Quebecor World has rejected the US$1.3 billion takeover bid from RR Donnelley, two well-placed sources familiar with the situation have told
printing industry website PrintCan
, a sister publication to Masthead
. The board of directors for Quebecor World, which is currently operating under creditor protection, apparently rejected the US$1.3 billion offer that RR Donnelley made public on May 12.
Quebecor World creditors will now vote, as scheduled, on the company’s restructuring plan at a meeting in Montreal on June 18. A recently published list of creditors, with more than 1,000 names, contains many companies from the printing industry, including suppliers, but also other commercial printers, and related service providers, illustrating the broad reach of Quebecor World.
If the restructuring plan is accepted, creditors can expect to receive equity in the new corporate entity. Existing equity shares will have little or no value after the new share capital structure is implemented.
also reported on the weekend that Quebecor World may be adopting Novink as its new operating name when it exits creditor protection.
A spokesperson for Quebecor World commented only that the company will make statements at the appropriate time regarding the RR Donnelley deal and the new name.