Xerox Corporation Affiliated Computer Services, Inc. MERGER PROPOSAL

316 Pages·2009·1 MB·English

XeroxCorporation AffiliatedComputerServices,Inc.
MERGERPROPOSAL—YOURVOTEISVERYIMPORTANT
December28,2009
DearStockholders:
XeroxCorporationandAffiliatedComputerServices,Inc.haveenteredintoamergeragreementpursuanttowhich
XeroxwillacquireACS.Intheproposedmerger,eachoutstandingshareofACSClassAcommonstockwillbeconverted
intotherighttoreceive4.935sharesofXeroxcommonstockand$18.60incash.EachshareofACSClassBcommonstock
willbeconvertedintotherighttoreceive4.935sharesofXeroxcommonstock,$18.60incashandafractionofashareofa
newseriesofpreferredstocktobeissuedbyXeroxanddesignatedasXeroxCorporationSeriesAConvertiblePerpetual
PreferredStock.Uponcompletionofthemerger,XeroxandACSexpectthatformerACSstockholderswillown
approximately36%oftheoutstandingsharesofXeroxcommonstockandformerXeroxstockholderswillown
approximately64%oftheoutstandingsharesofXeroxcommonstock,basedonthenumberofsharesofXeroxcommon
stockissuedandoutstandingasofSeptember27,2009,thedateoftheexecutionofthemergeragreement.
TheboardofdirectorsofXeroxhasdeterminedthatthemergeragreementandthemergerareadvisableandinthebest
interestsofXeroxanditsstockholdersandhasapprovedthemergeragreementandthemerger.Theboardofdirectorsof
ACS(otherthanMr.DarwinDeason,whowasrecusedfromthemeeting),actingupontheunanimousrecommendationof
thestrategictransactioncommitteeoftheACSboardofdirectors,hasdeterminedthatthemergeragreementandthemerger
areadvisableandinthebestinterestsofACSanditsstockholdersandhasapprovedthemergeragreementandthemerger.
THEBOARDOFDIRECTORSOFXEROXUNANIMOUSLYRECOMMENDSTHATXEROX
STOCKHOLDERSVOTE“FOR”THEPROPOSALTOISSUESHARESOFXEROXCOMMONSTOCK
REQUIREDTOBEISSUEDPURSUANTTOTHEMERGERAGREEMENT.THEBOARDOFDIRECTORSOF
ACS(OTHERTHANMR.DARWINDEASON,WHOWASRECUSEDFROMTHEMEETING),ACTINGUPON
THEUNANIMOUSRECOMMENDATIONOFTHESTRATEGICTRANSACTIONCOMMITTEEOFTHEACS
BOARDOFDIRECTORS,UNANIMOUSLYRECOMMENDSTHATACSSTOCKHOLDERSVOTE“FOR”THE
PROPOSALTOADOPTTHEMERGERAGREEMENT.
WecannotcompletethemergerunlesstheissuanceofsharesofXeroxcommonstockrequiredtobeissuedpursuantto
themergeragreementisapprovedbytheaffirmativevoteofholdersofamajorityinvotingpowerofthesharesofXerox
commonstockrepresented(whetherinpersonorbyproxy)attheXeroxspecialmeeting(providedthatatleastamajorityin
votingpowerofthesharesofXeroxcommonstockoutstandingarerepresentedinpersonorbyproxyatsuchmeetingorany
adjournmentorpostponementthereof)oranyadjournmentorpostponementthereofandthemergeragreementisadoptedby
theaffirmativevoteofholdersofamajorityinvotingpoweroftheoutstandingsharesofACSClassAcommonstockand
ACSClassBcommonstock,votingtogetherasasingleclass,andtheaffirmativevoteofholdersofamajorityofthe
outstandingsharesofACSClassAcommonstock(otherthanthosesharesofACSClassAcommonstockheld,directlyor
indirectly,byholdersofACSClassBcommonstock),votingasasingle,separateclass.Weurgeyoutoreadcarefullythe
accompanyingjointproxystatement/prospectus,whichincludesimportantinformationaboutXerox,ACSandthe
proposedmerger.Inparticular,pleaseseethesectionentitled“RiskFactors”beginningonpage28ofthe
accompanyingjointproxystatement/prospectuswhichcontainsadescriptionoftherisksthatyoushouldconsiderin
evaluatingtheproposedmerger.
