Quebecor World Inc. es WorldColor Press Inc. y ahora QUAD GRAPHICS – Diario Actualizado 26.01.2010 –
AL FINAL DEL ARTICULO ESTA LA CARTA DE RRD & SONS CON LA OFERTA DE COMPRA DE QBWI CON FECHA DEL 12.5.2009.
5 Year Share Value from
Jan. 2003 to Jan.2008
Para detalles hacer click en el gráfico
31.12.2007:
Como se escuchan rumores, CEO Pierre Karl Péladeau se ha comprometido de pagar posiblemente altos comisiones a los banqueros de RBC en caso que la subsidiaria Vidéotron Ltée. introducerá su servicio de telefonía inhalambrica más adelante en este año. Ojala los comisiones son suficientemente atrativos para los banqueros de RBC para facilitar el financiamente necesario!
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LOS HERMANOS PELADEAU:
Pierre Karl Péladeau
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Anne-Marie Péladeau
(hacer click para más detalles)
Eric Péladeau
(hacer click para más detalles)
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Las cortes de Estados Unidos y Canadá aprobaron el estatus de protección para QBW Inc. bajo los leyes de quebra de ambos paises, lo que da posibilidad a la empresa de recibir un credito de refinanciamento de un total de US$ 1 bill. de Credit Suisse y Morgan Stanley, que asegura líquidez a corto plazo (hasta finales de junio 2008) y buscar soluciones para las deudas a mediano y largo plazo. Los negocios de Europa y América Látina no caen bajo ese reglamento.
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Hoy fué prolongado por 30 días más la fecha de lograr los US$ 750 mill. de financiamente para pagar las deudas. La compania hasta esta fecha tiene US$ 225 mill. en efectivo y 125 mill. de otros fondos. Falta a encontrar otros 400 mill. dentro de estos 30 días
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20.3.2008
Montreal, Canadá.
The Economist Newspaper N.A. anunció hoy junto con Quebecor World Inc. de terminar finales de septiembre 2008 el contrato para la impresión de la revista The Economist. Se buscará posibilidad de continuar con Quebecor World Inc. como importante proveedor de sus productos impresos.
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31.3.2008
Montreal, Canadá.
Quebecor Inc. anunció hoy de no seguir a imprimir algunos de sus revistas con la hija Quebecor World. Asi se nota que QBW Inc. esta perdiendo importantes negocios de impresión no solamente de clientes externos si no tambien del propio grupo Quebecor. Va a ser muy dificil para QBW de lograr nuevos adquisiciones a corto o mediano plazo.
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2.4.2008
Quebecor World Inc. anunció el cierre de su planta Magalog en Quebec. La planta incio trabajo en 1971 y actualmente estaba trabajando a 20% de su capacidad de producción. La planta produce insiertos de anuncios y revistas para el mercado estadunidense y canadiense. La producción será distribuida en seis plantas de mayor tamaño. Con el cierre se perderán aproximatamente 300 puestos de trabajo de caracter tiempo completo.
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3.4.2008
Quebecor World Inc. anunció que logró un contrato nuevo valido hasta 2014 con la editora McGraw-Hill Companies para imprimir sus libros, textos escolares, catalogos con un valor de US$ 285 mill.
RR DONNELLEY & SONS ha enviado carta esta noche con una oferta de US$ 1.35 billones en efectivo y acciones a los directores de QUEBECOR WORLD INC. para la compra de su compania en quebra. La oferta se desglosa de la siguiente manera: $700 mill. en efectivo, $257 mill. efectivo a mano y $ 394.2 mill. en acciones. Esa oferta viene justo cuando las ganancias de RR DONNELLEY & SONS cajeron un 92% en el primer cuatrímestre del 2009 y el vencimiento de un importante credito de Quebecor World Inc.
May 12, 2009
Jacques Mallette
President and Chief Executive Officer
Quebecor World Inc.
999 de Maisonneuve West
Suite 1100
Montreal, Province of Quebec
H3A 3L4
David McCarthy
President
Quebecor World (USA) Inc.
150 East 42nd Street
New York, NY 10034
Steven Strom
Managing Director
Jefferies & Company, Inc.
520 Madison Avenue, 10th Floor
New York, NY 10022
Re: Purchase of All or Substantially All of the Assets of the U.S. and Canadian Debtors
Ladies and Gentlemen:
As you know, on August 11, 2008 we expressed to you in writing our interest in acquiring a significant portion of the assets and businesses of Quebecor World. We subsequently further indicated our interest in pursuing a transaction in conversations with various people, including Mr. Randy Benson, Chief Restructuring Officer of Quebecor World Inc. («QWI»), Mr. Andy Kramer of UBS, and Mr. Eric Korsten of Jefferies & Company, Inc. Although we have not received any response to our previous proposal, we have continued to follow the publicly-available information concerning your reorganization proceedings.
We recently reviewed the draft First Amended Plan of Reorganization proposed with respect to the U.S. bankruptcy proceeding and the draft Plan of Reorganization and Compromise proposed with respect to the Canadian reorganization of QWI. We refer to these documents as the «Plans», and to QWI, Quebecor World (USA) Inc. and their debtor affiliates as the «Quebecor Debtors».
After reviewing the draft Plans in light of our own valuation of the relevant companies as stand-alone businesses, 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. Accordingly, R.R. Donnelley & Sons Company («RRD») is pleased to submit to you a preliminary indication of interest to purchase all or substantially all of the assets and properties of the Quebecor Debtors (including shares of their Latin American subsidiaries), free and clear of all claims and interests, on the terms and conditions described below (the «Acquisition»). RRD is ready to proceed as quickly as possible to reducing its proposal to a legally-binding asset purchase agreement for implementation in a court-approved sale pursuant to Section 363(b) under the U.S. Bankruptcy Code and accompanying proceedings under the Companies’ Creditors Arrangement Act («CCAA»). We would be willing to consummate the Acquisition prior to or in connection with plan confirmation, as you consider in the best interests of the Quebecor Debtors and their creditors.
We understand and appreciate the time and effort that have gone into preparing the Plans, but we only learned of the Plans’ terms upon publication and, in light of those terms, we would like to submit another approach for your consideration as you weigh the options available to you to propose the best possible plan of reorganization for the Quebecor Debtors and their creditors.
