Monday, November 23, 2009
ACS, Xerox Settle Shareholder Suits
Xerox Corporation and Dallas-based Affiliated Computer Services are reporting this morning that they have resolved claims by ACS shareholders over Xerox'x proposed acquisition of ACS. According to the two companies, the plaintiffs have withdrawn their motion for a temporary and/or permanent injunction. ACS had been sued by the City of St. Clair Shores Police and Fire Retirement System and a number of other shareholders over terms of the proposed acquisition. XeroX and ACS said that the issue was resolved through an agreement by thep arties, where if ACS's board receives a superior proposal, Xeros will not enforce requirements in its voting agreement with ACS, among with other agreements which will allow ACS to terminate its agreement with Xerox.