ACS to consider revised purchase proposal from Deason, Cerberus

by PegNews wire

DALLAS — Affiliated Computer Services, Inc., the Dallas-based provider of business process outsourcing and information technology solutions, confirmed today that it has received a revised proposal from Darwin Deason, Chairman of the Board of ACS, and Cerberus Capital Management, L.P., to acquire, for a cash purchase price of $62 per share, all of the outstanding shares of the Company's common stock, other than certain shares and options held by Mr. Deason and members of the Company's management team that would be rolled into equity securities of the acquiring entity in connection with the proposed transaction.

A special committee of independent directors formed by the Board of Directors to evaluate the Company's strategic alternatives, including the proposal from Mr. Deason and Cerberus, expects to make a recommendation to the Board of Directors following its consideration of all strategic alternatives, including the proposal and all others received, in due course. The special committee continues to have concerns about the Deason/Cerberus proposal and the sale process that it outlines, particularly with regard to the unchanged exclusivity arrangement that the independent directors asked to be voided on March 21, 2007. The special committee has written a letter to Mr. Deason seeking clarification with respect to several issues of concern.

The revised proposal follows on the heels of multiple shareholder lawsuits regarding the legitimacy of the original buyout offer.

Source: ACS