Proposal
The key provisions of our proposal are as follows:
(a) Purchase Consideration. We propose to pay the Quebecor Debtors (in the aggregate):
cash in an amount equal to the cash amount contemplated for distribution under the draft Plans, which we believe is approximately US$700,000,000; plus cash on balance sheet (estimated as of June 30, 2009, at $257,000,000 pursuant to the Plans); plus 30 million shares of RRD common stock, which represent approximately 15% of RRD’s outstanding shares and have a value of US$394,200,000 based on the closing trading price on May 11, 2009. RRD common stock is listed for trading on the New York Stock Exchange, and the current market capitalization of RRD is approximately US$2.7 billion.
We believe that the publicly-listed common stock of the pro forma combined company will offer attractive investment characteristics for current creditors of the Quebecor Debtors when compared to the newly-issued securities of a stand-alone reorganized company. In addition to providing an attractive valuation today and immediate liquidity, for those investors that choose to remain stockholders of RRD, our proposal offers the opportunity to enjoy the synergies involved in the Acquisition and participate in any future appreciation of RRD stock as we grow our business around the world. This is an exciting opportunity and we expect that the Acquisition will be accretive to RRD stockholders after the first 12 months of combined operations.
(b) Valuation Assumptions. Our proposed acquisition price is based on publicly-available information and our deep knowledge of the industry. We have assumed (i) interim operations in the ordinary course, (ii) normalized working capital at closing, (iii) the assets and properties of the Quebecor Debtors (and their Latin American subsidiaries) are consistent with our business expectations based on our industry knowledge and our review of public financial information, (iv) the non-debtor subsidiaries are free of liabilities outside of the ordinary course of business, and (v) the assets and properties of the Quebecor Debtors will be transferred to us free and clear of all claims and liabilities (other than ordinary course trade payables, specific contracts that we ask you to assume and assign to us, and other liabilities to be agreed).
(c) Financing. There would be no financing condition to the Acquisition. We have sufficient funds to pay the cash portion of the consideration from cash on hand and/or availability under our existing revolving credit facility.
(d) Internal Approvals. This proposal has been reviewed at the highest levels of RRD and we are pleased to advise you that the only further internal approval necessary for the execution and delivery of a binding asset purchase agreement is the approval of our Board of Directors. No shareholder approval is required.
(e) Due Diligence. We are prepared to work with you and our respective advisors to proceed as expeditiously as possible to complete our business, financial, accounting, tax, environmental and legal due diligence review, including meetings with QWI’s management, and the reasonable opportunity to inspect QWI’s facilities. With access to the right data and personnel, we are confident that this work could be completed without material delay.
(f) Regulatory Matters. The Acquisition will require expiration of the applicable waiting period under the U.S. Hart-Scott-Rodino Act and under the Competition Act Canada, if applicable, approval under the Investment Canada Act and, potentially, filings in other jurisdictions. We and our advisors have done considerable work assessing the regulatory issues associated with the proposed Acquisition and are confident that the proposed Acquisition can be completed in a timely manner.
(g) Competitively Sensitive Information. We are sensitive to any concerns that you may have with respect to the treatment of competitively sensitive information during the due diligence process. One of the first conversations that we would like to suggest take place would be between your antitrust counsel and our antitrust counsel at Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP. Our advisors are very familiar with the issues relating to conducting diligence for potential strategic transactions in this industry and can describe to you the set of safeguards that we would implement to avoid any risk that information is shared inappropriately.
(h) Structure and Documentation. The purchaser would be one or more wholly-owned subsidiaries of RRD. There would be no other investors or sources of capital or financing for the Acquisition. We would expect the transaction to be documented in a customary asset purchase agreement, with an agreed form of bidding procedures, contract procedures and sale order for the U.S. proceeding, and appropriate equivalent Canadian documents and proceedings relating to the CCAA. The asset purchase agreement would be effective upon court approval and would include customary representations, warranties, covenants and closing conditions and other terms customary for similar transactions. Following due diligence, we are interested in exploring alternative structures in order to achieve the most tax efficient transaction for the parties.
(i) Stalking Horse Protections. We do not require any exclusivity period, no-shop provisions or expense reimbursement to conduct due diligence or finalize the terms of the proposed Acquisition. However, once we execute a definitive asset purchase agreement, we will require customary protections for a stalking horse bidder in light of the value created for the Quebecor Debtors by our offer, including overbid protections and other bidding procedures to be agreed, milestones to closing and a termination right if the milestones are not met, expense reimbursement, and, in the event the Quebecor Debtors consummate an alternative transaction, a break-up fee in an amount to be agreed.
Process
We would like to suggest that you immediately identify a working group at the Quebecor Debtors that can work with us and our advisors, Sullivan & Cromwell LLP, and Osler, Hoskin & Harcourt LLP, to conduct the due diligence process and finalize the terms of the definitive asset purchase agreement. As mentioned above, prior to signing a definitive asset purchase agreement, we require no expense reimbursement and no deal protection of any sort. We understand that the Quebecor Debtors would be free to abandon discussions with us at any time (and vice versa), and we believe that we can progress very quickly to agree upon a transaction without materially impairing your ability to solicit approval of the current draft Plans later if for any reason you decide not to proceed with a transaction with RRD. We stand ready to execute a customary confidentiality agreement upon request.
About RR Donnelley
RRD is a full-service provider of print and related services, including business process outsourcing. RRD provides the industry’s broadest product and service line, including solutions in commercial printing, direct mail, financial printing, print fulfillment, labels, forms, logistics, call centers, transactional print-and-mail, print management, online services, digital photography, color services, and content and database management to customers in the publishing, healthcare, advertising, retail, technology, financial services and many other industries. RRD’s broad product and service mix enable the company to provide end-to-end services to customers in virtually every business, education, government, and non-profit sector.
RRD has operations on four continents to provide exceptional service to leading global organizations. Its agile fleet of digital printing devices includes more than 1,000 proprietary and commercially-available units across more than 60 facilities worldwide.
