West Corp Buyout

West Corporation (WSTC)
$4.1B Buyout

Summary

Buyout by TH Lee Partners and Quadrangle Group

Announced 5.31.06

Closed 10.24.06

Agreements

Interim communications

Expiration of go shop period 6.21.06
Schedule 13D 6.26.06

Advisors

Financial

West: Goldman
Special committee: Morgan Stanley
Newco: Lehman / Deutsche Bank / Bank of America

Legal

West: Sidley Austin
Newco: Ropes & Gray / Potter Anderson / Sullivan & Cromwell

Agreements

Merger Agreement

General

Edgar Filing
Hyperlinked version
Detailed hyperlinked index follows

Article I Definitions

1.1 Definitions
1.2 Interpretation

Article II Merger

2.1 The Merger
2.2 Closing
2.3 Effective Time
2.4 Effects of the Merger
2.5 Organizational Documents

Article III Effect of Merger

3.1 Effect on Stock
3.2 Surrender of Certificates

Article IV Company Reps

4.1 Organization
4.2 Subsidiaries
4.3 Capital Structure

4.4 Authority
4.5 Consent and Approvals; No Violations
4.6 SEC Documents and Other Reports

4.7 Absence of Material Adverse Change
4.8 Information Supplied
4.9 Compliance with Laws

4.10 Tax Matters
4.11 Liabilities
4.12 Litigation
4.13 Benefit Plans
4.14 State Takeover Statutes; Rights Agreement
4.15 Intellectual Property

4.16 Contracts
4.17 Properties
4.18 Environmental Laws
4.19 Employment Matters
4.20 Insurance Policies
4.21 Affiliate Transactions
4.22 Trust or Custodial Accounts
4.23 Government Contracts
4.24 Opinion of Financial Advisor
4.25 Brokers; Transaction Fees

Article V Newco Reps

5.1 Organization
5.2 Authority
5.3 Consents and Approvals; No Violations

5.4 Information Supplied
5.5 Litigation
5.6 Operations of Newco

5.7 Financing
5.8 Brokers

Article VI Covenants

6.1 Conduct of the Company
6.2 No Solicitation
6.3 Conduct of Business of Newco Pending the Merger

Article VII Additional Agreements

7.1 Employee Benefits
7.2 Opinions, Employee Stock Purchase Plan
7.3 Stockholder Approval; Preparation of Proxy Statement

7.4 Access to Information
7.5 Fees and Expenses
7.6 Public Announcements

7.7 Transfer Taxes
7.8 State Takeover Laws
7.9 Indemnification; Directors and Officers Insurance

7.10 Reasonable Best Efforts

7.11 Financing
7.12 Notification of Certain Matters
7.13 Resignations

7.14 Solvency Letter
7.15 Certain Actions and Proceedings

Article VIII Closing Conditions

8.1 Each Party
8.2 Company
8.3 Newco

Article IX Termination

9.1 Termination
9.2 Effect of Termination
9.3 Amendment
9.4 Extension; Waiver

Article X General Provisions

10.1 Non-Survival
10.2 Notices
10.3 Counterparts

10.4 Entire Agreement; No Third-Party Beneficiaries
10.5 Governing Law
10.6 Assignment

10.7 Severability
10.8 Enforcement of this Agreement
10.9 Obligations of Subsidiaries and Surviving Corporation

10.10 Interpretation; Construction

Proxy Solicitation / 13e-3 Filings

Shareholder meeting

Scheduled for 10.23.06

Proxy statement

Definitive proxy statement 9.19.06

Table of contents

Preliminary proxy statement 8.11.06

Table of contents

13e-3 transaction

Leonard Green partner is a PETCO director

John Danhakl

Schedule 13e-3 filings

Schedule 13e-3 7.13.06

Exhibits

Amendment #1 8.11.06

Exhibits

Amendment #2 8.21.06

Exhibits

Amendment #3 8.28.06

Exhibits

Amendment #4 9.18.06

Exhibits

Deal Protection

No shop covenant

Merger agreement §6.2
Proxy statement disclosure

Break-up fee

Regulatory Approvals

HSR Act

Merger agreement §8.1(c)
Proxy statement disclosure

Fairness Opinion

Goldman fairness opinion

Proxy statement disclosure

Morgan Stanley fairness opinion

Proxy statement disclosure

Tax Matters

Disclosure

Proxy statement disclosure

Books and Records Demand

Re books and records demand 6.26.06

Re books and records demand 6.28.06

Re books and records demand 7.06.06

Re books and records demand 7.11.06

Re books and records demand 7.18.06

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