Tuesday, June 09, 2009

Quebecor World board rejects sweetened
Donnelly offer

A sweetened $1.825 billion offer from printer R. R. Donnelly for printer Quebecor World has been rejected, according to a story posted by Folio:.
According to a document filed yesterday with the U.S. bankruptcy court in the southern district of New York, Quebecor’s board of directors, after reviewing Donnelley’s latest offer, determined that its $1.5 billion plan of reorganization offers “superior recovery” and contains fewer risks than Donnelley’s offer.
Donnelley on Monday raised its original $1.35 billion bid to roughly $1.825 billion—about $476 million more cash than QW’s reorganization plan calls for and what Donnelly referred to as its “highest and best” offer.

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