Plaintiff shareholders filed class action suits in both the Court of Chancery of the State of Delaware and in Texas state court challenging the consideration and terms of the merger agreement between Xerox Corporation and Affiliated Computer Services, Inc. (ACS) in Xerox’s $6.4 billion acquisition of ACS. Compass Lexecon expert Daniel R. Fischel submitted an initial expert report and rebuttal report to the Delaware court on behalf of the Special Committee of the ACS board of directors, demonstrating that the economic evidence did not support plaintiffs’ claims and rebutting the claims of plaintiffs’ expert about the fairness of the consideration. Compass Lexecon expert Charles C. Cox submitted an expert report on behalf of Xerox and ACS to the Texas court rebutting the claims of plaintiffs’ expert about the fairness of the deal. On May 19, 2010, Xerox disclosed that it had resolved the Delaware and Texas litigation for a combined settlement equal to a small fraction of the amount sought by Plaintiffs. David Ross, Jessica Mandel, Laurel Van Allen, Jonathan Polonsky, and David Strahlberg of Compass Lexecon’s Chicago office assisted in the analysis. We worked with Kevin Abrams and Tom Bayliss of Abrams & Bayliss LLP and Gary Bornstein of Cravath, Swaine & Moore LLP.