Xerox OKs Employee Stock Ownership Plan: Xerox...

Xerox OKs Employee Stock Ownership Plan: Xerox Corp. has authorized the repurchase of about 11 million shares of the company’s common stock and the adoption of a leveraged employee stock ownership plan. The stock ownership plan will be implemented through the issuance of $785 million worth of a new Xerox Series B convertible preferred stock and use of the proceeds to repurchase Xerox common stock. About 57,000 employees in the United States will be eligible for participation.