Through its leading proprietary eCommerce systems it provides customers a comprehensive array of print management, premedia, and other services. RRD’s development pipeline continues to deliver innovations, such as the world’s first 1200 dpi 4-color inkjet press and the company’s recent announcement of a breakthrough that will bring lithographic economics, flexibility, and performance to variable printing.
Its logistics capabilities include services that help it effectively deliver customers’ mail deep into the postal stream, handle complex rollouts of retail signage and point of sale materials, fulfill direct mailings that incorporate personalized URLs, and provide customers online access to tracking information.
Since 2004, RR Donnelley has completed acquisitions and asset purchases in Latin America, North America, Europe and Asia.
We believe that we are uniquely qualified to assess and complete the Acquisition given our experience in financing and executing major transactions in the printing industry. We have a proven track record of successful execution of complex, structured transactions, providing you with a high degree of certainty that we can consummate the Acquisition in a timely and efficient manner.
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This letter is not a legally-binding offer or agreement. Any legally-binding offer or agreement will be set forth only in definitive documentation approved by you and us.
If you have questions about our letter or would like to discuss the next steps, please do not hesitate to contact me. You also may contact Stefan Selig of Banc of America Securities/Merrill Lynch & Co. (646-885-1305 or sselig@bofasecurities.com), or Andy Dietderich at Sullivan & Cromwell LLP (212-558-3830 or dietdericha@sullcrom.com).
In connection with our own disclosure obligations we will be publicly disclosing this letter by filing it with the US Securities and Exchange Commission. We also understand and appreciate that you will want to share this letter with the many stakeholders in your restructuring process.
We are very excited about the possibility of this transaction and look forward to taking the next steps with you.
Very truly yours,
R.R. DONNELLEY & SONS COMPANY
By /s/ Thomas J. Quinlan III
Name: Thomas J. Quinlan III
Title: President and Chief Executive Officer
cc: Louis J. Gouin
(Ogilvy Renault LLP)
Michael J. Canning, Esq.
Neil M. Goodman, Esq.
Joel M. Gross, Esq.
(Arnold & Porter LLP)
Murray A. McDonald
(Ernst & Young Inc)
S. Richard Orzy
Kevin J. Zych
(Bennett Jones LLP)
Ira S. Dizengoff
David H. Botter
Ryan Jacobs
David Staber
Sarah Schultz
(Akin Gump Strauss Hauer & Feld LLP)
Audra D. Cohen
Andrew G. Dietderich
(Sullivan & Cromwell LLP)
Edward Sellers
Randall Pratt
(Osler, Hoskin & Harcourt LLP)
Stefan Selig
(Banc of America Securities/Merrill
Lynch & Co.)
About RR Donnelley
RR Donnelley (NYSE: RRD) is the world’s premier full-service provider of print and related services, including business process outsourcing. Founded more than 144 years ago, the company provides products and solutions in commercial printing, direct mail, financial printing, print fulfillment, labels, forms, logistics, call centers, transactional print-and-mail, print management, online services, digital photography, color services, and content and database management to customers in the publishing, healthcare, advertising, retail, technology, financial services and many other industries. The largest companies in the world and others rely on RR Donnelley’s scale, scope and insight through a comprehensive range of online tools, variable printing services and market-specific solutions.
For more information, and for RR Donnelley’s Corporate Social Responsibility Report, visit the company’s web site at http://www.rrdonnelley.com .
RR Donnelley June 8, 2009 Letter to Quebecor World
Printing giant revises offer upward, increasing assumption of pension liability
June 8, 2009
Alain Rhéaume
Lead Director
Quebecor World Inc.
999 de Maisonneuve West
Suite 1100
Montréal, Province of Québec
H3A 3L4
Jacques Mallette
President and Chief Executive Officer
Quebecor World Inc.
999 de Maisonneuve West
Suite 1100
Montréal, Province of Québec
H3A 3L4
Re: Offer to Purchase All or Substantially All of the Assets of the U.S. and Canadian Debtors
Gentlemen:
As you know, on May 12, 2009, we made a proposal (the “Original Proposal”) to purchase all or substantially all of the assets and properties of Quebecor World Inc. (“ QWI ”), Quebecor World (USA) Inc. and their 
debtor affiliates (collectively, the “ Quebecor Debtors ”), including shares of their Latin American subsidiaries, and on June 2, 2009, we revised our proposal to include the assumption of significant pension liabilities and a commitment to work with you to avoid any inefficient tax characterization (the “ Revised Proposal ” and, together with the Original Proposal, the “ Previous Proposals ”). In addition, we have conducted certain due diligence in respect of pension, labor and tax matters, and have received input and comments on our Previous Proposals from you and certain of your creditors, including comments received from certain of your creditors on June 5, 2009.
All of our work and discussions so far underscore our view on May 12 that the transaction proposed by us is significantly more favorable to the creditors of the Quebecor Debtors than the stand-alone restructuring proposed by the current draft plans of reorganization (collectively, the “ Plans ”).
However, we would also like to be responsive to the concerns that have been raised. Accordingly, R.R. Donnelley & Sons Company (“ RRD ”) is pleased to submit to you this further modified proposal (this “ Proposal ”) to purchase all or substantially all of the assets and properties of the Quebecor Debtors, including shares of their Latin American subsidiaries, and all U.S. and non-U.S. facilities unless you and we agree otherwise, free and clear of all claims and interests, on the terms and conditions described below (the “ Acquisition ”). RRD remains ready to proceed as quickly as possible to reducing this Proposal to a legally-binding purchase or plan sponsor agreement, as we may agree.
Proposal
Based on feedback that we received from you and your creditors on the Original Proposal, in which we were asked to revise the Original Proposal to be more specific regarding pension, tax and labor matters, the information that we have received to date on these matters, and terms outlined to us by certain of your creditors, the Previous Proposals have been further revised in this
Proposal in a manner that we believe is beneficial to you and your creditors. The key provisions of our Proposal are now as follows:
a. Purchase Consideration. We propose the following consideration (in the aggregate):
• cash in an amount equal to US$800,000,000 and cash on the balance sheet (estimated as of June 30, 2009, at US$335,000,000 pursuant to the Plans). This represents total cash to the estate of US$1,135,000,000, which according to your analysis, results in US$476,000,000 more net cash to the estate than is provided for in the Plans; plus
• 30 million shares of RRD common stock, which represent approximately 15% of RRD’s outstanding shares and have a value of US$415,800,000 based on the closing trading price on June 5, 2009. RRD common stock is listed for trading on the New York Stock Exchange, and the current market capitalization of RRD is approximately US$2.84 billion; plus
• assumption of the sponsorship of the tax-qualified single employer defined benefit pension plans and assumption of the obligation to contribute to the multiemployer defined benefit pension plans in the United States and Canada (as set forth below), for which we understand the underfunding liability as of December 31, 2008 of the Quebecor Debtors in respect of the single employer defined benefit pension plans is at least US$275,000,000.
