R.R. Donnelley’s revised bid to acquire Quebecor World has been turned down by the Montreal-based printer’s board of directors.

A document filed by Quebecor World yesterday with the U.S. bankruptcy court in the southern district of New York states that the QW board decided the company’s reorganization plan offers a “superior recovery” and fewer risks than the Donnelly bid.

Donnelley’s latest proposal was its “highest and best offer.”

Quebecor World expects to emerge from bankruptcy protection by mid-July and its creditors will meet on June 18.