IKON to purchase 22.69 million shares in self-tender offer

By Lisa Kerner

Charlotte, N.C., Dec. 27 - IKON Office Solutions Inc. accepted for purchase 22,692,306 shares, or 19.6%, of its common stock at a price of $13 per share in its modified Dutch auction self-tender offer that ended Dec. 19.

The final count by the depository indicates that 24,972,230 shares were validly tendered at a price of $13 per share for a final proration factor of 93.8%, according to a company news release.

IKON previously announced it would repurchase $500 million of its common stock during fiscal 2008, which ends on Sept. 30, 2008.

Information agent for the offer, which began Nov. 21, was D.F. King & Co., Inc. (800 735-3107). National City Bank was the depository, and Lehman Brothers and Wachovia Securities were the dealer managers.

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

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