Mergers and Acquistions News
Categories: Hardware
August 28th 2008, 15:12PM
Ricoh has signed a definitive agreement to purchase document management systems and services channel Ikon Office Solutions for $1.6 billion (£870 million).
Ikon said the merger would leverage the engineering and manufacturing expertise of Ricoh with its own sales and services capabilities to better meet customer needs through the provision of end-to-end office solutions.
The offer of $1.6 billion is equal to a 33 per cent premium over the trailing 60-day average stock price of the company at the close of the markets on Tuesday.
Matthew J Espe, chairman and chief executive officer of Ikon, said: "Following an extensive review of our strategic opportunities, our board conducted a formal process to evaluate alternatives for the company."
He added that the board has approved this transaction for its shareholders, employees and customers alike.
In October 2006, Ricoh Europe signed a definitive agreement to purchase the European business of Danka Business Systems for approximately $210 million.
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