Quebecor Appoints Peladeau to Top Posts
MONTREAL—Pierre Karl Peladeau, who helped spearhead the acquisition of World Color, has been named president and CEO of Quebecor World. He replaces Jean Neveu, who served the dual roles in an interim basis since March 2003.
Peladeau has served a number of roles with the company, including COO of Quebecor Printing.
In other company news, TRC Capital offered to purchase up to three million Quebecor World subordinate voting shares, representing about 3.5 percent of all outstanding subordinate shares, at a price of C$25.25 each. In response, Quebecor World recommended that shareholders reject the offer, which was 3.8 percent lower than its closing price on February 25, and warned them that the company is not associated with TRC Capital or its offer.
According to Quebecor World, TRC Capital has made a number of unsolicited "mini-tender" offers to acquire small percentages of other companies' outstanding shares. This tactic allows the buyer to avoid most of the filing, disclosure and procedural requirements of both the Canadian Securities Administrators and the U.S. Securities and Exchange Commission (SEC).
Both governing bodies warn that "mini-tender" offers invite investors to sell their securities at below-market prices.
"Quebecor World advises shareholders to consult their financial advisors and to exercise caution with respect to this offer," the company said in a release.