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Affiliated Computer Services founder proposes taking the company private at $59.25 per share
By Lisa Kerner
Charlotte, N.C., March 20 - Darwin Deason, founder and chairman of Affiliated Computer Services, Inc., and private investment firm Cerberus Capital Management, LP, have proposed acquiring the company for $59.25 per share in a transaction valued at $8.2 billion, including debt.
Deason and Cerberus agreed to submit a proposal and hope to enter into negotiations with the company immediately. A timely closing is anticipated.
Citigroup Global Markets Inc. is providing financial advice and arranging financing in connection with the transaction.
"I would continue as executive chairman following the transaction, and the business would continue to be run in accordance with Affiliated Computer Services' current practice while maintaining its valuable employee base, which Cerberus and I view as one of its most important assets," Deason said in a company news release.
Affiliated Computer Services, based in Dallas, provides business process outsourcing and information technology services in the United States.
The company (NYSE: ACS) closed at $51.29 on March 19.
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