ACS - Xerox Shareholder Litigation

CONCLUDED

Hearing
04/05/10 – 04/05/10

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

In this Technology industry mergers and acquisition class action litigation settlement hearing, plaintiff shareholder New Orleans Employee’s Retirement System alleged that the proposed merger allows ACS founder Darwin Deason, who is ACS's Chairman and largest (44%) stockholder, to retain hundreds of millions of dollars of value that rightfully belongs to ACS's public shareholders. The plaintiffs assert that Deason's consideration amounts to more than a 50% premium over what ACS's public stockholders would receive. The plaintiff also alleged that ACS Board breached its fiduciary duties by agreeing to a 3.5% termination fee and a no-solicitation provision, essentially blocking competing offers.

The plaintiff was represented by attorney Stuart Grant. The defendant in this case, Xerox Inc. was represented by attorney Kenneth Dorsney.

Recording Disclaimer: This proceeding was recorded in full.

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