The offer price of $17.25 per share represents a 33% premium over IkonÆs 60-day average stock price up to August 26 and a premium of 11% on Tuesday's close. For fiscal 2007 Ikon registered revenues of $4.2 billion, down 1.4% year-on-year. But Ikon posted an Ebitda from recurring operations of $203 million and a 4.9% operating margin, up from 4.1% the previous year.
Ricoh is paying a revenue multiple of 0.38 times trailing revenues. Lehman Brothers research issued yesterday estimates Ricoh is paying 16.9 times forward 2009 earnings and commented that RicohÆs valuation of...
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