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EX-2EQUITY PURCHASE AGREEMENT

Stock Purchase Agreement
EX-2EQUITY PURCHASE AGREEMENT You are currently viewing:
This Stock Purchase Agreement involves

TARGET CORPORATION | MERVYN?S HOLDINGS, LLC

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Title: EX-2EQUITY PURCHASE AGREEMENT
Governing Law: Delaware     Date: 7/30/2004
Industry: RTDEPT     Law Firm: Cerberus Capital Management, L.P.;Lubert-Adler Real Estate Fund IV, L.P.;Kirkland & Ellis LLP     Sector: SERVIC

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Exhibit 2

 

EQUITY PURCHASE AGREEMENT

 

between

 

 

TARGET CORPORATION

 

 

and

 

 

MERVYN’S HOLDINGS, LLC

 

 

Dated as of July 29, 2004

 

 

Relating to the Purchase and Sale of
Mervyn’s

 

 

TABLE OF CONTENTS

 

1.

PURCHASE AND SALE OF THE SECURITIES; PURCHASE PRICE.

 

1

 

 

 

 

(a)

Generally.

 

1

(b)

Purchase Price.

 

1

 

 

 

 

2.

CLOSING; PURCHASE PRICE ADJUSTMENT.

 

2

 

 

 

 

(a)

Closing Date; Effective Time

 

2

(b)

Closing Deliveries.

 

2

(c)

Purchase Price Adjustment

 

2

(d)

Certain Assets

 

5

(e)

Section 1031 Like-Kind Exchange

 

6

 

 

 

 

3.

CONDITIONS TO CLOSING.

 

6

 

 

 

 

(a)

Buyer’s Obligation.

 

6

(b)

Target’s Obligation.

 

9

 

 

 

 

4.

REPRESENTATIONS AND WARRANTIES OF TARGET

 

10

 

 

 

 

(a)

Organization and Authority.

 

10

(b)

The Shares and Securities.

 

11

(c)

Capitalization.

 

11

(d)

Non-Contravention.

 

12

(e)

Financial Statements.

 

13

(f)

Nonforeign Certification.

 

13

(g)

Taxes

 

13

(h)

Personal Property.

 

16

(i)

Real Property.

 

17

(j)

Condition of Assets.

 

19

(k)

Intellectual Property.

 

19

(l)

Contracts.

 

21

(m)

Litigation; Decrees.

 

24

(n)

Insurance.

 

24

(o)

Employee Benefits; ERISA.

 

24

(p)

Absence of Changes or Events.

 

25

(q)

Compliance with Laws

 

27

(r)

Environmental Matters.

 

27

(s)

Employee and Labor Relations.

 

28

(t)

Absence of Undisclosed Liabilities

 

28

(u)

Mervyn’s, Inc.

 

29

 

 

 

 

 

5.

COVENANTS OF TARGET.

 

29

 

 

 

 

(a)

Access.

 

29

(b)

Ordinary Conduct.

 

29

(c)

Confidentiality.

 

32

(d)

Insurance and Insurance Proceeds.

 

32

(e)

Exclusivity

 

32

(f)

Real Estate

 

33

(g)

Indebtedness

 

34

(h)

No Post-Conversion Tax Election

 

34

 

 

 

 

6.

REPRESENTATIONS AND WARRANTIES OF BUYER.

 

34

(a)

Organization and Authority of Buyer.

 

34

(b)

Non-Contravention.

 

35

(c)

Litigation.

 

35

(d)

Commitment Letters.

 

35

(e)

Securities Laws.

 

35

 

 

 

 

7.

COVENANTS OF BUYER.

 

36

 

 

 

 

(a)

Confidentiality Agreement.

 

36

(b)

No Representations or Warranties.

 

36

(c)

Certain Claims

 

36

(d)

Commitment Letters

 

36

 

 

 

 

8.

MUTUAL COVENANTS.

 

36

 

 

 

 

(a)

Consents.

 

36

(b)

Cooperation; Further Assurances.

 

37

(c)

Certain IP Matters

 

38

(d)

Publicity.

 

41

(e)

Reasonable Best Efforts.

 

42

(f)

Antitrust Notification.

 

42

(g)

Intercompany Accounts.

 

42

(h)

Transition Services.

 

42

(i)

Certain Contracts

 

43

(j)

Intercompany Agreements

 

44

(k)

Guarantee Arrangements

 

44

(l)

Disclosure Supplements

 

45

(m)

Minnesota Stores

 

45

(n)

Software Issues

 

46

(o)

Customer Date

 

46

(p)

Third-Party Confidentiality Agreements

 

47

(q)

Conversion Documents

 

47

 

 

 

 

 

9.

EMPLOYEES AND EMPLOYEE BENEFITS

 

47

 

 

 

 

(a)

Offers of Employment

 

47

(b)

Buyer’s Employee Benefit Plans Generally

 

48

(c)

Severance Benefits

 

49

(d)

Vacation Pay and Personal Holidays

 

50

(e)

Disability Benefits and Leaves

 

50

(f)

Medical and Dental Plan Liabilities

 

50

(g)

COBRA Coverage

 

51

(h)

Retiree Medical Obligations

 

51</