Cory Smith
Well-known member
CHICAGO - R.R. Donnelley & Sons Company announced today that it had submitted a written indication of interest to acquire all or substantially all of the assets and properties of Quebecor World Inc. ("Quebecor World"). RR Donnelley further indicated to Quebecor World that it was prepared to move expediently to a legally binding purchase agreement, pending the completion of due diligence. The Company noted that it believed the non-binding proposal offered Quebecor World’s debtors and their creditors superior terms to the current draft amended reorganization plans recently proposed as part of Quebecor World's ongoing bankruptcy proceedings in the United States and Canada.
"Quebecor World and RR Donnelley have long represented a strong strategic fit with one another and, through this proposal, we have the opportunity to join them together in a way that greatly benefits stakeholders of both companies, including Quebecor World's debtors and their creditors," said Thomas J. Quinlan III, RR Donnelley's President and Chief Executive Officer. "Our offer would significantly enhance our ability to provide customers more comprehensive end-to-end printing solutions, expand our geographic reach into the important Canadian market and better balance our capacity with customer demand – all while achieving significant immediate and long-lasting synergies. We look forward to the chance to work with the debtors as they develop the plan that they feel is in the best interests of their stakeholders."
Key aspects of RR Donnelley’s proposal include:
* The purchase consideration would consist of cash and shares of RR Donnelley’s common stock.
* The transaction is not subject to any financing condition and no shareholder approval is required.
* The transaction under the proposed terms would be accretive to RR Donnelley shareholders after the first 12 months of combined operations.
"Quebecor World and RR Donnelley have long represented a strong strategic fit with one another and, through this proposal, we have the opportunity to join them together in a way that greatly benefits stakeholders of both companies, including Quebecor World's debtors and their creditors," said Thomas J. Quinlan III, RR Donnelley's President and Chief Executive Officer. "Our offer would significantly enhance our ability to provide customers more comprehensive end-to-end printing solutions, expand our geographic reach into the important Canadian market and better balance our capacity with customer demand – all while achieving significant immediate and long-lasting synergies. We look forward to the chance to work with the debtors as they develop the plan that they feel is in the best interests of their stakeholders."
Key aspects of RR Donnelley’s proposal include:
* The purchase consideration would consist of cash and shares of RR Donnelley’s common stock.
* The transaction is not subject to any financing condition and no shareholder approval is required.
* The transaction under the proposed terms would be accretive to RR Donnelley shareholders after the first 12 months of combined operations.
