Xerox to buy Global Imaging Systems for $1.5B

Cash deal pays a 33 percent premium on stock of regional printer, copier firm.


NEW YORK (CNNMoney.com) -- Xerox announced a deal Monday to acquire Global Imaging Systems for $1.5 billion.

Xerox (Charts), the Stamford, Conn.-based document and technology company, will acquire shares of the Tampa, Fla.-based regional printer, copier and presentation equipment seller and servicer in a cash deal that values the company's stock at $29 per share.

Global Imaging Systems' (Charts) stock closed at $19.50 on Friday, putting the premium at almost 33 percent. Shares rose more than 47 percent in premarket trade Monday morning.

"Joining forces with Global Imaging Systems gives Xerox access to their extensive customer base and adds more than 1,400 'feet on the street' selling Xerox systems," said Anne M. Mulcahy, Xerox chairman and CEO in a release.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.