SharesofXeroxcommonstockarelistedontheNewYorkStockExchangeandtheChicagoStockExchangeunderthe
symbol“XRX.”SharesofACSClassAcommonstockarelistedontheNewYorkStockExchangeunderthesymbol
“ACS.”OnDecember22,2009,themostrecentpracticabletradingdaypriortotheprintingoftheaccompanyingjointproxy
statement/prospectus,thelastsalespriceofXeroxcommonstockwas$8.58pershareandthelastsalespriceofACSClassA
commonstockwas$59.93pershare.YoushouldobtaincurrentmarketquotationsforbothXeroxcommonstockandACS
ClassAcommonstock.
OnFebruary5,2010,eachcompanyisholdingaspecialmeetingofstockholdersinordertoobtainthestockholder
approvalsnecessarytocompletethemergerasmorefullydescribedintheaccompanyingjointproxystatement/prospectus.
Whetherornotyouexpecttoattendthespecialmeetinginperson,weurgeyoutosubmityourproxyaspromptlyas
possible.YouhaveachoiceofsubmittingyourproxyovertheInternet,bytelephoneorbymarking,signingand
datingtheenclosedproxycardandreturningitinthepostage-paidenvelopeprovided.Pleaserefertotheinstructions
ontheenclosedproxycard.
UrsulaM.Burns LynnR.Blodgett
ChiefExecutiveOfficerofXeroxCorporation PresidentandCEOofAffiliatedComputerServices,Inc.
NeithertheSecuritiesandExchangeCommissionnoranystatesecuritiescommissionhasapprovedor
disapprovedthesecuritiestobeissuedinconnectionwiththemergerordeterminediftheaccompanyingjointproxy
statement/prospectusisaccurateorcomplete.Anyrepresentationtothecontraryisacriminaloffense.
Theaccompanyingjointproxystatement/prospectusisdatedDecember28,2009,andisfirstbeingmailedorotherwise
deliveredtostockholdersofXeroxandstockholdersofACSonoraboutDecember28,2009.
ADDITIONALINFORMATION
Theaccompanyingjointproxystatement/prospectusincorporatesbyreferenceimportantbusinessand
financialinformationaboutXeroxandACSfromdocumentsthatarenotincludedinordeliveredwiththejoint
proxystatement/prospectus.Thisinformationisavailabletoyouwithoutchargeuponyourwrittenororal
request.Youcanobtainthedocumentsincorporatedbyreferenceinthejointproxystatement/prospectusby
requestingtheminwritingorbytelephonefromtheappropriatecompanyatthefollowingaddressesand
telephonenumbers:
XeroxCorporation AffiliatedComputerServices,Inc.
45GloverAvenue 2828NorthHaskell
P.O.Box4505 Dallas,Texas75204
Norwalk,Connecticut06856-4505 Attention:InvestorRelations
Attention:InvestorRelations [phone]
[phone] www.acs-inc.com(“InvestorRelations”tab)
www.xerox.com(“InvestorRelations”tab)
Inaddition,ifyouhavequestionsaboutthemergerorthespecialmeetings,orifyouneedtoobtaincopies
oftheaccompanyingjointproxystatement/prospectus,proxycards,electionformsorotherdocuments
incorporatedbyreferenceinthejointproxystatement/prospectus,youmaycontacttheappropriatecontactlisted
below.Youwillnotbechargedforanyofthedocumentsyourequest.
IfyouareaXeroxstockholder: IfyouareanACSstockholder:
InnisfreeM&AIncorporated MacKenziePartnersInc.
501MadisonAvenue,20thFloor 105MadisonAvenue
NewYork,NY10022 NewYork,NY10016
[phone](tollfree) [phone](tollfree)
[phone](banksandbrokerscollect) [phone](collect)
E-mail:[email protected]
Ifyouwouldliketorequestdocuments,pleasedosobyJanuary29,2010,inordertoreceivethem
beforethespecialmeetings.
Foramoredetaileddescriptionoftheinformationincorporatedbyreferenceintheaccompanyingjoint
proxystatement/prospectusandhowyoumayobtainit,see“WhereYouCanFindMoreInformation”beginning
onpage183oftheaccompanyingjointproxystatement/prospectus.
