When the buyer of a company happens to be the founder, the process can get muddy fast. The New York Times takes a look at the troubled Affiliated Computer Services almost-deal. Five directors have resigned in the face of what they say is founder Darwin Deason’s efforts “to subvert the process in order to prevent superior alternatives to your proposal from being consummated.” Deason in fact had previously written them to demand their resignations for a host of breaches of board duties. Rarely are such scathing letters made public. Recall ACS had a deal with Cerberus Capital, which was recently withdrawn. Some shareholders of course blame the board.
– here’s the New York Times article