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Ricoh to buy Ikon for $1.62 billion

August 28, 2008|From the Associated Press

MALVERN, PA. — Ikon Office Solutions Inc., which sells and leases office machines, has agreed to a $1.62-billion buyout offer from one of its suppliers, Ricoh Co. of Japan.

The deal adds Ikon's 400 sales locations in the U.S., Canada and Western Europe to Ricoh's primarily Japan-based business. It also will combine Ikon's sales and service capabilities with Ricoh's engineering and manufacturing expertise, Ikon said. The cash offer of $17.25 a share disclosed Wednesday represents a 33% premium to Ikon's average stock price for the last two months, the companies said.

Ikon also sells and leases equipment from other companies, including Canon Inc. and Hewlett-Packard Co.

Shares of Ikon closed up $1.46, or 9.4%, at $17.02.

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