IKON Office Solutions (IKN) Updates Stock Buyback Plan

March 3, 2008 8:37 AM EST

IKON Office Solutions (NYSE: IKN) plans to complete the remainder of its $500 million share repurchase program through operating cash flow, and within the covenants of its existing debt structure. As a result, the Company anticipates repurchasing $25 million of its common stock during the remainder of fiscal 2008, resulting in $340 million of total expected share repurchases this fiscal year. In December 2007, the Company completed a $295 million modified "Dutch Auction" self-tender offer, purchasing 22.69 million shares as part of its $500 million share repurchase program.

As a result of its updated share repurchase plan for fiscal 2008, the Company also anticipates that its standstill agreement with Steel Partners II, L.P. will likely expire on March 31, 2008, unless otherwise extended by the parties prior to such date.

IKON Office Solutions, Inc. (IKON) is an independent channel for document management systems and services.

Related Categories

Stock Buybacks

Stocks Mentioned

Related Entities

• Steel Partners
• Warren Lichtenstein

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