SUSSEX — A deal for Quad/Graphics Inc. to acquire
Courier Corporation has been terminated after the two
companies couldn’t come to an agreement on the purchase
price of stocks.
Under terms of the agreement signed with Courier on Jan.
16 Quad/Graphics would have paid Courier shareholders
the equivalent of a total purchase price of $20.50 per
share. According to the announcement Thursday, Courier
received an unsolicited offer from RR Donnelley of $23
per share in cash or stock, subject to pro ration, on
Jan. 27. Quad/Graphics declined to negotiate further,
according to the Sussex-based company. At that point,
Courier terminated its agreement with Quad/Graphics on
Thursday and will pay Quad/Graphics a $10 million
“We continue to believe our offer to Courier was
compelling and would have provided significant value for
all of Quad/Graphics and Courier stakeholders, including
shareholders, employees and customers in the book market
over the long term,” said Joel Quadracci, chairman,
president and CEO of Quad/Graphics, in a statement.
“However, when it comes to spending our capital, we
maintain a disciplined approach and, therefore, did not
submit a revised offer. We are always careful to
consider the impacts of our decisions against our
priorities to pay down debt and pension liabilities,
invest in our business, pursue future growth
opportunities and return value to our shareholders.”
Quad/Graphics continues to move forward with its
previously announced investment in 20-plus HP color
digital web presses and integrated systems.
“Our focus remains on transforming our book platform
through the rapid implementation of digital press
technology that will give publishers increased
customization and versioning capabilities; faster
time-to-market; reduced waste, inventories and
obsolescence; and lower fixed costs,” Quadracci said.
Quad to acquire company to help with book printing