Clearly, this Proposal addresses directly your comments regarding the value offered in the Previous Proposals. As compared to the Original Proposal:
• the cash consideration has been increased by US$178,000,000 (US$100,000,000 plus an additional US$78,000,000 in cash on the balance sheet);
• the stock consideration has increased in value by US$21,600,000;
• we have confirmed our intention to assume significant pension liabilities; and
• as set forth in greater detail below, we have removed any tax exposure to you from our Proposal and agreed to share in your costs in connection with any extension or forbearance related to your
DIP financing.
We believe that this Proposal is overwhelmingly in the best interests of your creditors when the distributions to creditors resulting from this Proposal are compared with the distributions to creditors resulting from the Plans.
As we previously mentioned, we also believe that the publicly-listed common stock of the pro forma combined company will offer attractive investment characteristics for current creditors of the Quebecor Debtors when compared to the newly-issued securities of a stand-alone reorganized company. In addition to providing an attractive valuation today and immediate liquidity, for those investors that choose to remain stockholders of RRD, our Proposal offers the opportunity to enjoy the synergies involved in the Acquisition and participate in any future appreciation of RRD stock.
This is an exciting opportunity and we expect that the Acquisition will be accretive to RRD stockholders after the first 12 months of combined operations.
b. Pension Matters. Based on the information made available to date, we would expect that as part of the definitive purchase agreement we would agree to assume the sponsorship of the tax-qualified single employer defined benefit pension plans and the obligation to contribute to the multiemployer defined benefit pension plans of the Quebecor Debtors in the United States and Canada, and, therefore, such pension plans will be continued after the Acquisition in accordance with their terms.
c. Labor Matters. While we have not yet been provided with the due diligence materials we have requested in respect of labor matters, based on the information available, we would expect that as part of the definitive purchase agreement we would agree to maintain the level of wages and benefits currently provided to the Quebecor Debtors’ collectively bargained employees.
d. Tax. As you know, our respective tax advisors have been having constructive discussions with respect to the tax analysis in respect of the Acquisition. As discussed, although we initially proposed that the Acquisition be structured as a Section 363(b) sale transaction, it is our intention that no additional tax liability be incurred by the estate in connection with the Acquisition as compared to the restructuring pursuant to the Plans. To this end, we are prepared to structure the
Acquisition as a purchase of stock pursuant to a plan of reorganization, if necessary to eliminate any additional tax liability. Accordingly, for purposes of this Proposal we have assumed that your choice between this Proposal and the Plans is tax-neutral to you.
e. Valuation Assumptions. Our proposed acquisition price is based on due diligence information that we have been provided to date, publicly-available information and our deep knowledge of the industry. We have assumed (i) interim operations in the ordinary course, (ii) normalized working capital at closing, (iii) the assets and properties of the Quebecor Debtors (and their Latin American subsidiaries) are consistent with our business expectations based on our industry knowledge and our review of public financial information, (iv) the non-debtor subsidiaries are free of liabilities outside of the ordinary course of business, and (v) the assets and properties of the Quebecor Debtors will be transferred to us free and clear of all claims and liabilities (other than ordinary course trade payables, specific contracts that we ask you to assume and assign to us, and other liabilities to be agreed, some of which are specifically addressed in this Proposal).
f. Retention of Employees. In our opinion, it will be tremendously important to the successful completion of the Acquisition to ensure the retention of key employees of the Quebecor Debtors through the closing of any transaction and for a transition period following closing. As a result, we would expect to provide in the definitive purchase agreement for a retention program for these employees.
g. DIP Financing. We appreciate that the term of your DIP financing expires on July 21, 2009 and that if you were to decide to proceed with us you would seek an extension of the term of the DIP loan or an agreement to forbear. We would not anticipate this being an issue given the value we ascribe to the business. However, we would propose that, on or prior to July 21, 2009, assuming that we have signed a definitive purchase agreement but not yet obtained the relevant competition law approvals for closing (see below), we will agree to pay 50% of the costs of any such extension or forbearance (subject to our approval of the terms of such extension or forbearance and up to an agreed limit) as necessary to permit sufficient time to obtain the competition law approvals. If an Acquisition is completed, the amount paid by us in connection with any such extension or forbearance (our “ DIP Contribution ”) would be credited towards the cash consideration to be paid by us in connection with the Acquisition. If an Acquisition is not completed because we fail to obtain a competition law approval, so long as you are not in breach of your obligations to us, you may retain the initial 50% payment and, in addition, we will pay you an amount equal to the remaining 50% of the extension/forbearance costs you have incurred. We do not believe that your DIP financing should be a material concern in determining whether the Plan or this Proposal offers the highest value to creditors.
h. Financing. There would be no financing condition to the Acquisition. We have sufficient funds to pay the cash portion of the consideration from cash on hand and/or availability under our existing revolving credit facility.
i. Regulatory Matters. The Acquisition will require expiration of the applicable waiting period under the U.S. Hart-Scott-Rodino Act and under the Competition Act Canada, if applicable, approval under the Investment Canada Act and, potentially, filings in other jurisdictions. As previously stated and discussed with your advisors, we and our advisors have done considerable work assessing the regulatory issues associated with the proposed Acquisition and are confident that the proposed Acquisition can be completed in a timely manner. We are ready to file under the U.S. Hart-Scott-Rodino Act immediately, as soon as next week, on the basis of a letter of intent. If this filing can be made promptly, we are prepared to discuss other reasonable assurances in the definitive documentation with respect to our obtaining competition law approvals, in addition to the obligation to compensate you for DIP extension/forbearance costs described above.
