The bidders for Affiliated Computer Services on Monday raised their offer for the technology services provider to $62 from $59.25 a share, saying that the company's board rejected an earlier proposal.
Affiliated Computer's chairman and founder, Darwin Deason, said in a statement that he and investment fund Cerberus Capital Management LP "had made no progress whatsoever" in attempts to negotiate to take the company private.
Affiliated's board had set up a special committee to review the proposal.
"It has been a full month since my investment partner, Cerberus Capital Management, and I made our proposal on March 20 to acquire Affiliated Computer Services," Deason said in a letter to the company's board that was dated Saturday and released to the public on Monday. "Unfortunately, during that time we have made no progress whatsoever, and the special committee has refused to negotiate with us, to permit Cerberus to conduct essential due diligence or to engage us in any constructive fashion."
ACS shares traded at $60.55 in pre-market electronic trading. They closed at $58.75 Friday on the New York Stock Exchange.