ACS Avers Buyout Offer

The IT outsourcer confirms the poposal by its founder for the company's outstanding shares.
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Affiliated Computer Services

(ACS)

late Wednesday said that it has received a proposal from Darwin Deason, chairman of the company's board, and Cerberus Capital Management, to acquire for a cash purchase price of $59.25 a share all of the outstanding shares of the ACS common stock, other than certain shares and options held by Deason and members of the ACS management team.

The deal, which could be worth more than $8 billion, includes the assumption of ACS debt.

The board has formed a committee of independent directors to assess ACS' alternatives, including the proposal from Deason, who founded the company in 1988, and Cerberus.

Shares of ACS closed the regular session off 42 cents to $59.53. After hours, shares gained a dime.