On February 5, Xerox Corporation and Affiliated Computer Services, Inc. (ACS) shareholders will vote on Xerox’s agreement to purchase ACS, which describes itself as the world’s largest diversified business process outsourcing firm, and in addition to its own human resources outsourcing (HRO) business, is also the parent company of Buck Consultants.
On September 28, Xerox announced a definitive agreement to acquire ACS in a cash and stock transaction. It was previously announced that ACS will be an independently run Xerox organization and will serve as Xerox’s core BPO business. It will operate as ACS, a Xerox Company, led by current ACS CEO Lynn Blodgett, who will report to Xerox CEO Ursula Burns (see Lawsuit Deal Clears Path for Xerox-ACS Merger).
According to a press release, the joint proxy statement has been finalized and will be sent to Xerox and ACS shareholders. Xerox and ACS boards of directors recommend shareholders vote in favor of the acquisition, which they say “will transform Xerox into the leading global enterprise for document and business process management, accelerating its growth in an expanding market”.
In announcing the meetings, Xerox and ACS note that they have satisfied Hart-Scott Rodino and Securities and Exchange Commission requirements, acknowledging that earlier this month Xerox successfully completed a $2 billion capital markets transaction, the net proceeds of which support the ACS acquisition. In addition, Xerox confirmed that pre-closing litigation-related issues have been resolved, and that both parties intend to move quickly to close the deal.
Xerox shareholders who owned Xerox common stock at the close of business on December 11, 2009, can attend a special meeting at Xerox headquarters in Norwalk, Connecticut, while ACS shareholders who owned ACS common stock at the close of business on December 11, 2009, can attend a special meeting at the Cityplace Conference Center in Dallas, Texas.
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