Stellent - Oracle M&A

Stellent, Inc. (STEL)
Oracle Corporation
$440mm Two-Step Merger

Summary

Oracle continues to acquire smaller software companies

Acquires content management company

$13.50 per STEL share: $440mm total

STELstock chart

Announced 11.02.06

Closed 12.12.06

Advisors

Financial

STEL : Morgan Stanley

Legal

STEL : Faegre & Benson
Oracle : Davis Polk

Merger Agreement

General

EDGAR filing
Hyperlinked version
Detailed hyperlinked index follows

Article 1 Definitions

1.01 Definitions
1.02 Other Definitional and Interpretative Provisions

Article 2 The Offer

2.01 The Offer
2.02 Company Action
2.03 Directors
2.04 Top-up Option

Article 3 The Merger

3.01 The Closing
3.02 The Merger
3.03 Conversion of Shares
3.04 Surrender and Payment
3.05 Dissenting Shares
3.06 Company Stock Options; Restricted Share Awards
3.07 Adjustments
3.08 Withholding Rights
3.09 Lost Certificates

Article 4 The Surviving Corporation

4.01 Articles of Incorporation
4.02 Bylaws
4.03 Directors and Officers

Article 5 Company Reps

5.01 Corporate Existence and Power
5.02 Corporate Authorization
5.03 Governmental Authorization
5.04 Non-contravention
5.05 Capitalization
5.06 Subsidiaries
5.07 Sec Filings and the Sarbanes-Oxley Act
5.08 Financial Statements; Internal Controls
5.09 Disclosure Documents
5.10 Absence of Certain Changes
5.11 No Undisclosed Material Liabilities
5.12 Litigation
5.13 Compliance with Applicable Law and Orders
5.14 Material Contracts
5.15 Taxes
5.16 Employee Benefit Plans
5.17 Labor and Employment Matters
5.18 Insurance Policies
5.19 Environmental Matters
5.20 Intellectual Property; Computer Software
5.21 Properties
5.22 Interested Party Transactions
5.23 Certain Business Practices
5.24 Finders Fees
5.25 Opinion of Financial Advisor
5.26 Antitakeover Statutes; Company Rights Agreement

Article 6 Parent Reps

6.01 Corporate Existence and Power
6.02 Corporate Authorization
6.03 Governmental Authorization
6.04 Non-contravention
6.05 Disclosure Documents
6.06 Company Securities
6.07 Financing
6.08 Litigation

Article 7 Covenants of the Company

7.01 Conduct of the Company
7.02 Shareholder Meeting; Proxy Material; Short Form
Merger
7.03 No Solicitation; Other Offers
7.04 Access to Information
7.05 Notice of Certain Events
7.06 Company Rights Agreement
7.07 Termination of 401(k) Plan
7.08 FIRPTA Certificate

Article 8 Covenants of Parent

8.01 Obligations of Merger Subsidiary
8.02 Voting of Shares
8.03 Director and Officer Liability

Article 9 Covenants of Parent and the Company

9.01 Reasonable Best Efforts
9.02 Certain Filings
9.03 Public Announcements
9.04 Further Assurances

Article 10 Conditions to the Merger

10.01 Conditions to the Obligations of Each Party

Article 11 Termination

11.01 Termination
11.02 Effect of Termination

Article 12 Miscellaneous

12.01 Notices
12.02 Survival of Representations and Warranties
12.03 Amendments and Waivers
12.04 Expenses
12.05 Disclosure Schedule References
12.06 Binding Effect; Benefit; Assignment
12.07 Governing Law
12.08 Jurisdiction
12.09 Waiver of Jury Trial
12.10 Counterparts; Effectiveness
12.11 Entire Agreement
12.12 Severability
12.13 Specific Performance

Schedule TO Filings

Amendment #5 12.14.06

Amendment #4 12.12.06

Amendment #3 12.05.06

Amendment #2 12.04.06

Amendment #1 11.20.06

Schedule TO 11.13.06

Table of contents

Deal Protection

No shop covenant

Merger agreement §7.3

Break-up fee

$mm, plus out-of-pocket expenses
Agreement §11.2

Regulatory Approvals

HSR Act

Merger agreement §9.1

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