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9 June 2009
Quebecor World board rejects new Donnelley offer
MONTREAL—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.
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.
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