Affiliated Computer Services shares dropped Wednesday after its buyout hopes were punctured by a lack of buyers on the corporate debt markets.
Affiliated Computer Services (nyse: ACS - news - people ) shares fell $1.50, or 2.9%, to $49.45, on Wednesday, following comments by the company that tightened financing makes a buyout unlikely. "We are a public company, and due to the state of the debt markets, we will most likely remain a public company for some time," said Chief Executive Lynn Blodgett.
In April, Affiliated's Chairman Darwin Deason and private equity firm Cerberus Capital Management offered to buy the company for $62 per share, or $6.2 billion total. Deason founded the services concern nearly 20 years ago. According to Revere Data, The Dallas, TX-company provides outsourcing and information technology services to clients like the U.S. government and Aetna (nyse: AET - news - people ). (See: "Deason Raises Affiliated Offer")
