Quebecor World Recommends Shareholders Reject Unsolicited Mini-Tender Offer
Press release from the issuing company
MONTREAL--March 1, 2004-- Quebecor World said today that it has been notified of an unsolicited "mini-tender" offer from TRC Capital Corporation. TRC is offering to purchase up to 3 million Quebecor World subordinate voting shares, representing approximately 3.5% of Quebecor World's subordinate voting shares outstanding, at a price of CDN $25.25. This is a 3.8 % discount below Quebecor World's closing price on February 25, 2004 of CDN $26.26 per common share.
Quebecor World recommends that shareholders reject this unsolicited offer. Quebecor World would also like to inform shareholders that the Company is no way associated with TRC Capital Corporation or its offer.
TRC Capital has made numerous unsolicited "mini-tender" offers for shares of other companies in the recent past. "Mini-tender" offers are offers to purchase a small percentage of a company's outstanding shares, thereby avoiding most of the filing, disclosure and procedural requirements of Canadian securities legislation and the U.S. Securities and Exchange Commission (SEC). The Canadian Securities Administrators and the SEC have cautioned investors about "mini-tender" offers noting that these offers invite investors to sell their securities at below-market prices.
Quebecor World advises shareholders to consult their financial advisors and to exercise caution with respect to this offer. Quebecor World shareholders who have already tendered are advised that they may withdraw their common shares by providing the written notice described in the TRC Capital offering documents prior to the expiration of the offer.
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