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Steel Partners Purchases Interest in IKON

23 Feb, 2005

Steel Partners Purchases Interest in IKON

Steel Partners, a Delaware-based partnership, has acquired a 5.4 percent interest in IKON Office Solutions. In total, Steel Partners owns 7,550,000 shares of the independent copier and printer company, which supplies machines from Canon, Hewlett-Packard, Ricoh, and Konica Minolta.

In its filing with the Securities & Exchange Commission last month, Steel Partners explained that it based its purchase on a “belief that the shares at current market prices are undervalued and represent an attractive investment opportunity.”

With IKON so undervalued, Steel Partners may seek board seats, buy additional shares, and propose ways to boost earnings. IKON shares were valued at $10.52 per share late afternoon Wednesday.

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