Tech
Xerox Shares Plunge on ACS Acquisition
Stock quotes in this article:XRX
Under the terms of the deal, ACS shareholders will get $18.60 a share in cash, along with 4.935 Xerox shares for every ACS share they own. Xerox also will issue some $300 million in convertible preferred stock to ACS's Class B shareholders, and will take on ACS's $2 billion in debt.
The transaction is expected to close in the first quarter of 2010, and is expected to bring $300 million to $400 million in synergies for Xerox in the subsequent three years. Xerox CEO Burns also used this morning's conference call to apologize for announcing the deal on the Jewish holy day of Yom Kippur, but explained that the news was brought forward amidst fears that it would be leaked. -- Reported by James Rogers in New YorkTheStreet Premium Services
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