Steel Partners recommends recapitalization, possible sales process for IKON

By Lisa Kerner

Charlotte, N.C., June 29 - IKON Office Solutions, Inc. investors led by Steel Partners II, LP recommended the company pursue a public recapitalization through a self tender for at least $850 million of its shares priced at $17.50 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

Steel Partners, in a letter to IKON chairman and chief executive officer Matthew J. Espe, also recommended that the company immediately take steps to explore strategic alternatives, including a sale of IKON. The investor said it would participate in any such sales process and supplied a copy of its recapitalization proposal to Espe.

Steel Partners beneficially owns 12,456,300 shares, or 9.95%, of the Malvern, Pa., document management company's outstanding stock, according to the filing.

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