "acquire, or propose or
offer to purchase or", which appears in the fifth line thereof.
24. Section 2.03(d) of Exhibit D to the Merger Agreement is hereby
amended by replacing "an Put Period" with "a Put Period."
25. Section 3.01(a) of Exhibit D to the Merger Agreement is hereby
amended by placing a"." after the first instance of "Investor Directors."
26. Section 5.06(c) of Exhibit D to the Merger Agreement is hereby
amended by replacing the second "(i)" with "(ii)."
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27. Section 5.06(d) of Exhibit D to the Merger Agreement is hereby
amended by deleting the word "not" in the sixth sentence.
28. Section 7.02 of Exhibit D to the Merger Agreement is hereby
amended by replacing "even" with "event" in the last sentence thereof.
29. Section 7.03 (c) of Exhibit D to the Merger Agreement is hereby
amended by replacing the phrase "by independent public accountant" with the
phrase "by an independent public accountant" in the last sentence thereof.
30. Section 7.03(d) of Exhibit D to the Merger Agreement is hereby
amended by replacing the phrase "by independent public accountant" with the
phrase "by an independent public accountant" in the last sentence thereof.
31. Section 8.11 of Exhibit D to the Merger Agreement is hereby
amended by deleting the word "the" before the phrase "their respective
Affiliates".
32. The List of Other Defined Terms appearing at the end of Exhibit D
to the Merger Agreement is hereby amended and replaced in its entirety with
Attachment C.
***
33. Except as expressly set forth herein, this Amendment to the Merger
Agreement shall not by implication or otherwise alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Merger Agreement, all of which are ratified and affirmed in all
respects and shall continue in full force and effect.
34. This Amendment may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument.
35. Section 11.2 of the Merger Agreement ( "Governing Law;
Jurisdiction and Forum; and Waiver of Jury Trial") is made a part of and
applicable to this Amendment as fully and with such effect as if such section
were repeated here in its entirety with reference to this Amendment.
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IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Amendment as of the date first above written.
XXXXXX'X GRAND ICE CREAM, INC.
By: /S/ XXXXXXX X. XXXX
---------------------------------------
Name: Xxxxxxx X. Xxxx
Title:Vice President - Finance and
Administration and Chief
Financial Officer
NEW DECEMBER, INC.
By:/S/ XXXXXXX X. XXXX
---------------------------------------
Name: Xxxxxxx X. Xxxx
Title:President
DECEMBER MERGER SUB, INC.
By:/S/ XXXXXXX X. XXXX
---------------------------------------
Name: Xxxxxxx X. Xxxx
Title:President
NESTLE HOLDINGS, INC.
By:/S/ XXXXXXX XXXXXX
---------------------------------------
Name: Xxxxxxx Xxxxxx
Title:Senior Vice Present,
General Counsel
NICC HOLDINGS, INC.
By:/S/ XXXXXXX XXXXXX
---------------------------------------
Name: Xxxxxxx Xxxxxx
Title:Senior Vice President,
General Counsel
Attachment A
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TABLE OF CONTENTS
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Page
ARTICLE I
Certain Definitions.........................................................2
ARTICLE II
The Merger and Contribution; Closing........................................9
Section 2.1. Time and Place of Closing....................................9
Section 2.2. The Merger...................................................9
Section 2.3. Effective Time...............................................9
Section 2.4. Effects of the Merger........................................9
Section 2.5. The Contribution; Exchange...................................9
Section 2.6. Certificate of Incorporation and Bylaws of
Surviving Corporation.......................................10
Section 2.7. Name Change; Certificate of Incorporation and
Bylaws of New Dreyer's......................................10
Section 2.8. Officers and Directors......................................10
Section 2.9. Deliveries by Contributing Sub..............................10
Section 2.10. Deliveries by New Dreyer's..................................10
Section 2.11. Effect on Capital Stock.....................................11
Section 2.12. Exchange of Shares in the Merger............................12
ARTICLE III
Representations and Warranties of Nestle...................................14
Section 3.1. Incorporation; Authorization; etc...........................14
Section 3.2. Capitalization; Structure...................................15
Section 3.3. Financial Statements........................................15
Section 3.4. No Undisclosed Liabilities..................................16
Section 3.5. Sufficiency.................................................16
Section 3.6. Absence of Certain Changes..................................16
Section 3.7. Litigation; Orders..........................................16
Section 3.8. Intellectual Property.......................................16
Section 3.9. Licenses, Approvals, Other Authorizations,
Consents, Reports, etc......................................17
Section 3.10. Labor Matters...............................................17
Section 3.11. Compliance with Laws........................................18
Section 3.12. Insurance...................................................18
Section 3.13. Material Contracts..........................................18
Section 3.14. Brokers, Finders, etc.......................................19
Section 3.15. Affiliated Transactions.....................................19
Section 3.16. Board Approval..............................................19
Section 3.17. No Required Vote............................................19
Section 3.18. Environmental Compliance....................................19
Section 3.19. Employee Benefit Plans......................................20
Section 3.20. Acquisition of Shares for Investment........................22
Section 3.21 Taxes.......................................................22
ARTICLE IV
Representations and Warranties of Dreyer's.................................24
Section 4.1. Incorporation; Authorization; etc...........................24
