Shareholders Approve Xerox Acquisition of Affiliated Computer Services
06 February 2010 - 8:01AM
Business Wire
Shareholders of Xerox Corporation (NYSE: XRX) and of Affiliated
Computer Services, Inc. (NYSE: ACS) today approved Xerox’s
acquisition of ACS. The transaction will be completed shortly,
transforming Xerox into the leading global enterprise for business
process and document management, and accelerating its growth in an
expanding market.
More than 96 percent of the Xerox common shares that voted at
the Xerox meeting voted “FOR” the acquisition.
More than 86 percent 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.
“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.”
The world's largest diversified business process outsourcing
firm, ACS is a $6.5 billion company with revenue growth of 6
percent and new business signings of $1 billion in annual recurring
revenue during its fiscal 2009.
“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.”
About ACS
ACS is the world’s largest diversified business process
outsourcing and information technology services firm supporting
client operations in more than 100 countries. Based in Dallas, the
company’s 78,000 employees provide a broad array of professional
services to world-class commercial and government clients. Learn
more about ACS at http://www.acs-inc.com or connect with us on
Facebook or Twitter.
About Xerox
Headquartered in Norwalk, Conn., Xerox Corporation's 54,000
people represent the world's leading document management,
technology and services enterprise, providing the industry's
broadest portfolio of color and black-and-white document processing
systems and related supplies, as well as document management
consulting and outsourcing services. For more information, visit
http://www.xerox.com or http://www.xerox.com/news. For investor
information, visit http://www.xerox.com/investor.
NOTE TO EDITORS: This release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. The words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “will,” “should” and similar expressions, as
they relate to us, are intended to identify forward-looking
statements. These statements reflect management’s current beliefs,
assumptions and expectations and are subject to a number of factors
that may cause actual results to differ materially. These factors
include but are not limited to the unprecedented volatility in the
global economy; the risk that unexpected costs will be incurred;
the outcome of litigation and regulatory proceedings to which we
may be a party; actions of competitors; changes and developments
affecting our industry; quarterly or cyclical variations in
financial results; development of new products and services;
interest rates and cost of borrowing; our ability to protect our
intellectual property rights; our ability to maintain and improve
cost efficiency of operations, including savings from restructuring
actions; changes in foreign currency exchange rates; changes in
economic conditions, political conditions, trade protection
measures, licensing requirements and tax matters in the foreign
countries in which we do business; reliance on third parties for
manufacturing of products and provision of services; the risk that
we will not realize all of the anticipated benefits from the
acquisition of Affiliated Computer Services, Inc.; and other
factors that are set forth in the “Risk Factors” section, the
“Legal Proceedings” section, the “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” section
and other sections of our 2008 Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2009, June 30, 2009 and September 30, 2009 and ACS’s 2009 Annual
Report on Form 10-K and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2009 filed with the Securities and
Exchange Commission. The Company assumes no obligation to update
any forward-looking statements as a result of new information or
future events or developments, except as required by law.
Xerox® and the sphere of connectivity design are trademarks of
Xerox Corporation in the United States and/or other countries.
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