Worldcolor obtains court approval of proposed acquisition by Quad/Graphics, expected to be completed July 2
June 28, 2010
– World Color Press Inc. ("Worldcolor") (TSX:WC - News) (TSX:WC.U - News) is pleased to announce that it has received court approval of its previously-announced plan of arrangement, pursuant to which Quad/Graphics, Inc. ("Quad/Graphics") will acquire Worldcolor. The final order approving the plan of arrangement under the Canada Business Corporations Act was granted today in the Quebec Superior Court (Commercial Division).
Worldcolor shareholders approved the arrangement at a special meeting held on June 25, 2010.
Based on the receipt of the foregoing approvals and subject to the satisfaction or waiver of customary closing conditions, it is expected that the arrangement will be completed on July 2, 2010.
Worldcolor Chairman and CEO, Mark Angelson, stated, "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. This would not have been accomplished without the dedication and professionalism of all of our employees, directors and advisors. Hearty thanks to each of them for bringing us to this pivotal point in our history, and for enabling the latest step in the transformation of our industry."
Worldcolor is an industry leader in providing high-value and comprehensive print, digital and related services to retailers, catalogers, publishers, branded-goods companies and other businesses worldwide. Founded in 1903, Worldcolor's products include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics and mail list technologies. During its century-long existence, Worldcolor has had a rich tradition of leadership and excellence. Its employees are focused on helping customers meet their needs from facilities located in the United States, Canada, Argentina, Brazil, Chile, Colombia, Mexico and Peru. More information about Worldcolor can be found on its website at http://www.worldcolor.com.