XeroxCorporation
45GloverAvenue
P.O.Box4505
Norwalk,CT06856-4505
NOTICEOFSPECIALMEETINGOFSTOCKHOLDERS
December28,2009
DearStockholders:
YouarecordiallyinvitedtoattendaspecialmeetingofstockholdersofXeroxCorporation(“Xerox”)tobeheld
onFebruary5,2010,at10:00a.m.,localtime,atXerox’sCorporateHeadquarters,45GloverAvenueinNorwalk,
Connecticut,unlessthespecialmeetingisadjournedorpostponed.Thepurposesofthespecialmeetingaretoconsider
andvoteuponthefollowingmatters:
1. aproposaltoapprovetheissuanceofsharesofXeroxcommonstockrequiredtobeissuedtoAffiliated
ComputerServices,Inc.(“ACS”)stockholderspursuanttotheAgreementandPlanofMerger,datedasof
September27,2009,asamendedbyAmendmentNo.1totheAgreementandPlanofMerger,datedasof
December13,2009(the“mergeragreement”),amongXerox,BoulderAcquisitionCorp.(awholly-owned
subsidiaryofXeroxestablishedforthepurposeofeffectingthemerger)andACS,whichprovidesforthe
mergerofACSwithandintoBoulderAcquisitionCorp.(the“merger”);and
2. aproposaltoapprovetheadjournmentofthespecialmeeting,ifnecessaryorappropriate,includingtosolicit
additionalproxies.
Theaccompanyingjointproxystatement/prospectusdescribesthemergeragreementandtheproposedmergerin
detail.THEXEROXBOARDOFDIRECTORSHASDETERMINEDTHATTHEMERGERAGREEMENT
ANDMERGERAREADVISABLEANDINTHEBESTINTERESTSOFXEROXANDITS
STOCKHOLDERSANDUNANIMOUSLYRECOMMENDSTHATXEROXSTOCKHOLDERSVOTE
“FOR”THEPROPOSALTOAPPROVETHEISSUANCEOFSHARESOFXEROXCOMMONSTOCK
REQUIREDTOBEISSUEDPURSUANTTOTHEMERGERAGREEMENTAND“FOR”THEPROPOSAL
TOAPPROVETHEADJOURNMENTOFTHESPECIALMEETING,IFNECESSARYORAPPROPRIATE,
INCLUDINGTOSOLICITADDITIONALPROXIES.Wecannotcompletethemergerunlesstheissuanceof
sharesofXeroxcommonstockrequiredtobeissuedpursuanttothemergeragreementisapprovedbytheaffirmative
voteofholdersofamajorityinvotingpowerofthesharesofXeroxcommonstockrepresented(whetherinpersonor
byproxy)attheXeroxspecialmeetingoranyadjournmentorpostponementthereof(providedthatatleastamajority
invotingpowerofthesharesofXeroxcommonstockoutstandingarerepresentedinpersonorbyproxyatsuch
meetingoranyadjournmentorpostponementthereof).
StockholdersofrecordofXeroxcommonstockasofthecloseofbusinessonDecember11,2009areentitledto
receivenoticeofthespecialmeetingandtovoteatitoratanyadjournmentorpostponementthereof.Stockholderswho
holdsharesinstreetnamemayvotethroughtheirbrokers,banksorothernominees.Ifyouwishtoattendthespecial
meetingandyoursharesareheldinthenameofabroker,trust,bankorothernominee,youmustbringwithyoua
proxyorletterfromthebroker,trustee,bankornomineetoconfirmyourbeneficialownershipoftheshares.Alistof
stockholderseligibletovoteatthespecialmeetingwillbeavailableforinspectionatthespecialmeeting.
FortheBoardofDirectors,
AnneM.Mulcahy
ChairmanoftheBoard
Yourvoteisveryimportant.Pleasereturnyourproxyassoonaspossible,whetherornotyouexpectto
attendthespecialmeetinginperson.YoumaysubmityourproxyovertheInternet,bytelephoneorbymarking,
signinganddatingtheenclosedproxycardandreturningitinthepostage-paidenvelopeprovided.Youmay
revokeyourproxyatanytimebeforethespecialmeeting.Ifyouattendthespecialmeetingandvoteinperson,
yourproxywillnotbeused.
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AFFILIATEDCOMPUTERSERVICES,INC.
