New York, NY -- A news story which appeared 25 Aug. on The Recycler website said that Xerox has now settled the lawsuit it was facing from ACS shareholders over the acquisition which was begun in 2009. The Recycler’s source for the story was Bloomberg.
The former CEO of ACS, Mr. Darwin Deason, was especially fortunate in the deal, bringing home a reported $1 billion. The entire deal was worth $6 billion with ACS shareholders receiving either $18.60 in cash for each ACS share they held or 4.935 Xerox shares. The Delaware Chancery Court ruled that ACS is responsible for $56.1 million in pay back and Deason is responsible for returning $12.8 million of the total $69 million. The remaining settlement money will be divided amongst the remaining ACS shareholders who file a claim.
While it is never a good thing when one loses money in business, the acquisition of ACS had an extremely positive on Xerox’s 2nd quarter earnings from this year which were released in July.
