August 20, 1999
Quebecor gains control of World Color
MONTREAL– Quebecor Printing Inc. announced this morning that it has gained control of 50.4% of World Color Inc. common shares at a cost of US$685 million or US$35.69 per share–a premium of roughly 30% per share. Quebecor was hoping that World Color shareholders would tender 62% or 23.5 million shares but will accept the 19.2 million shares offered and proceed to the next stage of the acquisition. Quebecor Printing president and CEO Charles Cavell said the new company, Quebecor World Inc., will pursue proactive customer service on four continents and be guided by“the combined talents of two of the strongest management teams in printing.”
August 12, 1999
Creo slaps Presstek with a lawsuit
WILMINGTON, Del.– Creo Products Inc. of Burnaby, B.C., has filed suit in a U.S. District Court in Delaware seeking a declarative judgment concerning publicized patent infringement allegations made on July 7 by Hudson, NH-based Presstek Inc. During an early July interview with Graphic Monthly, Presstek director of marketing Efrem Leiber claimed Creo was deploying Presstek technology on the SM 74 DI press. Reached later at his Burnaby office, Creo legal representative Nick Brampton stated that following“careful review” Creo was“confident that none of its products infringe the intellectual property rights of other parties.” According to Creo’s statement of claim, the patents in question concern a“printing apparatus with image error correction and ink regulation control” and a“controller for spark discharge imaging.”
6 August, 1999
Creo’s IPO successful
VANCOUVER– On its first day of public trading on the TSE, Creo Products Inc. stock (CEC) opened at $22.67 and soared 35% to close at $30.50 on July 28. Simultaneously offered on the Nasdaq exchange, Creo (CREO) opened at US$15 and closed at US$20.06. The IPO closed on August 5 and raised about $83 million in working capital. Creo has 32 million outstanding shares. Based on the initial share offering price, the company has a market value of $712 million.
5 August, 1999
College relaunches print program
TORONTO– The two-year print media technician course at Ontario’s George Brown College is back. It was suspended last June because it was losing money, said prepress program co-ordinator Bill Kidd. The new program is more theory-intensive. Currently, 45 first-year students are enrolled.