2828NorthHaskellAvenue
Dallas,Texas75204
NOTICEOFSPECIALMEETINGOFSTOCKHOLDERS
December28,2009
TothestockholdersofAffiliatedComputerServices,Inc:
AspecialmeetingofthestockholdersofAffiliatedComputerServices,Inc.(“ACS”)willbeheldat
CityplaceConferenceCenter,2711NorthHaskellAvenue,Dallas,Texas75204onFebruary5,2010,at
2:00p.m.,centralstandardtime,unlessthespecialmeetingisadjournedorpostponed.Atthespecialmeeting,
ACSstockholderswillbeaskedto:
• considerandactonaproposaltoadopttheAgreementandPlanofMerger,datedasofSeptember27,
2009,asamendedbyAmendmentNo.1totheAgreementandPlanofMerger,datedasofDecember
13,2009(the“mergeragreement”),amongXerox,BoulderAcquisitionCorp.(awholly-owned
subsidiaryofXeroxestablishedforthepurposeofeffectingthemerger)andACS,whichprovidesfor
themergerofACSwithandintoBoulderAcquisitionCorp.(the“merger”)andpursuanttowhichACS
stockholderswillhavetherighttoreceive,foreachshareofACSClassAcommonstockheld
immediatelypriortothemerger(i)4.935sharesofXeroxcommonstockand(ii)$18.60incash,and
foreachshareofACSClassBcommonstockheldimmediatelypriortothemerger(i)4.935sharesof
Xeroxcommonstock,(ii)$18.60incashand(iii)afractionofashareofanewseriesofpreferred
stocktobeissuedbyXeroxanddesignatedasXeroxCorporationSeriesAConvertiblePerpetual
PreferredStock;and
• approvetheadjournmentoftheACSspecialmeeting(ifnecessaryorappropriate,includingtosolicit
additionalproxiesiftherearenotsufficientvotestoadoptthemergeragreement).
Theaccompanyingjointproxystatement/prospectusdescribesthemergeragreementandtheproposed
mergerindetail.
PleasenotethatonlystockholdersofrecordasofthecloseofbusinessonDecember11,2009willbe
eligibletovoteatthespecialmeeting.Stockholderswhoholdsharesinstreetnamemayvotethroughtheir
brokers,banksorothernominees.Ifyouwishtoattendthespecialmeetingandyoursharesareheldinthename
ofabroker,trust,bankorothernominee,youmustbringwithyouaproxyorletterfromthebroker,trustee,bank
ornomineetoconfirmyourbeneficialownershipoftheshares.Yourvoteisimportant.Youmaysubmitaproxy
overtheInternet,bytelephoneorbymail.Inordertocompletethemerger,theholdersofamajorityinvoting
poweroftheoutstandingsharesofACSClassAcommonstockandACSClassBcommonstock,votingtogether
asasingleclass,andtheholdersofamajorityoftheoutstandingsharesofACSClassAcommonstock(other
thanthosesharesofACSClassAcommonstockheld,directlyorindirectly,byholdersofACSClassBcommon
stock),votingasasingle,separateclass,ineachcase,entitledtovoteonsuchproposalatsuchmeetingatwhich
aquorumispresentmustvotetoadoptthemergeragreement.
UnderDelawarelaw,holdersofrecordofACScommonstockwhodonotvoteinfavorofadoptionofthe
mergeragreementandwhoproperlydemandappraisaloftheirshareswillhavetherighttoseekappraisalofthe
fairvalueoftheirsharesofACScommonstockifthemergeriscompleted.Toexerciseyourappraisalrights,you
muststrictlyfollowtheproceduresprescribedbyDelawarelaw,including,amongotherthings,submittinga
writtendemandforappraisaltoACSbeforethevoteistakenonthemergerproposal.Theseproceduresare
summarizedintheaccompanyingjointproxystatement/prospectusinthesectionentitled“TheMerger—
AppraisalRights”beginningonpage131(thetextoftheapplicableprovisionsofDelawarelawisincludedas
AnnexGtotheaccompanyingjointproxystatement/prospectus).
FormoreinformationaboutthetransactionscontemplatedbythemergeragreementandtheACSspecial
meeting,pleasereviewcarefullytheaccompanyingjointproxystatement/prospectus,theannexestheretoandthe
informationincorporatedthereto.