j. Due Diligence. We have completed significant due diligence on the items where we have been provided information and are prepared to work with you and our respective advisors to complete our business, financial, accounting, tax, environmental and legal due diligence review within three weeks. If you decide to proceed with this Proposal, we will in the next day or so thereafter, provide you with our due diligence request list for the next phase of due diligence.
k. Competitively Sensitive Information. We are sensitive to any concerns that you may have with respect to the treatment of competitively sensitive information during the next phase of the due diligence process. Our advisors are very familiar with the issues relating to conducting diligence for potential strategic transactions in this industry and can describe to your advisors the set of safeguards that we would implement to avoid any risk that information is shared inappropriately.
l. Structure and Documentation. The purchaser would be one or more wholly-owned subsidiaries of RRD. There would be no other investors or sources of capital or financing for the Acquisition. We would expect the transaction to be documented in a customary purchase agreement or plan sponsor agreement, with appropriate equivalent Canadian documents and proceedings relating to the CCAA. The purchase agreement would be effective upon court approval and would include customary representations, warranties, covenants and closing conditions and other terms customary for similar transactions. We would propose working in parallel on definitive documentation so as to be in a position to enter into a definitive purchase agreement with respect to the Acquisition without material delay.
m. Internal Approvals. This Proposal has been reviewed at the highest levels of RRD and we are pleased to advise you that the only further internal approval necessary for the execution and delivery of a binding purchase agreement is the approval of our Board of Directors. No shareholder approval is required.
n. Stalking Horse Protections. We do not require any exclusivity period, no-shop provisions or expense reimbursement to continue to conduct due diligence or finalize the terms of the proposed Acquisition. We are also willing to work on a “dual-track” process with your current Plans, as discussed, while we reduce this proposal to a legally-binding commitment and complete the regulatory process. However, once we execute a definitive purchase agreement, we will require customary protections for a stalking horse bidder in light of the value created for the Quebecor Debtors by our Proposal, including overbid protections and other bidding procedures to be agreed. The definitive purchase agreement would also be expected to contain appropriate milestones to closing and a termination right if the milestones are not met, expense reimbursement, and, in the event the Quebecor Debtors consummate an alternative transaction, a break-up fee in an amount to be agreed.
Process
We would like to suggest that, if you are interested in pursuing this transaction, your and our advisors work to reduce this proposal to a letter of intent that can be used to commence the regulatory filings next week and also serve as a basis for drafting a legally-binding purchase agreement. As mentioned above, prior to signing a definitive purchase agreement, we require no expense reimbursement and no deal protection of any sort. We understand that the Quebecor Debtors would be free to abandon discussions with us at any time (and vice versa), and we believe that we can progress very quickly to agree upon a transaction without materially impairing your ability to confirm the current draft Plans later if for any reason you decide not to proceed with a transaction with RRD. We also stand ready to execute an extension to the confidentiality agreement we entered into on May 23, 2009.
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This letter is not a legally-binding offer or agreement. Any legally-binding offer or agreement will be set forth only in definitive documentation approved by you and us.
If you have questions about our letter or would like to discuss the next steps, please do not hesitate to contact me. You also may contact Stefan Selig of Banc of America Securities/Merrill Lynch & Co. (646-885-1305 or sselig@bofasecurities.com ), or Andy Dietderich at Sullivan & Cromwell LLP (212-558-3830 or dietdericha@sullcrom.com ).
We will be publicly disclosing this letter by filing it with the US Securities and Exchange Commission. We understand and appreciate that you will want to share this letter with the many stakeholders in your restructuring process.
If you are interested in continuing to pursue this transaction, we ask that you let me know by the close of business on Wednesday, June 10th. Please understand that, although we are ready to negotiate any details, this Proposal is the highest and best offer of RRD in terms of purchase consideration, reflecting all of our work and discussions to this time. If you conclude for whatever reason that you are not interested in pursuing this transaction, we ask that you inform us promptly so that both companies can move on independently to the work ahead in the industry.
-Very truly yours,
R.R. DONNELLEY & SONS COMPANY
By /s/ Thomas J. Quinlan III
Name: Thomas J. Quinlan III
Title: President and Chief Executive Officer
cc: Louis J. Gouin
Marc Lacourcière
(Ogilvy Renault LLP)
Michael J. Canning, Esq.
Neil M. Goodman, Esq.
Joel M. Gross, Esq.
(Arnold & Porter LLP)
Steven R. Strom
(Jefferies & Company, Inc.)
Murray A. McDonald
(Ernst & Young Inc)
S. Richard Orzy
Kevin J. Zych
(Bennett Jones LLP)
Ira S. Dizengoff
David H. Botter
Ryan C. Jacobs
David F. Staber
Sarah L. Schultz
(Akin Gump Strauss Hauer & Feld LLP)
Audra D. Cohen
Andrew G. Dietderich
(Sullivan & Cromwell LLP)
Randall W. Pratt
Edward A. Sellers
(Osler, Hoskin & Harcourt LLP)
.
.
C O M P R A
A
Ambos directorios acordaron el dia 26 de enero del 2010 la adquisición de WORLDCOLOR por QUAD GRAPHICS que se convierte así en la empresa gráfica más grande del mundo. La empresa nueva tiene más de 30.000 empleados e ingresos totales de US$ 5.1 billones anuales con negocios en Estados Unidos, América Latina, Asia y Europa.
El futuro directorio a partir de verano de este año va a tener 6 miembros de QUAD GRAPHICS y dos miembros de WORLDCOLOR. El acuerdo entre ambas empresas tiene un volumen de US$ 1.2 billones y las empresas unidas tienen una deuda total de US$ 1.7 billones con fecha del 30 de septiembre del 2009.
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Con cordiales saludos graficos!
rw
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www.druckblog.org 
An impressive share! I have just forwarded this onto a co-worker
who has been conducting a little research on
this. And he in fact bought me breakfast due to the fact that
I stumbled upon it for him… lol. So allow me to reword this.
