M&A STATUTES, RULES, AND DOCUMENTS
FOR
BUSINESS PLANNING FOR
MERGERS AND ACQUISITIONS
FOURTH EDITION
This book contains the following materials referred to in the fourth edition of
Business Planning for Mergers and Acquisitions: various statutes, such as
selected provisions of the Delaware General Corporation Law and the federal
securities laws; rules and regulations, such as rules under the federal securities
laws and the Hart-Scott-Rodino premerger notification law; and Documentary
Appendices with commentary, such as various merger and other acquisition
agreements.
SAMUEL C. THOMPSON, JR.
PROFESSOR OF LAW, ARTHUR WEISS DISTINGUISHED FACULTY SCHOLAR, AND
DIRECTOR, CENTER FOR THE STUDY OF MERGERS AND ACQUISITIONS
PENN STATE LAW
CAROLINA ACADEMIC PRESS
Durham, North Carolina
Copyright 2015 Samuel C. Thompson, Jr. All rights reserved.
Copyright 2015
Samuel C. Thompson, Jr.
All Rights Reserved
Carolina Academic Press
700 Kent Street
Durham, NC 27701
Phone: 919-489-7486
Fax: 919-493-5668
www.cap-press.com
Copyright 2015 Samuel C. Thompson, Jr. All rights reserved.
http://www.cap-press.com/
iii
THANKS TO THOSE WHO HELPED WITH THIS M&A STATUTES,
RULES AND DOCUMENTS
I want to thank the following for their assistance in the preparation of this book:
Matt Robida and Radu Giosan, my research assistants at Penn State Law, and
Emily Butterworth, my undergraduate assistant at Penn State Law.
Samuel C. Thompson, Jr.
August 18, 2015
Copyright 2015 Samuel C. Thompson, Jr. All rights reserved.
iv
STATUTORY SUPPLEMENT
SELECTED STATUTES, RULES, AND FORMS FROM:
AMERICAN BAR ASSOCIATION, MODEL BUSINESS CORPORATION ACT AMERICAN LAW INSTITUTE, PRINCIPLES OF CORPORATE GOVERNANCE:
ANALYSIS AND RECOMMENDATIONS CALIFORNIA GENERAL CORPORATION LAW DELAWARE GENERAL CORPORATION LAW
PENNSYLVANIA BUSINESS CORPORATION LAW SECURITIES ACT OF 1933
SECURITIES ACT OF 1933, RULES AND REGULATIONS SECURITIES EXCHANGE ACT OF 1934
SECURITIES ACT OF 1934, RULES AND REGULATIONS PRE-MERGER NOTIFICATION RULES
COMMITTEE ON FOREIGN INVESTMENT IN THE U.S. (CFIUS) REGS DELAWARE REVISED UNIFORM LIMITED PARTNERSHIP ACT
DELAWARE LIMITED LIABILITY ACT ETHICS, SELECTED AUTHORITIES
DOCUMENTARY APPENDICES A THROUGH NN
Selected Acquisition Documents with Commentary
Copyright 2015 Samuel C. Thompson, Jr. All rights reserved.
v
BUSINESS PLANNING FOR MERGERS AND ACQUISITIONS
STATUTORY SUPPLEMENT AND DOCUMENTS
SUMMARY TABLE OF CONTENTS
Comprehensive Table of Contents ............................................................................................................................... vii
Chapter 1 American Bar Association, Model Business Corporation Act ..................................................................... 1
Chapter 2 American Law Institute, Principles of Corporate Governance: Analysis and Recommendations ............................................................................................................... 13
Chapter 3 California General Corporation Law .......................................................................................................... 17
Chapter 4 Delaware General Corporation Law ........................................................................................................... 25
Chapter 5 Pennyslvania Business Corporation Law, Fundamental Changes and Takeovers ....................................... 46
Chapter 6 Securities Act of 1933 .............................................................................................................................. 111
Chapter 7 General Rules and Regulations under the Securities Act of 1933: Rules 100-473 .............................. .129
Chapter 8 Selected 33 Act Forms: S-1, S-3 & S-4 .................................................................................................... 225
Chapter 9 Securities Exchange Act of 1934 ............................................................................................................ .257
Chapter 10 Securities Exchange Act of 1934, Rules and Regulations .................................................................. 267
Chapter 11 Selected Forms Under the Securities Exchange Act of 1934 ................................................................ 358
Chapter 12 Pre-Merger Notification under Hart-Scott-Rodino, Select Rules ........................................................... 378
Chapter 13 Pre-Merger Notification Under Hart-Scott-Rodino, Instructions to Report Form .................................. 391
Chapter 14 Committee on Foreign Investment in the U.S. (CFIUS), Selected Regulations ..................................... 396
Chapter 15 Delaware Revised Uniform Limited Partnership Act ............................................................................. 417
Chapter 16 Delaware Limited Liability Co. Act ...................................................................................................... 423
Chapter 17 Ethics Selected Authorities ................................................................................................................. 429
Chapter 18 Documentary Appendices ...................................................................................................................... 441
Appendices are numbered as follows: A-1, A-2; B-1, B-2; etc.
