R.R. Donnelley’s latest bid
to acquire Quebecor World officially expired yesterday and the Chicago-based printer stated
that it would not be submitting another proposal.
“We believe that our proposal was undoubtedly in the best interests of creditors based on a comparison of the distributions under our proposal with the distributions under the proposed stand-alone plan of reorganization,” said Thomas J. Quinlan III, Donnelley’s president and CEO, in a released statement. “We are particularly disappointed because of the efforts and concessions made by us to adapt our proposal in response to concerns that were communicated to us.”
Quebecor World rejected
Donnelley’s final offer Monday and the Montreal-based printer is now slated to go forward with its own reorganization plan.
“This would have been an excellent fit for RR Donnelley and the best opportunity for the Quebecor World creditors.," Quinlan said. "However, given our view of the Quebecor World operations, a transaction ascribing a higher value to Quebecor World than we offered in our last proposal is simply not in the interests of RR Donnelley.”