Quad-Worldcolor Deal Wrapping Up
MONTRÉAL—As expected, this week World Color Press received final approval from the Québec Superior Court (Commercial Division) for its "plan of arrangement," clearing the way for it to be acquired by Quad/Graphics. The companies also announced the terms of the share exchange for Worldcolor stock holders.
Each Worldcolor common share is to be converted into the right to receive 0.2154 shares of class A common stock of Quad/Graphics (set to begin trading next week on the New York Stock Exchange under the stock symbol QUAD). Common share holders will also receive cash consideration of approximately $.56 per share, or $48,405,658.83 in the aggregate. Worldcolor preferred shareholders who elected redemption will receive cash consideration of approximately $8.86 per share.
The companies were still anticipating the deal to be closed by the end of this business week, "subject to the satisfaction or waiver of customary closing conditions." In announcing the court approval, Worldcolor Chairman and CEO Mark Angelson, noted, “The extraordinary journey of the new Worldcolor now is within a few days of reaching a highly satisfactory ending for our customers, our shareholders and for most of our employees. Our impending association with Quad/Graphics is a great honor, and is by far the best outcome.”