THEACSBOARDOFDIRECTORS(OTHERTHANMR.DARWINDEASON,WHOWAS
RECUSEDFROMTHEMEETING),ACTINGUPONTHEUNANIMOUSRECOMMENDATIONOF
THESTRATEGICTRANSACTIONCOMMITTEEOFTHEACSBOARDOFDIRECTORS,
UNANIMOUSLYRECOMMENDSTHATACSSTOCKHOLDERSVOTE“FOR”THEPROPOSALTO
ADOPTTHEMERGERAGREEMENTAND“FOR”THEPROPOSALTOAPPROVETHE
ADJOURNMENTOFTHEACSSPECIALMEETING,IFNECESSARYORAPPROPRIATE,
INCLUDINGTOSOLICITADDITIONALPROXIESIFTHEREARENOTSUFFICIENTVOTESTO
ADOPTTHEMERGERAGREEMENT.
Verytrulyyours,
LynnR.Blodgett
PresidentandCEO
JOINTPROXYSTATEMENT/PROSPECTUS
TABLEOFCONTENTS
Page
QUESTIONSANDANSWERSABOUTTHEMERGERANDTHESPECIALMEETINGS .......... 1
SUMMARY ........................................................................... 9
InformationabouttheCompanies ...................................................... 9
TheMerger ........................................................................ 9
MergerConsideration ................................................................ 10
TreatmentofACSStockOptions ....................................................... 10
TotalXeroxSharestobeIssued ........................................................ 10
ComparativePerShareMarketPriceandDividendInformation............................... 11
ACSSpecialMeeting ................................................................ 11
XeroxSpecialMeeting ............................................................... 12
RecommendationoftheACSBoardofDirectors .......................................... 13
OpinionofFinancialAdvisortoACS ................................................... 13
OpinionofFinancialAdvisortotheStrategicTransactionCommittee .......................... 14
RecommendationoftheXeroxBoardofDirectors ......................................... 14
OpinionsofFinancialAdvisorstoXerox ................................................. 14
InterestsofACS’sDirectorsandExecutiveOfficersintheTransaction ......................... 15
GovernmentalandRegulatoryApprovals ................................................ 15
Financing ......................................................................... 15
NoSolicitation ..................................................................... 16
RestrictionsonRecommendationWithdrawal ............................................. 16
ConditionstoCompletionoftheMerger ................................................. 16
Closing ........................................................................... 17
TerminationoftheMergerAgreement................................................... 17
TerminationFees ................................................................... 18
MaterialU.S.FederalIncomeTaxConsequences .......................................... 18
AppraisalRights .................................................................... 19
ListingofXeroxCommonStockontheNYSE ............................................ 19
DifferencesBetweenRightsofXeroxandACSStockholders ................................ 19
LitigationRelatingtotheMerger ...................................................... 19
SelectedConsolidatedHistoricalFinancialDataofXerox ................................... 21
SelectedConsolidatedHistoricalFinancialDataofACS .................................... 23
ComparativePerShareData........................................................... 24
ComparativePerShareMarketPriceDataandDividendInformation .......................... 26
RISKFACTORS ....................................................................... 28
RiskFactorsRelatingtotheMerger ..................................................... 28
RiskFactorsRelatingtoXeroxandACS ................................................. 32
XEROXANDACSUNAUDITEDPROFORMACONDENSEDCOMBINEDFINANCIAL
INFORMATION ..................................................................... 33
SPECIALNOTECONCERNINGFORWARD-LOOKINGSTATEMENTS ........................ 52
INFORMATIONABOUTTHECOMPANIES ................................................ 53
XeroxCorporation .................................................................. 53
BoulderAcquisitionCorp. ............................................................ 53
AffiliatedComputerServices,Inc. ...................................................... 53
THEXEROXSPECIALMEETING ........................................................ 54
Date,TimeandPlace ................................................................ 54
MatterstobeConsidered ............................................................. 54
RecommendationoftheXeroxBoardofDirectors ......................................... 54
RecordDate;SharesEntitledtoVote .................................................... 54
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Page
VotingbyXerox’sDirectorsandExecutiveOfficers ....................................... 54
QuorumandRequiredVote ........................................................... 55
EffectsofAbstentionsandBrokerNon-Votes ............................................. 55
ESOPVotingInstruction ............................................................. 55
Proxies ........................................................................... 55
SpecialMeetingAdmission ........................................................... 56
SolicitationofProxies ............................................................... 57
ConfidentialVoting ................................................................. 57
THEACSSPECIALMEETING ........................................................... 58
Date,TimeandPlace ................................................................ 58
Purpose ........................................................................... 58
