CHICAGO -- R.R. Donnelley & Sons Company today announced that its proposal to acquire substantially all of the assets and assume certain liabilities of Quebecor World has expired.
"We are disappointed by the decision of Quebecor World to reject our June 8 proposal," said Thomas J. Quinlan III, RR Donnelley's President and Chief Executive Officer. "We believe that our proposal was undoubtedly in the best interests of creditors based on a comparison of the distributions under our proposal with the distributions under the proposed stand-alone plan of reorganization. We are particularly disappointed because of the efforts and concessions made by us to adapt our proposal in response to concerns that were communicated to us."
RR Donnelley originally made a proposal to Quebecor World on May 12, 2009 and after preliminary due diligence, the proposal was subsequently modified to respond to feedback from certain Quebecor World creditors and resubmitted on June 2 and June 8 of this year.
"This would have been an excellent fit for RR Donnelley and the best opportunity for the Quebecor World creditors. However, given our view of the Quebecor World operations, a transaction ascribing a higher value to Quebecor World than we offered in our last proposal is simply not in the interests of RR Donnelley," said Mr. Quinlan. "We look forward to continuing to pursue other strategic initiatives."
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