Donnelly gives up in bid to take over Quebecor World

If Quebecor World hoped to get R. R. Donnelly to further sweeten its takeover offer beyond the $1.825 billion already bid, it was a vain hope. Folio: magazine reports that Donnelly said they were giving up the chase.

“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,” Thomas Quinlan, Donnelley’s president and chief executive, said in a statement. “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.”