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Westland Sale

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LATEST NEWS - March 1, 2006: ANM HOLDINGS FORCED OUT OF DEAL,

NEW SEDORA HOLDINGS OFFER NOW ON THE TABLE!

AMENDED AND RESTATED

AGREEMENT AND PLAN OF MERGER

between

WESTLAND DEVELOPMENT CO., INC.,

and

ANM HOLDINGS, INC.

February 1, 2006

Home

TABLE OF CONTENTS
		Agreement and Plan of Merger
Article I		Definitions	2
Article II		The Transactions	9
	2.1	Deposit	9
	2.2	The Cash Merger	9
	2.3	Due Diligence Completion Date	9
	2.4	Closing	9
	2.5	Effective Time	10
	2.6	Effects of the Merger	10
	2.7	Articles of Incorporation; Bylaws	10
	2.8	Directors and Officers	10
Article III		Effect of the Cash Merger	10
	3.1	Effect on Capital Stock	10
	3.2	Adjustment of Cash Merger Consideration	11
	3.3	Dissenting Shares	11
	3.4	Payment and Exchange of Certificates	12
Article IV		Representations and Warranties of the Company	14
	4.1	Organization	14
	4.2	Authority; Enforceability	15
	4.3	Non-Contravention	15
	4.4	Governmental Consents	16
	4.5	Capitalization of the Company	16
	4.6	Company Subsidiaries	16
	4.7	Nonprofit Organizations	17
	4.8	SEC Reports; Financial Information	17
	4.9	No Undisclosed Liabilities	18
	4.10	Absence of Certain Changes or Events	18
	4.11	Contracts	19
	4.12	Compliance with Law and Reporting Requirements	21
	4.13	Litigation	22
	4.14	Employee Compensation and Benefit Plans; ERISA	22
	4.15	Labor Matters	25
	4.16	Properties	26
	4.17	Intellectual Property	28
	4.18	Environmental Laws	28
	4.19	Water Rights	30
	4.20	Taxes	30
	4.21	Insurance	32
	4.22	Affiliate Transactions	32
	4.23	Brokers	32
	4.24	State Takeover Statutes	32
	4.25	Fairness Opinion	33
	4.26	Transaction Expenses	33
	4.27	Vote Required	33
	4.28	Information Supplied	33
	4.29	HSR Act Matters	33
	4.30	Disclosure	34
Article V		Representations and Warranties of ANM	34
	5.1	Organization	34
	5.2	Authority; Enforceability	34
	5.3	Non-Contravention	34
	5.4	Governmental Consents	35
	5.5	Operations of ANM	35
	5.6	Brokers	35
Article VI		Additional Agreements	35
	6.1	Conduct of Business Prior to Effective Time	35
	6.2	Advice of Changes; Filing	38
	6.3	Shareholders Meeting	38
	6.4	Proxy Statement	39
	6.5	Access to Information	40
	6.6	Confidentiality	40
	6.7	Acquisition Proposals	41
	6.8	Further Action; Reasonable Best Efforts	44
	6.9	Resignations	45
	6.10	Directors’ and Officers’ Liability Insurance	45
	6.11	Public Announcements	45
	6.12	Cooperation; Financial Data	45
	6.13	Nonprofit Organizations	45
	6.14	Employees	46
	6.15	Due Diligence and Company Disclosure Schedule	47
	6.16	Title and Title Insurance	47
	6.17	Further Action	48
Article VII		Conditions Precedent to Cash Merger	48
	7.1	Mutual Conditions to Closing	48
	7.2	Conditions to Obligations of ANM	49
	7.3	Conditions to Obligations of the Company	50
Article VIII		Termination, Amendment and Waiver	50
	8.1	Termination before Effective Time	50
	8.2	Effect of Termination	52
	8.3	Expenses	53
	8.4	Amendment	53
	8.5	Waiver	53
Article IX		General Provisions	54
	9.1	Non-Survival of Representations, Warranties and Agreements	54
	9.2	Materiality; Company Disclosure Schedule	54
	9.3	Notices	54
	9.4	Severability	55
	9.5	Entire Agreement	55
	9.6	Assignment	55
	9.7	No Third Party Beneficiaries	55
	9.8	Governing Law	56
	9.9	Specific Performance; Jurisdiction	56
	9.10	Counterparts	56
	9.11	Interpretation	56
	9.12	Knowledge	56

Exhibit A		Restated Articles of Incorporation
Exhibit B		Amended and Restated Bylaws