ACS Founder Pissed He Can't Buy His Own Company
Last month, Affiliated Computer Services' chairman and founder Darwin Deason offered $59.25 per share for all outstanding ACS shares in order to take his company private. A lot of folks didn't think too highly of it: the two shareholder groups that filed lawsuits to block Deason and Cerberus Capital Management's privatization plan, and folks within the company itself.
Today, in fact, Deason released a letter he sent to ACS' board of directors on Saturday in which he upped his offer to $62 per share. The reason: Since the initial March 20 offer, "we have made no progress whatsoever, and the Special Committee has refused to negotiate with us, to permit Cerberus to conduct essential due diligence or to engage us in any constructive fashion." Deason insists, "The Board's continuing delay puts the entire Company and our offer at risk." Because that whole backdating stock-option scandal, man, that's nothing. --Robert Wilonsky