Close to 92 percent World Color Press Inc.’s shareholders, on Thursday last week, approved Quad/Graphics’ pending purchase of the former Montreal printing giant, while the deal also received Québec Superior Court clearance yesterday.
As a result of these two announcements, Quad is expected to complete the acquisition sometime this week, which will result in placing the newly merged entity on the New York Stock Exchange (NYSE).
At a special shareholder’s meeting in Toronto, 91.78 percent of the votes cast were in favour of authorizing the acquisition. After the final approval needed came from the Commercial Division of the Québec Superior Court, the companies announced that they expect to complete the deal on July 2, 2010.
Quad was previously cleared to list its class A common stock on the NYSE under the stock symbol QUAD, while the company’s Chairman, President & CEO, Joel Quadracci, is scheduled to ring the exchange’s opening bell on July 7, 2010.
“The extraordinary journey of the new World Color now is within a few days of reaching a highly satisfactory ending for our customers, our shareholders and for most of our employees,” stated Mark Angelson, World Color’s CEO, following the Quebec court approval. “Our impending association with Quad/Graphics is a great honour, and is by far the best outcome.
“This would not have been accomplished without the dedication and professionalism of all of our employees, directors and advisors. Hearty thanks to each of them for bringing us to this pivotal point in our history, and for enabling the latest step in the transformation of our industry.”