August 27, 2008

Ricoh to Buy Ikon Office Solutions for 1,617 M. Dollars

Tokyo, Aug. 27 (Jiji Press)--Japan's Ricoh Co. said Wednesday it will acquire U.S. office equipment marketer Ikon Office Solutions Inc. for 1,617 million dollars through a friendly takeover bid.

The move is aimed at bolstering the Japanese office equipment maker's overseas sales of products including multifunction printers through Ikon, which has more than 400 sales bases mainly in Europe and the United States.

Ikon's board of directors has agreed to the acquisition, Ricoh said.

Ricoh Americas Corp., a Ricoh wholly owned distribution unit, will buy all outstanding shares in Ikon at 17.25 dollars per share, a 33 pct premium over its average daily closing price in the past 60 trading days through Tuesday on the New York Stock Exchange.

The acquisition is subject to approval from Ikon shareholders as well as antitrust authorities in North America and Europe, Ricoh said.

If the procedures go smoothly, Ricoh will complete the purchase by the end of this year, company officials said.

Ikon earned group sales of 4,168 million dollars in the year that ended in September 2007.END

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