Seitel Buyout

Seitel, Inc (SELA.OB)
ValueAct Capital
$780 mm cash buyout

Summary

$3.70 per Seitel share: $780mm total

SELA.OBstock chart

Announced 11.01.06

Closed 2.14.07

Developments

Lawsuits filed 11.13.06
Bridge loan presentation 11.28.06

Advisors

Financial

Special committee: William Blair & Co

Legal

Seitel: Bracewell & Giuliani
ValueAct : Dechert

Merger Agreement

General

EDGAR filing
Hyperlinked version
Detailed hyperlinked index follows

Article I The Merger

1.1 The Merger
1.2 Effective Time; Closing
1.3 Effects of the Merger
1.4 Certificate of Incorporation and Bylaws
1.5 Directors
1.6 Officers
1.7 Conversion of Shares
1.8 Treatment of Company Restricted Shares, Options, and
Company Warrant

Article II Payment for Shares

2.1 Exchange of Certificates and Cash
2.2 Stock Transfer Books
2.3 Further Assurances
2.4 Dissenting Shares

Article III Company Reps

3.1 Corporate Organization
3.2 Authority Relative to this Agreement
3.3 Capitalization
3.4 No Conflict; Required Filings and Consents
3.5 Sec Filings and Financial Statements
3.6 Ordinary Course
3.7 Company Material Adverse Effect
3.8 Litigation
3.9 Compliance with Laws
3.10 Taxes
3.11 Title to Assets
3.12 Employee Benefit Plans and Related Matters; ERISA
3.13 Employees; Labor Matters
3.14 Intellectual Property Rights
3.15 Company Contracts
3.16 Environmental Matters
3.17 Insurance Coverage
3.18 Related Party Transactions
3.19 Absence of Undisclosed Liabilities
3.20 Opinion of Independent Financial Advisor
3.21 Brokers
3.22 State Takeover Statutes
3.23 Parent and Merger Sub Representations and
Warranties

Article IV Parent and Merger Sub Reps

4.1 Organization
4.2 Authority Relative to this Agreement
4.3 No Conflict; Required Filings and Consents
4.4 Vote/Approval Required
4.5 Broker
4.6 Financing
4.7 Formation
4.8 Company Representations and Warranties

Article V Covenants and Other Agreements

5.1 Conduct of Business of the Company
5.2 Notification of Certain Matters
5.3 Indemnification; Directors and Officers Insurance
5.4 Access and Information
5.5 Publicity
5.6 All Reasonable Best Efforts
5.7 No Solicitation
5.8 Third Party Consents and Approvals; State Takeover
Laws
5.9 Benefits To Company Employees
5.10 Merger Sub Funding Conditions
5.11 Information Supplied by the Company
5.12 Information Supplied by Parent and Merger Sub
5.13 Stockholders Meeting; Proxy Material
5.14 Litigation
5.15 Brokers

Article VI Conditions

6.1 Each Party
6.2 Parent and Merger Sub
6.3 Company

Article VII Termination, Amendment and Waiver

7.1 Termination
7.2 Effect of Termination
7.3 Fees and Expenses
7.4 Amendment
7.5 Extension and Waiver

Article VIII Miscellaneous

8.1 Non-survival of Representations, Warranties and
Agreements
8.2 Fees and Expenses
8.3 Notices
8.4 Governing Law
8.5 Entire Agreement; Assignment
8.6 Severability
8.7 Headings
8.8 Parties In Interest
8.9 Remedies
8.10 Counterparts
8.11 Waiver of Jury Trial
8.12 Definitions
8.13 Interpretations

Other Agreements

Support agreement

Schedule 13D Filings

ValueAct Capital

Amendment #10 11.03.06

Proxy Solicitation

Definitive proxy statement 1.09.07

Table of contents

Preliminary proxy statement 12.21.06

Table of contents

Preliminary proxy statement 11.22.06

Table of contents

Schedule13e-3 Filings

Schedule 13E-3 11.22.06

Amendment #1 12.21.06

Amendment #2 1.09.07

Amendment #3 3.07.07

Financing

Summaries

Proxy statement summary

Agreements

Debt commitment letter 10.31.06
Equity commitment letter 10.31.06

Deal Protection

No shop covenant

Merger agreement §5.7
Proxy statement disclosure

Break-up fee

Agreement §7.3
Proxy statement disclosure

Regulatory Approvals

HSR Act

Merger agreement §6.1
Proxy statement disclosure

Fairness Opinion

William Blair & Co fairness opinion

Proxy statement disclosure scroll to page A-20

Tax Matters

Disclosure

Proxy statement disclosure scroll to page A-11

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