RecommendationoftheACSBoardofDirectors .......................................... 58
RecordDate;SharesEntitledtoVote .................................................... 58
Quorum ........................................................................... 59
VoteRequired ...................................................................... 59
VotingbyACS’sDirectorsandExecutiveOfficers ......................................... 59
HowtoVote ....................................................................... 60
VotingofProxies ................................................................... 60
RevokingYourProxy ................................................................ 60
StockholdersSharinganAddress ....................................................... 61
ProxySolicitations .................................................................. 61
OtherBusiness ..................................................................... 61
Assistance ......................................................................... 61
THEMERGER ......................................................................... 62
General ........................................................................... 62
BackgroundoftheMerger ............................................................ 62
RecommendationoftheACSBoardofDirectors;ACS’sReasonsfortheMerger................. 76
OpinionofFinancialAdvisortoACS ................................................... 80
OpinionofFinancialAdvisortotheStrategicTransactionCommittee .......................... 90
ACSUnauditedProspectiveFinancialInformation ......................................... 104
RecommendationoftheXeroxBoardofDirectors;Xerox’sReasonsfortheMerger .............. 106
OpinionsofFinancialAdvisorstoXerox ................................................. 108
XeroxUnauditedProspectiveFinancialInformation ........................................ 119
InterestsofACS’sDirectorsandExecutiveOfficersintheTransaction ......................... 120
Xerox’sBoardofDirectorsandManagementaftertheMerger................................ 126
MannerandProcedureforExchangingSharesofACSCommonStock;NoFractionalShares ....... 126
GovernmentalandRegulatoryApprovals ................................................ 127
MergerExpenses,FeesandCosts ...................................................... 128
MaterialU.S.FederalIncomeTaxConsequences .......................................... 128
AppraisalRights .................................................................... 131
RestrictionsonSalesofSharesbyCertainAffiliates ........................................ 135
StockExchangeListingofXeroxCommonStock .......................................... 135
DelistingandDeregistrationofACSClassACommonStock ................................ 135
LitigationRelatingtotheMerger ....................................................... 135
THEMERGERAGREEMENT ............................................................ 139
FormoftheMerger.................................................................. 139
Closing ........................................................................... 139
EffectiveTime ..................................................................... 139
MergerConsideration ................................................................ 139
TreatmentofStockOptions ........................................................... 140
RepresentationsandWarranties ........................................................ 140
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CovenantsandAgreements ........................................................... 142
ConditionstotheMerger ............................................................. 153
Termination........................................................................ 156
EffectofTermination ................................................................ 157
TerminationFees ................................................................... 157
AmendmentandWaiver .............................................................. 159
SpecificPerformance;Third-PartyBeneficiaries ........................................... 159
THEVOTINGAGREEMENT............................................................. 161
DESCRIPTIONOFDEBTFINANCING .................................................... 164
DESCRIPTIONOFXEROXCAPITALSTOCK .............................................. 166
DESCRIPTIONOFXEROXCONVERTIBLEPREFERREDSTOCK ............................. 168
COMPARATIVERIGHTSOFXEROXANDACSSTOCKHOLDERS ........................... 170
EXPERTS ............................................................................. 181
LEGALMATTERS ..................................................................... 181
FUTURESTOCKHOLDERPROPOSALS ................................................... 181
WHEREYOUCANFINDMOREINFORMATION ........................................... 183
ANNEXA AgreementandPlanofMerger,asamendedbyAmendmentNo.1...................... A-1
ANNEXB VotingAgreement ............................................................ B-1
ANNEXC OpinionofCitigroupGlobalMarketsInc. ......................................... C-1
ANNEXD OpinionofEvercoreGroupL.L.C. ............................................... D-1
ANNEXE OpinionofBlackstoneAdvisoryServicesL.P. ..................................... E-1
ANNEXF OpinionofJ.P.MorganSecuritiesInc. ............................................ F-1
ANNEXG Section262oftheGeneralCorporationLawoftheStateofDelaware ................... G-1
iii
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