This NelsonHall Perspective analyzes the acquisition of ACS by Xerox.
On Monday September 28, Xerox announced its intention to acquire 100% of ACS common stock in a cash and stock transaction (c. 70% stock and 30% cash) valued at $63.11 per share, a 33.6% premium to the Friday's closing price. The cash portion is to be financed with $1bn from combined company cash and existing revolving credit agreements, plus $3bn to be raised in the capital markets. The transaction includes refinancing of $2bn of ACS debt.
ACS board has voted unanimously in favor of the transaction.
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