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Affiliated Computer to solicit additional proposals for possible sale of the company
By Lisa Kerner
Charlotte, N.C., June 11 - Affiliated Computer Services, Inc. reached an agreement with Darwin Deason, a 42% stockholder and chairman of the board, and Cerberus Capital Management, LP suspending a March 20 exclusivity agreement.
Under the June 10 waiver agreement, the company's special committee will consider a sale of Affiliated Computer and, in conjunction with Lazard Freres & Co. LLC, will solicit indications of interest from other companies from June 16 through Aug. 9.
During the same period, Deason is free to negotiate with parties other than Cerberus interested in a potential transaction.
The waiver agreement includes reimbursement of expenses up to $7.5 million, plus a $15 million termination fee, payable to Cerberus if Affiliated Computer enters into a transaction with another party.
On March 20, Deason and Cerberus proposed acquiring Affiliated Computer for $59.25 per share in cash. The offer price was later increased to $62.00 per share in cash.
Affiliated Computer Services, based in Dallas, provides business process outsourcing and information technology services.
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