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

By Lisa Kerner

Charlotte, N.C., April 4 - Xerox Corp., through its wholly owned subsidiary RG Acquisition I Corp., began its $29.00-per-share cash tender offer for all outstanding shares of common stock of Global Imaging Systems, Inc.

Following the tender offer, set to end May 8, Global Imaging will become a subsidiary of Xerox, according to a company news release.

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.

Global Imaging will keep its Tampa, Fla., headquarters location and will continue to be lead 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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