Steel Partners II Supports IKON Office Solutions' Announced Plan to Repurchase $500 Million of Its Common Stock

Business Wire, Nov 21, 2007

NEW YORK -- Steel Partners II, L.P. ("Steel") announced today that it supports the recently approved initiative by IKON Office Solutions (NYSE:IKN) to repurchase $500 million of its common stock, including up to $295 million of its common stock through a modified "Dutch Auction" self-tender offer at a price of not less than $13 per share or more than $15 per share. The minimum tender price represents a premium of approximately 21% over IKON's closing stock price of $10.77 on November 19, 2007. Steel owns approximately 10.5% of the outstanding shares of IKON.

"We fully support IKON's share repurchase strategy and believe the launch of a modified Dutch auction tender offer is a creative and effective way of maximizing shareholder value," commented Warren Lichtenstein, managing member of Steel.

Steel also announced that it has entered into an amended confidentiality agreement with IKON, pursuant to which Steel has agreed to refrain from taking certain actions with respect to its investment in IKON prior to May 20, 2009, subject to completion of the pending repurchase plan.

About Steel Partners II, L.P.

Steel Partners II, L.P. is a long-term relationship/active value investor that seeks to work with the management of its portfolio companies to increase corporate value for all stakeholders and shareholders.