… Thank YOU for the meal!! But yeah, thanks for spending some time to talk about this matter here on your web site.
treating toenail fungus said this on 10 May 2013 a 23:32
Disculpas,
pero ganar plata es la intención de cualquier empresa comercial. Si no ganará plata no existiera la empresa y así no habran puestos de trabajo.
salu2
rw
wpcinternacional said this on 10 agosto 2012 a 22:38
quad graphics es un asco como empresa Lo unico Que quieren es ganar plata
123 said this on 10 agosto 2012 a 22:13
hola me gustaria preguntarles si ustedes dan trabajos para fuera tengo experiencia como taller externo y la verdad nesecito trabajar soy de estacion central estoy como a diez minuto de ustedes agradeceria su respuesta ya sea si o no mi celular es 65402794 gracias por si leen mi mensaje
maria marambio said this on 11 marzo 2012 a 00:59
estoy interesado en integrarme a la empresa quad graphics , no tengo mucha experiencia laboral pero si en estudio. Me gustaría saber si podría tener una oportunidad en esta prestigiosa empresa
de ante mano muchas gracias
patricio robert said this on 5 marzo 2012 a 18:25
A mi como accionista de Quebecorp world solo me desaparecieron las acciones a 0 yo les deseó la misma suerte.
Francisco said this on 11 octubre 2011 a 15:20
Nunca cambiaran las cosas mientras una gran empresa extranjera sean dirigida por gerentes Argentinos sin controles ni conciencia…
julieta prandi said this on 15 septiembre 2011 a 12:10
hola he pertenecido a ambas empresas lo qe fue quebecor/world y ahora quad y espero q este sea un buen cambio para la empresa que es lo mas esperamos los que trabajamos en esta gran industria
jua said this on 11 agosto 2011 a 23:41
ES UN ORGULLO PARA MI TRABAJAR EN ESTA GRAN EMPRESA, GRACIAS A MI RESPETADO SR. CARLOS AGUIRRE VARGAS Y A SU HONORABLE FAMILIA.- SALUDOS A TODOS MIS COMPAÑEROS DE LA PLANTA.-
JUAN GUIRRIMAN QUIROZ said this on 5 May 2011 a 23:00
queria darles las gracias por brindarnos cada dia una oportunidad de trabajo yo trabajo de una forma indirecta para la compañia pero estoy orgullosa de trabajar para una de las mejores empresas de impresiòn que existe
aylin samper said this on 16 febrero 2011 a 20:02
Hi, from Toronto, Canada
Just a quick hello from as I’m new to the board. I’ve seen some interesting posts so far.
To be honest I’m new to forums and computers in general :)
Mike
Mikeharvey said this on 14 May 2010 a 05:17
I just found this forum and I must say that I’m glad I did. I hope to bring something to the community as I have already found some interesting topics.
Hailing from the Dirty South (United States for those that don’ know).
htpccaseDaniel said this on 4 marzo 2010 a 16:05
animos a todos si se proponen saldran adelante mucha suerte soy colombiamo extrabajador de la empresa suerte
edilberto triana torres said this on 15 noviembre 2009 a 06:03
Todo cambio genera los miedos propios, pero vuestra capacidad y amor por lo que hacen los llevara a todos a salir adelante. para ustedes en las plantas de Peru, Chile, Colombia y Argentina.
El mejor de los sentimientos.
Claudio Fuentes Valenzuela.
claudio Fuentes Valenzuela said this on 17 octubre 2009 a 06:28
No te preocupes pase lo que pase seguiremos con nuestros negociados, jajaj…….!!!!!!
Hernan said this on 6 octubre 2009 a 19:27
ojla q les venda
ledesma said this on 29 May 2009 a 21:44
Pierre Péladeau, 1925-1997
Quelques semaines avant sa mort, Pierre Péladeau avait accepté de consacrer une journée de son temps précieux, une rencontre exceptionnelle au cours de laquelle il a répondu à toutes les questions de Pierre Maisonneuve.( Jouer Pour Gagner, Les Éditions Québecor )
Voici une partie de cet entretien.
ET DIEU ?
Vous avez déjà un peu parlé de Dieu. Vous avez été élevé dans un univers de religion assez fermé, vous avez côtoyé le «Dieu est mort » de Nietzsche, puis vous avez redécouvert Dieu. Quelle différence faites-vous entre ces trois Dieux ?
En fait, je n’ai pas redécouvert Dieu, je l’ai découvert parce que je ne l’avais jamais rencontré avant. Ce n’est pas le Dieu des Jésuites, un Dieu de haine, de peur, de punition. L’enfer et tout le reste, pour moi, c’est de la foutaise !
La semaine dernière, je suis allé aux funérailles d’un ami. C’était une célébration commémorative en présence de ses cendres. Une belle cérémonie, toute simple. Trois de ses enfants sont venus porter des fleurs à l’avant. Deux de ses fils et des amis sont venus lui rendre hommage. Mais il y avait là un dominicain qui – c’est le seul mot qui me vient à l’esprit et c’est bien ce qu’il faisait — manipulait toute la cérémonie. À la fin, alors que l’ex-femme de mon ami était en train de dire un petit mot, le dominicain en question s’est rendu en avant à côté de celle-ci et s’est mis à faire brûler de l’encens ! Comme si ça l’intéressait, mon pauvre ami, de sentir l’encens dans son urne ! Ridicule ! Le symbolisme de l’Église me fâche au plus haut point.
Un jour, j’assistais à une autre cérémonie de funérailles. C’étais un monseigneur — pour ne pas dire un évêque— qui présidait. Il a dit toutes sortes de conneries comme il peut s’en dire dans de telles situations. «Comme il a été baptisé, il s’en va à Dieu…» Comme si Dieu avait besoin que nous soyons baptisés pour nous accueillir quand nous allons mourir ! Il faisait peur aux gens. Alors que c’est très beau, la mort ! Dans la mort, tu retournes à ton Dieu, à ton Père. Que demander de plus ?
À la fin de la cérémonie, le célébrant est allé reconduire le cercueil à la porte de l’église, et là, il saluait les gens. Quand je suis arrivé près de lui, je lui ai donné la main et je lui ai dit «Monsieur, vous n’avez pas la foi !» et je suis sorti. C’est exactement ce que je pensais. Quelqu’un qui fait une cérémonie comme ça, qui dit les choses qu’il a dites, ne peut pas avoir la foi. C’est très beau, la mort ! Retourner à son Père ! Moi, j’ai hâte de le connaître, mon Père !
