According to a news report by the CBC, a filing with U.S. regulators shows R.R. Donnelley has increased its offer for Montreal-based Quebecor World, as the printing world closely watches what might become the industry’s largest ever merger.
Based in Chicago, R.R. Donnelley originally bid US$1.3 billion for Quebecor, which included a substantial debt payment. According to the U.S. filing, RRD has since added about US$200 million in cash and stock to its offer, which has led to wide media speculation that the initial offer was rejected. This is actually the second revision of the original offer of May 12, 2009.
In a letter addressed to Quebecor World lead director Alain Rhéaume and CEO Jacques Mallette, RRD’s president and CEO Thomas Quinlan III wrote this new offer "confirmed our intention to assume significant pension liabilities." The same letter indicates Quebecor World or its creditors had raised questions about the offer, which Donnelley sought to address.
According to a news report by the CBC, a filing with U.S. regulators shows R.R. Donnelley has increased its offer for Montreal-based Quebecor World, as the printing world closely watches what might become the industry’s largest ever merger.
