Xerox, ACS Shareholders' Pact Alters Merger's Details

By Ben James

Law360, New York (November 23, 2009, 3:22 PM ET) -- Xerox Corp. and a group of Affiliated Computer Services Inc. shareholders who filed a lawsuit in Texas over Xerox's proposed acquisition of ACS have reached a deal under which ACS' chairman will no longer be obligated to vote half of his shares in favor of the Xerox transaction if a more attractive proposal materializes.

Pursuant to Friday's stipulation, the plaintiffs dropped their bid for an injunction and agreed to stay the Texas litigation until the defendants agree otherwise.

Xerox and ACS noted that other shareholder litigation...
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