Ça, vous y croyez.
Ah ! oui !
Quel éclairage votre foi prend-elle ? Vous dites ne pas vouloir du Dieu des punitions de votre enfance.
Ça ne tient pas debout ! Dieu ne peut pas avoir deux visages, un visage de bonté et un autre de punition. C’est impossible. Dieu est Dieu, il est entier, complet ! On ne va pas lui ajouter des choses…
Dieu va donc tout vous pardonner.
Dieu ne pardonne pas, il est avec moi. Il ne pardonne pas, Il n’a pas besoin de me pardonner. C’est simple.
Un jour, on m’a demandé dans une entrevue : «Qui est Dieu pour vous ?» J’ai répondu que ça ne m’importait pas. Qu’il soit un chinois, un noir ou une femme, ça n’a pas d’importance. L’important, c’est que la foi, ça marche ! Tout le reste ne m’intéresse pas.
Mais ça peut être une sorte de potion magique.
Que ce soit n’importe quoi, je m’en fous. Ça marche !
Ça marche pour vous ?
Oui. Et je l’ai fait connaître à d’autres. Un jour, une femme, psychologue, est venue se baigner ici. Elle me dit ne pas avoir la foi, que ça ne vaut rien, que c’est de la foutaise. Je lui dis qu’évidemment, en tant que psychologue, tout est clair comme de l’eau de roche, qu’elle a le monopole de la vérité… je lui ai suggéré de faire une petite expérience.«Ton père est mort depuis un an. Demande-lui de t’aider à t’ouvrir l’esprit pour que tu puisses ouvrir un peu ton cœur à la foi.» Elle est revenue la semaine suivante, tout excitée des choses extraordinaires qu’elle avait découvertes. Ce n’était pas du tout ce qu’elle imaginait.
Mais j’ai le goût de vous demander : vous avez foi en quoi ?
En Dieu.
Qu’est-ce que ça veut dire ?
Ça veut dire que j’ai un homme ou un être humain ou un Dieu ou ce que vous voudrez — pour moi, c’est sans importance — qui est à mes côtés et qui peut m’aider si je le lui demande. Si je lui demande, il m’aide. C’est tout.
Il faut garder ça simple. Pas besoin d’encens, d’habits spéciaux, de chasubles, etc. Tout cela, c’est de la foutaise, je n’ai pas besoin de cela. J’en ai vendu, des chasubles, quand j’étais jeune… mais c’est superflu !
Mais qu’est-ce qui vous a fait redécouvrir ce Dieu simple ? Vous dites : «Je crois. Il est là. Il existe. Il peut m’aider et il m’attend.»
Il m’aide ! S’il ne m’aidait pas, je n’y croirais pas !
Il vous aide à faire des millions ?
Je ne sais pas. Ce n’est pas ce que je lui demande.
Que demandez-vous à Dieu ?
Toutes sortes de petites choses. Par exemple, il arrive parfois le matin que je sois de mauvaise humeur. Cela arrive à tout le monde. Je prends l’ascenseur pour monter à mon bureau, au 13e étage. En montant, je me dis : «Je vais emmerder tout le monde. Je vais être désagréable avec tout le monde. Je n’ai pas le droit de leur faire subir cela.» J’ai un petit truc que je répète dans ces occasions : Let go and let God. «Laisse aller, et laisse ça entre les mains de Dieu.» C’est très simple. Alors, quand j’arrive à mon bureau, je sors de l’ascenseur, je m’assois à mon pupitre et je suis de bonne humeur. C’est formidable. Des trucs de ce genre, j’en ai des tas.
C’est de la pensée magique, non ?
Je ne sais pas. Et ça m’importe peu. Je ne veux pas faire de recherches pseudo-scientifiques là-dessus. C’est bon, ça marche. C’est tout ! L’électricité, j’ignore ce que c’est, j’ignore comment ça fonctionne. Et personne ne peut le faire, ou à peu près. Je sais cependant que si j’appuie sur le commutateur, la lumière va s’allumer. Et je sais l’éteindre si j’en ai envie. C’est exactement la même chose.
Donc, un jour, vous avez appuyé sur le commutateur de Dieu.
Non, ça ne s’est pas passé comme ça. Je m’étais rendu en Abitibi pour faire l’acquisition d’un journal. Je revenais de Val-d’Or. J’étais à l’aéroport. L’avion venait de Rouyn, c’était donc un appareil assez gros. Je suis monté dans l’avion, je me suis assis. Il n’y avait personne ! Juste moi et un couple. Je n’aimais pas ça. J’avais pourtant déjà fait le tour du monde à plusieurs reprises, j’étais allé partout en avion…
Et vous voyagez tous les jours en hélicoptère…
Eh oui ! Qu’est-ce qui se passait ? D’habitude, je monte dans l’avion et je m’endors. C’est la même chose en hélicoptère. Je n’ai absolument pas peur. Mais là, ça n’allait vraiment pas. J’avais peur.
L’hôtesse est venue nous dire que nous allions voyager à 25 000 pieds d’altitude, à telle vitesse, etc. J’avais peur. C’était la première fois que ça m’arrivait. Je me suis levé et je me suis dirigé vers la cabine pour aller voir qui s’y trouvait. Peut-être le pilote était-il saoul ? S’il était saoul, on ne volerait pas longtemps ! Je suis allé voir le pilote qui n’avait pas l’air saoul du tout. Son navigateur était à ses côtés. Il avaient l’air tout à fait bien. Je suis ressorti et je suis retourné m’asseoir à ma place. J’aimais de moins en moins ça. Nous avons décollé. Je suis ressorti et je suis retourné m’asseoir à ma place. J’aimais de moins en moins ça. Nous avons décollé. Je me tenais à mon fauteuil. Quelque chose ne tournait pas rond : ma vie était entre les mains de cet homme en avant que je venais de voir pour la première fois. J’ignorais qui il était et c’était lui qui menait ma vie. Il pouvait faire de moi ce qu’il voulait. Ça ne tenait pas debout, ça n’avait pas de bon sens! Mais si lui tenait ma vie entre ses mains, il y avait quelqu’un qui tenait la sienne. Et dans le cockpit, il n’y avait personne d’autre, à part le navigateur. Et là, j’en ai déduit que s’il n’y avait personne d’autre, c’est que je ne le voyais pas… c’était donc Dieu.
