Following the announcement in September, more than 96 percent of Xerox shareholders voted for the acquisition of Affiliated Computer Services (ACS). More than 86 percent of the voting power of the outstanding shares of ACS Class A and Class B stock voted for" the acquisition. In addition, the "majority of the minority" vote requirement was met.
"Our shareholders’ vote of confidence reflects the strategic and financial benefits of this acquisition," said Ursula M. Burns, Xerox chief executive officer. "Through the acquisition of ACS, Xerox gains a growth catalyst that secures a strong, competitive future for our company and increasing value for our customers and shareholders."
The world’s largest diversified business process outsourcing firm, ACS is a $6.5 billion company with revenue growth of 6 percent and new business signings of $1 billion in annual recurring revenue during its fiscal 2009.
"By endorsing this acquisition, ACS shareholders have shown that the time is right to bring our business to the next level of global expansion," said Lynn Blodgett, president and chief executive officer of ACS. "Xerox gives us the brand recognition, global scale and innovation to strengthen our industry leadership. We’ll now be able to create more opportunities for our clients to simplify the way they conduct their business."