Report: Cerberus withdraws $6.2B offer for Affiliated Computer Services |
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Wed, 31 Oct 2007 00:39
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SAN FRANCISCO (Thomson Financial) - Cerberus Capital Management officially withdrew its $6.2 billion offer for Affiliated Computer Services Inc., the Wall Street Journal reported on its Web site late Tuesday, citing people familiar with the matter.'We regret that we must withdraw our offer to acquire the company due to the continuation of poor conditions in the debt markets,' the private-equity firm said in a letter to a special board committee of ACS, according to the report.Cerberus and ACS founder and Chairman Darwin Deason first made a $59.25-a-share offer for the Dallas-based company in March. In April, they raised the bid to $62 a share.ACS eventually formed an independent committee to negotiate with the potential buyers and to seek higher bids for the company.'Had the special committee engaged with Cerberus and Mr. Darwin Deason on the schedule we proposed in our offer letter, we are confident that our acquisition would have been approved and closed' and shareholders would have been paid a premium for their shares, the letter said, the Journal reported.Shares of ACS, a technology outsourcing firm, closed the regular session down 26 cents at $50.85.Katherine Huntkh/gmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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