C’est comme ça que j’ai vraiment découvert la foi. C’est aussi simple que cela.
Est-ce que ça a changé votre vie?
Complètement. Totalement.
Dans quel sens?
En ce sens qu’aujourd’hui, je vois les choses sans aucune sorte de peur, sans aucune sorte de culpabilité ou d’infériorité de quelque nature que ce soit, intellectuelle, physique ou morale.
J’ai un certain nombre de problèmes avec une de mes filles. Il y a quelques mois, elle m’a dit : « Si je suis comme ça, c’est de ta faute!» Se faire dire ça par sa fille, ça ne fait pas plaisir; ça fait mal. Je lui ai répondu :« Écoute, ma fille, fous-moi la paix. Si tu penses m’impressionner avec ça, tu te trompes. Tu fais ce que tu veux, c’est ta vie. Moi, je ne peux rien y faire. Ça ne m’appartient pas.» Avant, je n’aurais jamais pu faire cela. Je me serais senti extrêmement coupable.
Dieu vous a déculpabilisé.
Totalement. En fait, c’est encore plus simple : je me suis déculpabilisé grâce à Dieu. Il ne faut cependant pas charrier et affirmer que Dieu fait tout pour moi. Ce n’est pas vrai. Il a autre chose à faire!
Prier Pierre Péladeau?
Pierre Péladeau, vous êtes bien conscient qu’un jour, le plus tard possible, on pourra réutiliser cet entretien pour parler de vous au passé. Qu’est-ce que vous aimeriez que les gens se disent après avoir entendu ce témoignage de votre vie? Qu’est-ce que vous souhaitez que les gens se disent de Pierre Péladeau ?
Je ne sais pas. Je ne sais vraiment pas. Je ne m’interroge pas à ce sujet. Comme je vous le disais tout à l’heure, je ne veux pas de pierre tombale. Quand ce sera fini, ce sera fini! Ce que les autres diront de moi, je m’en balance.
Ce que j’aimerais, cependant, c’est que mes enfants, mes amis et même d’autres personnes comptent sur moi pour beaucoup de choses. Vous savez, je prie Beethoven, parfois.
Alors, vous souhaiteriez qu’on vous prie? Qu’on prie Pierre Péladeau?
Certainement! Comme moi-même je prie tous mes amis décédés. Prier, c’est demander de l’aide. C’est ce que ça veut dire et pas autre chose. Ce n’est pas s’excuser, demander pardon, etc. Dieu pardonne tout. Autrement, il ne serait pas Dieu.
Cela signifie que lorsque vous serez mort, vous aimeriez que certaines personnes se souviennent de vous en disant : «Pierre Péladeau, aide-moi, j’ai un problème!»
Oui. Ce serait le parfait complément à ma vie.
DONDOOR.COM
dondoor@hotmal.com
PIERREPELADEAU.COM
pierrepeladeau@hotmail.com
QUEBECORWORLD.NET
quebecorworld@hotmail.com
QUEBECOR WORLD said this on 26 enero 2008 a 03:25
uy
jaime torres said this on 25 enero 2008 a 17:44
January 21, 2008
Dear Quebecor World Customer,
Quebecor World has applied today for court protection in Canada and the United States to conduct restructuring for the long-term interests of the company, its customers, suppliers and employees. As part of this process, Quebecor World has secured
US $1 billion of new financing to continue to provide you and all our customers with reliable, quality services on a business-as-usual basis. Our operations in Europe and Latin American are not included in these filings.
The approval of $1 billion in new financing through Credit Suisse and Morgan Stanley was included in the court applications under Canada’s Companies’ Creditors Arrangement Act and Chapter 11 of the U.S. Bankruptcy Code. In addition, Quebecor World is seeking the appointment of Ernst & Young Inc. to monitor the company activities in the Canadian proceedings.
Despite the difficult economic conditions in general and in the credit market in particular, Quebecor World continues to have a positive cash flow, expert teams of experienced employees, valuable, performing assets and an impressive roster of customers such as you. In the months ahead we will be reviewing the company’s performance and developing ways to make further improvements in all our operations.
The prudent action we have undertaken today and the vote of confidence represented by the $1 billion of new financing means that we will continue to operate on a normal basis as we restructure for the future.
We look forward to maintaining our business relationship with you.
Quebecor World’s commitment is to keep customers, suppliers and employees and other stakeholders informed of all significant developments, either directly or through our webpages on the Internet. Please do not hesitate to contact us if you require further information. We will make every effort to respond in a timely fashion. Thank you in advance for your patience and support as we work to achieve an outcome that serves the best interests of our customers, employees, suppliers and other stakeholders.
Sincerely,
Jacques Mallette
wpcinternacional said this on 22 enero 2008 a 15:20
Lamento profundamente esta situacion, fui parte de esta gran empresa durante muchos años y me arrancaron el corazon del cuerpo el dia que sin motivos me desvincularon, espero que por el bien de mucha buena gente que es parte de QW. este problema se solucione de la mejor manera.
Gerardo Quatrin said this on 18 enero 2008 a 11:12
En este momento será pura especulación. Hay que esperar pacientemente el desarrollo del caso.
rw
wpcinternacional said this on 17 enero 2008 a 19:29
que posibilidad hablando en terrminos porcentuales le dan a RR Donalley and songs de adquirir Quebecor
Raúl Guedez said this on 17 enero 2008 a 19:13
Nuevo comentario en su entrada #416 «¿Qué está pasando con Quebecorworld Inc.? 5to Acto»
Autor : QUEBECOR WORLD (IP: 24.202.196.254 , modemcable254.196-202-24.mc.videotron.ca)
Dir. electró: quebecorworld@hotmail.com
URL : http://www.quebecorworld.net
Whois : http://ws.arin.net/cgi-bin/whois.pl?queryinput=24.202.196.254
Comentario:
http://www.quebecorworld.net a vender at ebay.ca
http://www.pierrepeladeau.com
quebecorworld said this on 16 enero 2008 a 18:36