Kinko's Commences Tender Offer for ImageX
Thursday, March 20, 2003
DALLAS and SEATTLE, March 19 -- Kinko's, Inc. and ImageX, Inc. announced today that Kinko's has commenced its previously announced cash tender offer to acquire all the outstanding shares of ImageX's common stock for $.512 per share. Kinko's has effected the tender offer through its wholly owned subsidiary, Kinko's Washington, Inc. The tender offer commenced on March 13, 2003 and is scheduled to expire at 12:00 midnight, New York City time, on Wednesday, April 9, 2003. ImageX shareholders should expect to receive materials about the tender offer shortly, including instructions on how to tender their shares. Those materials were mailed on March 13, 2003. The offer is subject to certain conditions, including Kinko's securing not less than a majority of the outstanding ImageX shares. Certain shareholders -- including all of ImageX's directors and executive officers, as well as a significant shareholder -- have agreed to tender their shares into the tender offer. These shares represent approximately 29 percent of the outstanding shares of ImageX. The offer is being made pursuant to a merger agreement dated as of March 3, 2003. Pursuant to the merger agreement, upon completion of the cash tender offer, Kinko's will effect a merger of Kinko's Washington, Inc. with and into ImageX, with ImageX surviving as a wholly-owned subsidiary of Kinko's. At that time, any remaining ImageX shareholders will receive the same cash price paid in the tender offer. The ImageX Board of Directors has unanimously adopted and approved the merger agreement and recommends that ImageX's shareholders accept the offer and tender their shares. The Depositary and Information Agent for the tender offer is Mellon Investor Services LLC, Attn: Reorganization Department, 85 Challenger Rd., Mail Stop-Reorg, Ridgefield Park, NJ 07660.