Steel Partners to tender shares in IKON offer

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Steel Partners II said it will tender a "significant number" of its IKON Office Solutions Inc. shares in the company's tender offer ending Wednesday.

The investor has not determined the exact number of shares or the price at which it will tender into the offer, according to a schedule 13D filing with the Securities and Exchange Commission.

Steel Partners beneficially owns some 12.45 million shares of IKON, or 10.7% of the company's outstanding shares.

IKON announced its planned $500 million share repurchase on Nov. 21.

The repurchase includes up to $295 million of IKON's common stock through a modified Dutch auction self-tender offer at a price of not less than $13 per share and no more than $15 per share.

As previously reported, IKON and Steel Partners entered into an amended confidentiality agreement in which Steel Partners agreed "to refrain from taking certain actions" with respect to its investment in IKON through May 2009.

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

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