A. Time-Warner Reverse Subsidiary Stock Merger Agreement
B. Time-Warner Reverse Subsidiary Stock Merger S-4
C. Valuation of Warner
D. JP Morgan Chase-Bank One Direct Stock Merger Agreement
E. JP Morgan Chase-Bank One Direct Stock Merger S-4
F. Toys Reverse Subsidiary Cash Merger Agreement
G. Toys Reverse Subsidiary Cash Merger Proxy Statement
H. Oracle-Siebel Horizontal Double Dummy Form 8-K and Merger Agreement
I. Whirlpool-Maytag Antitrust Provisions
Copyright 2015 Samuel C. Thompson, Jr. All rights reserved.
Summary Table of Contents
vi
J. Description of the MCI Poison Pill
K. MCI-Verizon Deal Protection Devices
L. Goldman-Kinder Morgan 13D
M. Oracle Tender Offer for PeopleSoft
N. Oracle-PeopleSoft Summary Advertisement
O. PeopleSoft 14D-9 Statement
P. Cox Communications Combined Tender Offer and Going Private Merger Agreement
Q. Cox Communications Going Private Tender Offer/Merger Offer Document
R. AT&T-Comcast Spin-Off and Merger
S. British Telecom-MCI Cross-Border Merger Agreement
T. Greenhill IPO
U. Annotated Sample Stock Purchase Agreement
V. Annotated Sample Asset Acquisitions Agreement
W. Goldman Certificate of Incorporation
X. Goldman Bylaws
Y. TWA Bankruptcy Sale to American
Z. TXU LBO, Go Shop; Breakup and Reverse Breakup Fees; Financing, Reg. Approvals
AA. Joint Venture Agreement for Sprint Spectrum
BB. Limited Liability Company Agreement
CC. Confidentiality Agreement, Koch-Georgia Pacific
DD. Acquirers Due Diligence Checklist For Target
EE. Letter of Intent, Perfectdatasona
FF. Exclusivity Agreement Between Citigroup and Wachovia
GG. Excerpts From Schedule 13E-3 And Proxy Statement For LNRs Freezeout Merger/MBO
HH. Documents Relating to Air Products 2010 Proxy Contest to Elect Directors to the Boardof Airgas
II. Documents Relating To The Tender Offer By Mallinckrodt PLC For The Stock Of Candice
Pursuant To A Merger Agreement With A Section 251(h) Second Step Merger Provision
JJ. Combination Tender Offer/Merger Agreement With A Top-Up OptionWild Oats
KK.. Joint Announcment Of A Firm Intention By Wallmart To Make An Offer To Aquire 51% of
South Africas Massmart
LL. Shareholder Circular For Walmarts Acquisition of 51% of Shares of south Africas Massmart
MM. Joint Announcement Of Possible Voluntary Conditional Offer By Coca-Cola For Chinas
Huiyuan Juice Group
NN. Stock Purchase Agreement Pursuant To Which A Singaporean Subsidiary Of H.B. Fuller
Aquires Chinas Tonsan
Copyright 2015 Samuel C. Thompson, Jr. All rights reserved.
vii
COMPREHENSIVE TABLE OF CONTENTS
CHAPTER 1 ABA, MODEL BUSINESS CORPORATION ACT.................................. 1
A. 1.40. Act Definitions ................................................................................................................................... 1
B. 2.02. Articles of Incorporation .................................................................................................................... 1
C. 6.21. Issuance of Shares .............................................................................................................................. 1
D. 6.31. Corporations Acquisition of Its Own Shares ..................................................................................... 1
E. 6.40. Distribution to Shareholders ............................................................................................................... 2
F. 7.25. Quorum and Voting Requirements for Voting Groups ....................................................................... 2
G. 7.26. Action by Single and Multiple Voting Groups ................................................................................... 2
