Wednesday, 13 May 2009

Quebecor bid

Updated re Globe and Mail timeline
The old ticker skipped a beat this morning when we read this online Reuters headline:

RR Donnelley offers to buy Quebecor for $1.35 bln

Unfortunately, the bid by R.R. Donnelley & Sons in the U.S. is for the financially troubled Quebecor World printing operations, not the ever-shrinking Quebecor Media.

The updated Reuters story says:

RR Donnelley said it will pay the insolvent commercial printer's debtors about $957 million in cash, and 30 million of its shares, valued at $394.2 million, based on Monday's close of $13.14.

"We believe that the proposed transaction set out in this letter is superior for the Quebecor debtors and their creditors to the restructuring proposed by the plans in their current form," Chief Executive Thomas Quinlan said in a letter to Quebecor management.

The story does not include comment from Quebecor Inc.

You can read the full RR Donnelley letter of intent here.

And the Globe and Mail has a timeline today.


  1. Why would anyone want to buy Quebecor World? PKP should pay someone to take it off his hands. Must be the same kind of people who would buy shares in the Big Three auto companies or buy Canwest bonds or stock. Sucker born every minute.

  2. Word has it former Sun Media staff have started up newspapers in Nanton and Morinville where offices were closed and amalgamated into other locations.
    Kudos to them.
    " To you from failing hands we throw the torch. Be it yours to hold it high."