Section 4.2. Capitalization; Structure...................................25
Section 4.3. SEC Filings; Financial Statements...........................26
Section 4.4. No Undisclosed Liabilities..................................26
Section 4.5. Antitakeover Statute and Provisions.........................27
Section 4.6. Absence of Certain Changes..................................27
Section 4.7. Litigation; Orders..........................................27
Section 4.8. Intellectual Property.......................................27
Section 4.9. Licenses, Approvals, Other Authorizations,
Consents, Reports, etc......................................28
Section 4.10. Labor Matters...............................................28
Section 4.11. Compliance with Laws........................................28
Section 4.12. Insurance...................................................29
Section 4.13. Material Contracts..........................................29
Section 4.14. Brokers, Finders, etc.......................................29
Section 4.15. Opinions of Dreyer's Financial Advisor......................29
Section 4.16. Board Approval; Rights Plan.................................29
Section 4.17. Required Vote...............................................30
Section 4.18. Environmental Compliance....................................30
Section 4.19. Employee Benefit Plans......................................31
Section 4.20. Taxes.......................................................33
ARTICLE V
Covenants of the Parties...................................................34
Section 5.1. Investigation of Business; Access to
Properties and Records......................................34
Section 5.2. Filings; Other Actions; Notification........................34
Section 5.3. Further Assurances; Assets and Liabilities..................36
Section 5.4. Conduct of Business.........................................37
Section 5.5. Public Announcements........................................42
Section 5.6. Intercompany Accounts.......................................42
Section 5.7. Voting of Shares............................................42
Section 5.8. Insurance...................................................42
Section 5.9. No Solicitation.............................................42
Section 5.10. Proxy Statement; Registration Statement; Blue
Sky.........................................................45
Section 5.11. Stockholders' Meeting; Board Recommendation.................46
Section 5.12. Certain Notices.............................................47
Section 5.13. Governance Agreement........................................47
Section 5.14. Nasdaq Listing..............................................47
Section 5.15. Dreyer's Rights Agreement...................................48
Section 5.16 The Nestle Stock Purchase Agreement.........................48
ARTICLE VI
Employee Benefits Matters..................................................48
Section 6.1 NICC Severance and Retention Plans.............................48
Section 6.2 NICC Bonus Plans...............................................48
Section 6.3 Dreyer's Employment Arrangements...............................49
Section 6.4 Dreyer's Employee Stock Purchase Plans and Stock
Option Plans................................................49
Section 6.5 Long Term Incentive Plan.......................................49
Section 6.6 Continuation of Benefits.......................................49
Section 6.7 Service Credits................................................49
Section 6.8 Controlled Group Liability.....................................50
Section 6.9 Reservation of Rights..........................................50
ARTICLE VII
Tax Matters................................................................50
Section 7.1. Tax-free Qualification......................................50
Section 7.2. FIRPTA Certificate..........................................50
Section 7.3. Indemnification.............................................50
Section 7.4. Cooperation.................................................51
ARTICLE VIII
Conditions Precedent.......................................................52
Section 8.1. Conditions to Each Party's Obligation.......................52
Section 8.2. Additional Conditions to Dreyer's Obligations...............52
Section 8.3. Additional Conditions to Nestle's Obligation................53
ARTICLE IX
Survival...................................................................54
Section 9.1. Survival....................................................54
ARTICLE X
Termination................................................................55
Section 10.1. Termination.................................................55
Section 10.2. Procedure and Effect of Termination.........................56
Section 10.3. Termination Fees............................................56
Section 10.4. All Payments................................................57
ARTICLE XI
Miscellaneous..............................................................57
Section 11.1. Counterparts................................................57
Section 11.2. Governing Law; Jurisdiction and Forum; Waiver
of Jury Trial...............................................57
Section 11.3. Entire Agreement; Beneficiaries.............................58
Section 11.4. Expenses....................................................58
Section 11.5. Notices.....................................................58
Section 11.6. Successors and Assigns......................................59
Section 11.7. Headings; Definitions.......................................59
Section 11.8. Amendments and Waivers......................................60
Section 11.9. Specific Performance........................................60
Section 11.10. Severability................................................60
Section 11.11. Mutual Drafting.............................................60
List of Exhibits
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Exhibit A Form of Voting Agreement
Exhibit B Form of New December, Inc. Certificate of Incorporation
Exhibit C Form of New December, Inc. Bylaws
Exhibit D Form of Governance Agreement
Exhibit E Form of CEO Employment Agreement
Exhibit F Form of Employment Agreement
ATTACHMENT B
