IKON to purchase 19.6% of its outstanding shares in self-tender offer

By Lisa Kerner

Charlotte, N.C., Dec. 20 - IKON Office Solutions expects to purchase 22.69 million shares at $13 per share, or some $295 million total, in its Dutch auction self-tender offer that ended on Dec. 19.

The number of shares IKON plans to purchase represents about 19.6% of the shares outstanding as of Nov. 27.

The tender offer began on Nov. 21.

Preliminary results from the depository indicated that about 46.3 million shares were tendered, including some 20.3 million shares tendered by way of guaranteed delivery, according to a company news release.

The preliminary proration factor for the tender offer is expected to be about 93.7%.

IKON's tender offer is part of the company's plan to repurchase $500 million of its common stock during fiscal 2008, which ends on Sept. 30, 2008.

The information agent for the offer is D.F. King & Co., Inc., (800 735-3107). National City Bank served as depository, and Lehman Brothers and Wachovia Securities were dealer managers.

IKON is a Malvern, Pa.-based document management company.

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