ACS to Consider Other Takeover Offers, Despite Cerberus Bid
Business process and IT services outsourcer Affiliated Computer Services opened the door to competing bids for a takeover of the company, as a group led by the ACS chaiman gave a special board committee persmision to seek other offers.
The ending of an exclusivity agreement with Cerberus Capital Management, a private equity firm, and Darwin Deason, chairman of ACS, means a potential higher bid from a third party. The Deason and Cerberus-led group offered $62 per share for the company on April 23.
ACS shares [ticker: ACS] rose $1.53 to close at $59.79 on June 11 on the news of the potential for additional, higher bids.
The special committee of the ACS board will consider other bids from June 16 to Aug. 9.
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