Xerox completes $29-per-share tender offer for Global Imaging Systems

By Lisa Kerner

Charlotte, N.C., May 9 - Global Imaging Systems, Inc. shareholders tendered 45.6 million shares, or about 90.4% of the shares outstanding, in Xerox Corp.'s $29-per-share tender offer that expired at midnight ET on May 8.

Xerox announced a definitive agreement with Global Imaging on April 2. The deal is structured as a two-step merger consisting of a cash tender offer followed by a cash merger in which Xerox would acquire any remaining outstanding shares of Global common stock.

Until the acquisition is completed as a short-form merger, six Xerox representatives will serve on Global Imaging's board of directors, along with two remaining Global Imaging representatives.

Global Imaging will become a wholly owned subsidiary of Xerox and its stock will no longer be listed on Nasdaq. The company will keep its Tampa, Fla., headquarters and will continue to be led by chairman, chief executive officer and founder Tom Johnson and by president and chief operating officer Michael Shea.

Stamford, Conn.-based Xerox develops, markets and services document equipment and software.

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