More than 96% of the Xerox common shares that voted at the Xerox meeting voted “FOR” the acquisition, while more than 86% of the voting power of the outstanding shares of ACS Class A and Class B stock voted “FOR” the acquisition. In addition, the “majority of the minority” vote requirement was met, according to the announcement.
As a result, ACS, which is the parent firm of Buck Consultants, and describes itself as the world’s largest diversified business process outsourcing firm (including its own human resources outsourcing (HRO) business), has a new parent.
“Our shareholders’ vote of confidence reflects the strategic and financial benefits of this acquisition,” said Ursula M. Burns, Xerox chief executive officer. “Through the acquisition of ACS, Xerox gains a growth catalyst that secures a strong, competitive future for our company and increasing value for our customers and shareholders.”
“By endorsing this acquisition, ACS shareholders have shown that the time is right to bring our business to the next level of global expansion,” said Lynn Blodgett, president and chief executive officer of ACS. “Xerox gives us the brand recognition, global scale and innovation to strengthen our industry leadership. We’ll now be able to create more opportunities for our clients to simplify the way they conduct their business.”
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).