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Xerox plans to buy Global Imaging Systems in a deal worth about $1.5 billion

Xerox plans to buy Global Imaging Systems in a deal worth about $1.5 billion

Copy machine maker Xerox Corp. said Monday it plans to buy Global Imaging Systems Inc. in a deal worth about $1.5 billion (euro1.13 billion).
The $29 per share price is a 49 percent premium over Global's closing price of $19.50 Friday on the Nasdaq Stock Market.
The deal is "structured as a two-step acquisition including a cash tender offer for all outstanding shares of Global common stock followed by a cash merger in which Xerox would acquire any remaining outstanding shares of Global common stock," Xerox said.
Global will become a wholly owned subsidiary of Xerox when the deal is complete, likely in May. Tom Johnson and Michael Shea, president and chief operating officer of Global, will continue to lead the company, reporting directly to Jim Firestone, president of Xerox North America.
Global will retain its 4,500 workers at the subsidiary.
Tampa, Florida-based Global focuses on small and mid-size businesses through 21 regional core companies in the United States that sell and service printers, copiers and electronic presentation systems.


Updated : 2021-10-16 16:18 GMT+08:00