Donnelley Gives Up Bid to Acquire Quebecor World

"We are disappointed by the decision of Quebecor World to reject our June 8 proposal," said Tom Quinlan, RR Donnelley's president and CEO. "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 standalone plan of reorganization. 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.”