Feature

The Mess at ACS: A Time Line

One expert calls it the soap opera of the outsourcing industry. Here is a rundown of recent buyout bids, boardroom fights and other notable developments at Affiliated Computer Services.

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Dec. 22, 2005
ACS’s stock price closes at $58.08 per share.

Dec. 23, 2005
A consortium of investment firms led by the Texas Pacific Group and including Bain Capital in talks to acquire ACS for $8 billion, or $65 per share.

Jan. 17, 2006
ACS announces that “ recent unsolicited discussions with a group of private-equity investors regarding a possible sale of the company have ended .”

Feb. 28, 2006
ACS named to Fortune's list of the Most Admired Companies in America for the fifth consecutive year.

Aug. 7, 2006
ACS confirms that it is conducting an internal investigation into stock options backdating going back to 1994 in response to a pending informal investigation by the Securities and Exchange Commission and a grand jury subpoena issued by the U.S. Attorney for the Southern District of New York.

Sept. 14, 2006
Investigation into stock options’ backdating continues. Since it includes a review of the preparation of the company's Form 10-Q for the quarterly period ended March 31, 2006, ACS says it will not be able to file its annual report for the fiscal year due Sept. 13, 2006.

Nov. 27, 2006
Both ACS’s CEO and CFO resign after an internal investigation concludes that their conduct violated the company’s code of ethics.

Mar. 19, 2007
ACS’s stock price closes at $51.29 per share.

Mar. 21, 2007
ACS confirms receipt of a proposal from its cofounder Chairman of the Board Darwin Deason (the holder of approximately 42 percent of the company's outstanding voting stock) and Cerberus Capital Management, to acquire all outstanding shares of company common stock for a cash purchase price of $59.25 per share.

ACS’s board creates a special committee of independent directors to evaluate the company's “strategic alternatives,” including the Deason-Cerberus proposal.

Mar. 22, 2007
An article in The Wall Street Journal states: “An investigation into options backdating at Affiliated Computer Services Inc. unearthed a handwritten note in which ACS Chairman Darwin Deason discusses the practice of ‘always’ picking the ‘lowest’ prices ‘so far’ in the quarter to award stock options.”

April 20, 2007
ACS’s stock price closes at $58.75 per share.

April 23, 2007
ACS confirms the receipt of a revised proposal from Chairman Deason and Cerberus Capital Management: $62 per share.

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