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(b) Each of the following terms is defined in the Section set forth
opposite such term:
TERM SECTION
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2000 Financial Statements...................................... 3.3
2001 Financial Statements ..................................... 3.3
Additional Nestle Shares....................................... 2.5(a)
Agreement...................................................... Preamble
Book Entry Shares.............................................. 2.12(b)
Business....................................................... 3.5
Business Balance Sheet......................................... 3.3
Business Combination Proposal ................................. 5.9(b)
Business Financial Statements.................................. 3.3
Certificate of Merger.......................................... 2.3
Certificates................................................... 2.12(b)
Class A Common Stock........................................... 2.11(a)
Class B Common Stock........................................... 2.5(a)
Closing........................................................ 2.1
Closing Date................................................... 2.1(b)
Code........................................................... Recitals
Confidentiality Agreement...................................... 5.1(c)
Contributing Sub............................................... Preamble
Contribution................................................... Recitals
Converted Dreyer's Option...................................... 2.11(e)
Delaware Secretary of State.................................... 2.3
Dreyer's....................................................... Preamble
Dreyer's Disclosure Schedule................................... Article IV
Dreyer's ESPP.................................................. 5.4(b)(iv)
Dreyer's Material Adverse Effect............................... 8.3(a)
Dreyer's Material Contracts.................................... 4.13
Dreyer's Merger Consideration.................................. 2.11(a)
Dreyer's Option................................................ 2.11(e)
Dreyer's Option Plans.......................................... 2.11(e)
Dreyer's Proxy Statement....................................... 5.10(a)
Dreyer's Representatives....................................... 5.9(a)
Dreyer's SEC Reports........................................... 4.3(a)
Dreyer's Stockholders Meeting.................................. 5.11
Effective Time................................................. 2.3
Employees...................................................... 6.6
Environmental Laws............................................. 3.18(a)
Exchange ...................................................... Recitals
Exchange Agent................................................. 2.12(a)
Exchange Fund.................................................. 2.12(a)
Governance Agreement........................................... 5.13
Last Offering Period........................................... 6.4
Licenses....................................................... 3.9(a)
TERM SECTION
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LTIP........................................................... 6.5
Merger......................................................... Recitals
Merger Sub..................................................... Preamble
Nestle......................................................... Preamble
Nestle Disclosure Schedule..................................... Article III
New Dreyer's................................................... Preamble
NICC........................................................... Recitals
NICC Interests................................................. 2.5(a)
NICC Material Adverse Effect................................... 8.2(a)
NICC Material Contracts........................................ 3.13
NICC Subsidiary................................................ 7.3
Registration Statement......................................... 5.10(a)
Required Dreyer's Vote......................................... 4.17
Rights......................................................... 4.2(a)
Superior Proposal.............................................. 5.9(b)
Superior Proposal Notice....................................... 5.9(d)
Surviving Corporation.......................................... 2.2
Termination Date............................................... 10.1(b)
Transactions................................................... Recitals
Voting Agreement............................................... Recitals
LIST OF OTHER DEFINED TERMS
Section
Agreement..................Preamble
Annual Plan....................7.02
Board.......................3.01(a)
Business Plan..................7.02
By-Laws.....................3.01(a)
Certificate of Incorporation1.01(a)
Code .......................2.03(e)
Class A Common Stock.......Recitals
Class B Common Stock.......Recitals
Company....................Preamble
Confidential Information....7.01(a)
Continuing Investor Directors3.01(a)
Contributing Sub...........Recitals
Contribution ..............Recitals
Demand Registration.........5.01(a)
Depositary..................1.01(a)
Disclosing Party............7.01(a)
Effective Time..............3.01(a)
Equity Security................2.02
Exchange...................Recitals
Executive Directors.........3.01(a)
GAAP .......................7.03(c)
IAS ........................7.03(d)
Independent Directors.......3.01(a)
Investor Directors..........3.01(a)
Losses ........................8.12
Merger.....................Recitals
Merger Agreement...........Recitals
Merger Sub.................Recitals
Nestle.....................Preamble
Nestle Indemnitee...........5.06(a)
Nestle's Voting Interest.......2.02
Noninvestor Directors.......3.01(a)
NSA........................Preamble
Put Amount .................2.03(a)
Public Document.............5.02(a)
Old Dreyer's...............Recitals
Quality Standards..............7.05
Receiving Party.............7.01(a)
Redemption Date.............1.01(a)
Representatives.............7.01(a)
SEC.........................5.01(b)
Short-Form Merger ..........1.01(c)
Short-Form Merger Trigger...1.01(c)
Transactions...............Recitals
